All real estate may be local—but when it comes to luxury, it’s also global. Coldwell Banker Previews International® has proven that adage true once again with its latest Luxury Market Report. The report tracks real estate trends and market activity in top luxury enclaves like Beverly Hills and up-and-coming markets like Istanbul, providing a broad picture of the luxury housing landscape.
“In the United States, we’re fortunate to have access to Multiple Listing Services that provide detailed information on real estate transactions,” says Ginette Wright, vice president of Previews NRT. “But rarely do we see this information aggregated for luxury housing as we have done in our report.”
Here is a snapshot of what’s inside the first Luxury Market Report of 2014.
- Luxury Market Index—The Luxury Market Index answers the question, “Which luxury housing markets are performing best overall?” As the first of its kind for the industry, the index compares the real estate activity of 100 luxury markets across the United States, using measurements such as annualized sales in units, volume, average and median sale price and others. The index results are intended to give you a better, more objective understanding of the luxury real estate marketplace as a whole.
- Previews Top 20: ZIP Codes and Cities for Luxury Sales and Listings—If you’re wondering which markets are selling the most luxury homes or have the highest inventory levels, look no further than this popular list. New York typically leads the price charts—but expect some surprises this year. San Francisco topped the list of U.S. cities with the highest number of closed sales in the $1 million+ category for the first time. Newcomers Seattle and Austin also joined the list. (Could the booming tech industry be partly responsible?) Florida also made a strong showing in active listings in the $1 million+ and $10 million+ categories.
- Domestic Spotlights—Dreaming of Hawaii? You might want to explore the Domestic Spotlight on Honolulu first. Affluent homebuyers from the U.S. mainland, Canada, Pacific Basin and Asia are making a splash in Hawaii’s capital city, while a prime ultra luxury enclave along the Honolulu coastline is experiencing a major renaissance. And if you’re more in a New York state of mind? You might find the comparison of four Manhattan Zip codes interesting—especially if you want an idea of how much more (or less) you’ll get for your dollar.
- International Spotlight: Turkey—Turkey has become a fast-growing affluent market, with Istanbul as its pearl. The “East meets West” city has seen a maturing upper class that has demanded a wider variety of luxury products and experiences, including high-end homes.
Want to know more? Download the full edition of the Luxury Market Report above.