The report is a guide to the luxury real estate market in North America and Flagstaff.  It provides an overall analysis with trends and highlights comparative data on the top-residential markets throughout Canada and the United States. 

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  • This month’s report displays the market statistics for North America AND Flagstaff month over month as well as the 13-month trend.
  • In this month’s report, we take a step back in time to understand why the luxury real market has truly changed, how this new reality for buyers and sellers was created, and why it needs to be appreciated.
  • We evaluate the differences and similarities between 2019 and 2023 and how changes during the pandemic, specifically with respect to inventory levels, have now created a very different real estate environment.
  • Typically, a slowing market would expect to see inventory levels increase significantly, prices decline, and sales levels fall – but in 2023 the results are contradicting normal expectations.
  • Discover why the volume of sales, although lower in 2023 compared to the previous three years, are actually stronger than 2019 and the significance of this trend.
  • Equally, discover why understanding inventory levels, both total availability and new listings, is now an important key to appreciating how to navigate effectively in today’s market.
  • While it’s safe to say that buying and selling the luxury real market has changed, it’s also important to understand that demand trends have also shifted.
  • We reveal why for luxury homeowners it is all about “the experience” and how savvy homeowners, real estate professionals, developers, architects and designers are all keen to integrate this new trend into their home purchasing requirements. 
  • In an era where mass consumption means both the upper class and the middle class can own the same luxury brand, the rich are forgoing material goods to invest in the immaterial as a way to signify status. 
  • Understand why the general message is that luxury is not about throwing money around by adding more fancy materials but instead about creating a comfortable experience that affords the feeling of luxurious wellness and safety. 
  • And how these demands are being achieved, implemented and expected by the affluent.

 

It is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities, rather than just listening to the market rhetoric.

 

NORTHERN AZ LUXURY HOMEOWNER ADVICE

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.

What is the value of your Flagstaff Home?

 

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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 Flagstaff luxury market effectively to achieve your goals. Contact us at kelly.broaddus@exprealty.com or call 888.446.5602.

Look at our latest local City Report:

 

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