The End of 2020 Sees Record Sales in November As the year draws to a close, November’s statistics reveal that the luxury market continues to go from strength to strength, adding still further to a year full of unexpected trends. The majority of the 101 markets reviewed in November by The Institute for Luxury Home Marketing show that, for the first time in many years, most markets showcase sellers in firm control.
From coast to coast, the diversity of markets that have seen an increase in demand for their luxury properties has been unprecedented. Many markets from small rural destinations, to established resort locations, to less densely populated metropolitans show higher than average sales for November.
Overall, the luxury market this month started to show signs of typical seasonal decreases as people prepare for the holiday season and winter weather. Though in key metropolitan cities such as Los Angeles, San Francisco, Boston, and Chicago the numbers are surprising, with sales of single-family residences either in line, but often higher, than sales during November 2019.
For the most part single family homes have seen the greatest demand, with a nearly double year over year increase in sales. Equally, and more unexpected are the number of sales for attached properties in the major metropolitan cities during the last month, which show a 57% increase compared to November 2019.
While some of this increase can be attributed to the market catching up from the pause in the first and second quarters of the year, it can also be due to lower mortgage rates and price points dropping creating unexpected opportunities, which was clearly recognized by savvy buyers.