Sothebys International Realty is pleased to announce the release of its Luxury Outlook 2022 report, which identifies trends that could shape the world’s key housing markets in the coming year. The comprehensive report provides an insight into the high-end real estate industry as the onset and prohibitions of pandemic reopening spurred even stronger demand and inventory tried to keep pace. The global report reveals that relief from the market fury may not happen quickly as prices are expected to rise in 2022. In addition, a shift to a hybrid working model is encouraging more buyers to invest in real estate and look for more homes large that can accommodate distance work while staying within travel distance.
The latest data Monthly luxury report by LIV Sothebys International Realty (LIV SIR), describes a similar picture for the Denver Mero luxury real estate market, where demand for high-end homes continues to rise even two years after the pandemic began. From year to year, the number of luxury listings sold in Denver increased by 66% in 2021. Interestingly, despite the sharp increase in the number of homes sold last year, the average price remained relatively constant moving at around 1,600,025 dollars for the year.
Last year, Denver saw tremendous growth in luxury real estate sales, but we closed 2021 with an impressive low number of active listings, commented Shannel Ryan, president, LIV Sothebys International Realty, Metro Denver. Despite inventory shrinkage, the display of activity already hints at an early start to the sales season here and in all markets across Colorado.
Expert review and global housing market analysis within Sotheby’s International Realtys 2022 Luxury Outlook report was compiled by surveying Sotheby’s International Realty agents worldwide who conduct transactions in the $ 10 million + price category. This information was complemented by the collection of supporting data from other key industry experts, including UBS Wealth Management; Henley & Partners, a global citizenship and residency consulting firm; National Association of Realtors; in addition to art and luxury experts at Sothebys, the famous auction house, to wrap up luxury trends next year.
The main findings presented in the report include:
2022 is likely to be the year of international buyers as borders open and vaccinations and boosters spread
Nearly half of respondents agree that an increase in interest rates could affect the market
In North America, millennials and Gen Xers are expected to make up the majority of luxury home buyers next year
Between 2018-2042, nearly $ 70 trillion will be passed on to older generations and millennials will continue to use their share of real estate, according to Cerulli Associates.
In the US, the valuation of second home prices is expected to continue even after the number of transactions has slowed down due to limited inventory
The most important appliances for today’s luxury buyers are a garage with storage, full bathroom on the ground floor, kitchen for dining and luxury bedroom.
To learn more about all the real estate market sectors in Colorado and to see a selection of great LIV Sotheby’s International Realtys listings, visit livsothebysrealty.com.
The Denver Post news and editorial staff had no role in preparing this post.
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