NOVEMBER 2024 NORTH AMERICAN LUXURY MARKET REPORT
FEATURED LUXURY PROPERTY – WHISTLER
As we analyze recent trends in the luxury real estate market, both month-over-month and year-over-year data reveal several key factors impacting inventory, sales, and – albeit to a lesser degree – prices.
Notable influences include interest rate cuts, changing mortgage rates, and an increasing number of affluent buyers who may have previously remained on the sidelines. Meanwhile, consumer confidence fluctuates, influenced by broader economic and political conditions, creating a dynamic environment for high-end real estate.
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In this month’s report we review:
- This month’s report displays the market statistics for North America month over month as well as the 13-month trend.
- October saw a market of rising inventory, increased sales, and more buyer opportunities due to interest rate cuts and heightened buyer activity.
- Luxury single-family (detached) homes reported inventory up 19.7% and sales up 21% year-over-year (YoY) and month-over-month (MoM) inventory dipped 3.5%, new listings fell 10.6%, while sales rose 10.4%.
- Luxury attached homes reported inventory growth of 27.7% and sales increased 12.2% YoY, whereas MoM there was a slight decline in listings, but a continued robust demand.
- Median sale prices remained stable, indicating balance, although growing inventory and sales favor buyers in luxury segments.
- Some buyers await further rate reductions, while high prices temper demand, especially among aspirational buyers. Regional variations like job growth and demand offer resilience.
- High-end buyers are re-entering the market, taking advantage of more inventory and better rates, with potential sales growth if further rate cuts occur.
Future Opportunities:
> Rate cuts and lower construction costs anticipated to boost transactions.
> Higher demand for these property types: historic and unique homes, furnished units, eco-friendly homes, and those with accessory dwelling units eg. additional spaces for offices, family and leisure.
- 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.
Check out the Whistler and North American Luxury Report below:
(Whistler Report on Pages 17-21)
WHISTLER DETACHED HOMES LUXURY MARKET
on Page 18-19 is a Buyer’s Market with a 4% Sales Ratio
- Homes sold for a median of 97.25% of list price in October 2024
- The most active price band is $6,000,000 – $6,499,999, where the sales ratio is 33%
- The median luxury sales price for detached homes is $3,750,000
- The median days on market for October 2024 was 57 days, up from 33 in October 2023
WHISTLER ATTACHED HOMES LUXURY MARKET
on Page 20 and 21 is a Buyer’s Market with a 9% Sales Ratio
- Homes sold for a median of 95.86% of list price in October 2024.
- The most active price band is $3,500,000-$3,999,999 where the sales ratio is 50%.
- The median luxury sales price for attached homes is $2,300,000.
- The median days on market for October 2024 was 76 days, up from 113 in October 2023.
Referrals are one of the Pillars of our Business.
We are never too busy for your referrals!
If you can think of a friend or family member looking to buy and/or sell Real Estate in the Sea to Sky Corridor – please keep the Morel Real Estate Team top of mind!
Thank you for taking the time to view this report.
For more information about this report, and the services we offer, please give us a call us at any time, at 604-932-8629.
– Ursula Morel
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