October 2021 North America Luxury Market Report

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NORTH AMERICAN LUXURY REVIEW LUXURY HOME SALES SET TO SURPASS 2019 AND 2020 NUMBERS As we enter in the last quarter of 2021, we review the number of year-to-date sales as they compare to the full years of 2019 and 2020. We also look at several trends to establish the types of properties currently being purchased and to ascertain which were seeing the highest demand in the luxury real estate market. Seven takeaways for the North American Luxury Market: 1. The number of sales in the luxury real estate market, year to date, have already surpassed the number of sales for the full year of 2019. 2. Demand remains strong, with the majority of luxury markets reporting sales in 2021 already outpacing the total number of sales in 2020. 3. The luxury markets whose sales are not currently outpacing 2020 are, for the most part, predicted to do so by the end of 2021. 4. Demand for properties in the $5 million range and above in 2021 is currently in the double digits compared to 2019, ie. there are more than double the number of $5 million + homes sold in 2021 than in the full year of 2019. 5. Sales of properties in the $1-5 million range are currently 50% higher than the full year of 2019 but are predicated to be as much as 100% higher by the end of 2021. 6. Inventory levels continue to remain at one of the lowest levels of availability, certainly over the last 20 years, if not longer.