Evolution – as in the gradual change of something over time – seems an apt word for luxury real estate at the present moment. The 2023 market is evolving– in some ways, returning to pre-pandemic supply-demand levels, and in other ways, finding a new equilibrium. A rush of recent good news has infused us with a fresh bloom of optimism at Coldwell Banker Global Luxury® as we prepare for the spring market and ready the release of The Report 2023 next month.
In the land of luxury, expectations are looking up. The U.S. economy and its labor market have proved to be resilient. Interest rates inched back up in January. Homebuilder confidence has improved. Affluent buyers and sellers are adjusting to changing market conditions. I’ve heard from many Coldwell Banker Global Luxury Property Specialists over the last few weeks, and their outlook is positive as they’ve seen an uptick in activity.
Of course, we’ve been busy preparing them so they can arrive at their clients’ doorsteps armed with the most up-to-date luxury real estate and consumer data. In a few short weeks, you’re going to see this all come to the forefront by way of The Report.
This industry-leading report offers everything from expert consumer insights to an outlook with a true worldwide lens. For the first time, we surveyed all of our Luxury Property Specialists around the world to capture a wider range of insights from the high-end property sector, and ultimately give you a more global view of luxury buying and selling trends. We did something really special with our survey results this year, which I think you’ll love. I’d “list” it here, but you’ll just have to see it for yourself in a few weeks. I will tell you that it’s something easily shareable with clients and social media followers! We also brought you more data-rich stories and new narratives to carry you through the next year. The Report is our way of keeping Luxury Property Specialists at the leading edge of data and information – so their clients can make more informed buying and selling decisions in this changing market.
Evolution is a period of steady growth and stability. Revolution is a period with far more dramatic, far-reaching change. You could argue that our current market is evolutionary while the pandemic-era boom market was revolutionary…and ultimately unsustainable. As you look to jumpstart your business for spring, remember to put the changed market in perspective. If you look solely at the sales or price figures from 2022 to 2021, they might look one way to you. If you put the numbers in the context of “normal” years like 2018 and 2019, they will look another way. Perspective is what we strive to give you with resources like The Report. We’re looking forward to a strong spring and incredible 2023.