The June 2023 Institute for Luxury Home Marketing monthly trend report is out now! CLICK HERE to download the full report in its entirety. We are happy to share this information with you. The following is per the Institute for Luxury Home Marketing June 2023 Market Report:
Luxury Trends for the Summer
As we head into summer, what trends are set to define this season’s must-haves, and are there any surprises? Smart technology and wellness amenities are certainly top favorites of the affluent homeowner, but today’s buyer is also looking for the home that will fulfil their lifestyle decisions – this more than just the style of the home and/or its location, it is the experience offered by the property that will likely set it apart.
This experience tends to encompass not only unique and spectacular features within the home and its grounds but also the property’s location and surrounding amenities. Affluent buyers’ expectations have shifted, becoming honed by the need to find a sense of purpose for their chosen property and its location as well the opportunity to still add their personal identity and style.
Despite lingering uncertainty outside the luxury real estate market, the steadiness of prices, sales, and inventory levels have resulted in a consistent increase in the demand for luxury properties during the first five months of 2023. The number of luxury properties sold has risen month over month since the start of 2023, aside from January, which did see a downturn in sales. Despite the slight plateau in April, May’s figures saw a 33% increase in sales for single-family homes compared to April and attached properties sales were 26% higher.
This has been assisted by the increased level of new inventory entering the market, up 22% compared to April 2022 for single-family homes and 14% for attached homes – putting inventory levels back on par with levels seen in May 2022. While an increase in new inventory has resulted in a greater number of sales, the significant difference in percentage increase of sales versus new inventory proves that the demand for luxury properties continues, enabling the market to remain strong.
Sold Prices also indicate stability in the current market as overall, the monthly median price for both single-family and attached properties has barely shifted, but more significantly, the homes that are selling are being sold very close to their list price.
Strength and Comfort
There is a focus on permanence in all aspects of the luxury real estate market with quick fads a trend of the past; expect to see quality, endurability, and sustainability as the key determinants in the building, design, and refurbishment of homes for the remainder of the year.
Nature is being embraced, creating a more natural feel through layering, texturing, sustainability processes. Color neutrality with warmer palettes, and Artisan and artistic features are being blended into old and new designs to create soothing, comfortable, yet unique environments.
These elements will be at the forefront of this season’s design palette, and technology will be implemented to provide efficiency but, more specifically, to create spaces and features that offer a sense of ambient wellness.
As the warmer weather sets in, it’s natural to gravitate to outdoor spaces, and the trend for blending and opening up the space between indoors and outside is still very much in vogue. Like the indoors, expect more soft lines, welcoming spaces, and comfortable surfaces. In particular, low-lying outdoor armchairs and sofas are in high demand as they can create relaxing space and a welcoming vibe.
Color schemes are a little more dramatic this year, with shades of red, orange, and green dominating, specifically terracotta, sage green, and seafoam green, set against a rich earthy color or neutral tone background. The post-pandemic frame of mind has filtered into everyday surroundings to capture peace, a sense of well-being, warmth, and wellness. Overall expect to see a renewal of bright, bold, and inspiring interiors. Plus, organic and sustainable design is gaining more traction. These may not be new concepts, but the passion for creating a natural and healthy space is certainly a growing trend.
The art of selling and buying in this market needs a critical and analytical approach; understanding the realities and setting expectations accordingly will ensure that goals are achieved. For homeowners looking to buy or sell in today’s market, we recommend working with a REALTOR who can capitalize on the preferences, trends, and demands in this dynamic and evolving environment.
At Carl Johnson Real Estate we use our experience and knowledge to lead our clients in the right direction. CLICK HERE to read more about Carl Johnson, REALTOR®, Broker, Owner, and Founder of Carl Johnson Real Estate. Carl is certified as an Institute for Luxury Home Marketing Specialist, CLHMS, which means he offers superior knowledge and experience in the luxury market. His CLHMS membership also provides him with access to an elite network of contacts and resources that help drive the perfect buyer to your high-end listing or find you your dream home! Using the most up-to-date marketing information, Carl positions your listing ahead of the market curve. Call 919-880-0904 for a consultation or CLICK HERE