In this month’s report we review:

• The luxury real estate market is wrapping up 2024 on a high note, with November data highlighting resilience after mid-year fluctuations.
• October’s inventory growth and September’s interest rate cuts spurred notable sales increases. While November saw the usual seasonal slowdown, year-over-year metrics increased significantly, especially for sales.
• Sales Growth: Single-family home sales rose 22.5% year-over-year in November, while attached homes grew by 7.7%.
• Inventory: New listings entering the marketing increased by 8.3% for single-family homes and 7.0% for attached properties, signaling renewed seller confidence.
• Prices: Median sold prices for single-family homes climbed 3.6% year-over-year. Although attached properties saw a slight 1.5% decline, the overall market remains optimistic heading into 2025.
• Interest rates are trending downward. The Federal Reserve is expected to cut rates further in December to 4.25%, with the potential of reaching 3.5% by late 2025.
• Similarly, Canada’s central bank is expected to reduce their interest rate in December by 25 to 50 basis points and aims for a 2.25% rate by next year’s end in 2025.
• Affluent buyers remain active, prioritizing sustainability, wellness amenities, and turnkey readiness in luxury properties.
• Many view these homes as stable, long-term investments and are seeking properties that will meet both current and future needs as well as serve as a hedge against inflation and economic or stock market volatility.
• While inventory constraints persist despite the uptick both overall and for new listings entering the market, buyers are patient, seeking properties that align with their specific needs.
• For homeowners looking to sell or buy their luxury home in today’s market we recommend working with a realtor who can provide you with critical knowledge about your local market, maintain a high level of security during the transaction and knows how to leverage technology to provide maximum exposure and assistance. 
• It is my responsibility as your REALTOR to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.