Today, we are reporting from The Institute for Luxury Home Marketing’s signature event – Leaders in Luxury – where both industry leaders and some of the finest minds in luxury real estate come together to review, network, and anticipate the future of the market.
This year’s event focused on addressing the concerns of ‘the winds of change,’ claims of a slowing market to forecasts of recession by 2020. However, in her opening statement, Institute President Diane Hartley stated that she believes 2019 will actually be a year of opportunity for both sellers and buyers provided that they remain agile, innovative, and adaptable to their local market influences.
Leslie Appleton-Young, Chief Economist for the California Association of REALTORS®, gave the attendees a new view: From Great to Good. In a masterfully in-depth review of the real estate market, she highlighted all the variables from inventory and pricing to equity markets, job growth, home equity, inflation, and personal wealth that impact a market, and coined our current situation as “Great to Good.”
The luxury market is often considered a barometer during times of change and this month’s statistics show a move back into a balanced market – with increases in sold prices and volume of sales – that further goes to validate Leslie’s belief that “uncertainty” and “affordability” are the causes of flux at this time.
As Leslie stated, “investment in real estate needs to be viewed over the long term – not just compared to the last month – only then will the story become obvious.” Long term statistics show that the market is now moving at a more even rate rather than at the rapid, overcharged pace following the market crash in 2008.