May 2023 Boca Raton Area Luxury Market Report from Jean-Luc Andriot and The Institute for Luxury Home Marketing

Posted by Jean-Luc Andriot on Monday, May 22nd, 2023 at 9:33am.

Jean-Luc Andriot Luxury market report Boca Raton May 2023 for Jean-Luc Andriot blog 052223

As I am a member of The Institute for Luxury Marketing, I thought I would share with you their May 2023 report for Boca Raton - Delray Beach.

It is your guide to a general analysis on the trends and comparative data on the top-residential markets in the Boca Raton - Delray Beach area.

Statistics are separated between single family homes and condominiums / townhomes in Boca Raton - Delray Beach.

At the national level:

New Mindsets and Location Trends

Relocation, migration, and multiple homeownership are not new words in the world of real estate, luxury or not; it’s one of the main reasons that the industry exists. After all, helping people find new homes is a Realtor’s bread and butter.

Throughout history, we have seen mass migrations and changes affected by tragic events, such as earthquakes and floods, or by opportunities, such as gold rushes, or, in more modern times, large corporations opening offices in new locations.

The affluent have always been able to be more fluid in their real estate decisions and choices, moving or adding new homes to suit their tastes and current requirements. They have certainly exerted their power of influence on the popularity of a location within their own social sphere, often increasing demand and prices disproportionately.

However, the pandemic years probably saw the biggest change in the decision process of the affluent as a group, whether it was fleeing from metropolises or being unable to travel at their leisure. These recent moves were anything but typical, with rural and destination locations seeing some of the largest increases of affluent wealth impacting their communities.

Equally, through the ebbs and flows of the last three years, the luxury real estate market itself has continued to diversify and often defy expectations. From London to Miami, Los Angeles to Sydney, and throughout the rest of the world’s major markets, the demand for luxury properties has largely continued to grow, albeit at a slower rate. As a result, the level of available inventory has declined, and in some luxury markets, it continues to fall each month. Consequently, prices have either remained stable or are still experiencing increases.

Now as the pandemic fades (officially, the World Health Organization said on Friday, May 5th, 2023, that COVID-19 no longer qualifies as a global emergency, making this a symbolic end), what are the long-term effects of the decisions made by the wealthy during the last three years and how does this bode for the future?

Priorities Have Changed

When dealing with a disease that didn’t discriminate, it hit home for many as to what was important, and they questioned whether they were living their “best lives.” Choices to move away from their current life, move closer to family, find more fulfillment outside of the work environment, or even create a live work arrangement by not having to be in the office became significant attitude changes.

Read on

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