Is your social media marketing approach in line with the latest usage and behavioral trends?
The use of digital platforms changed significantly over the course of 2020, with the lockdowns and COVID mitigation efforts forcing people to find alternate ways to socialize, to shop, and to work, all of which have flow-on effects. That’s sparked new trends, like audio social, and new approaches in how businesses connect with their target markets.
If you’re not aware of these shifts, you may limiting your marketing performance. To provide some more perspective, the team from tech.co recently put together a listing of six key digital usage trends that could influencer your strategic approach.
You can check out their six key trends in the below graphic, which might help in your planning.
“The Report” identifies top 10 power and emerging luxury markets as luxury home buying trends and lifestyle preferences shift
Madison, N.J. – Feb. 24, 2021 (PRNewswire) –Today, Coldwell Banker Real Estate LLC, a Realogy (NYSE: RLGY) brand, and the Coldwell Banker Global Luxury® program released “The Report: 2021 Global Luxury Market Insights,” an in-depth analysis of emerging luxury markets and buyers. Included in the report are noteworthy trends shaped by an extraordinary year full of uncertainty and change, as well as top performing luxury markets of 2020 and those to watch in 2021.
This year, “The Report” combined sales data analysis with a record number of in-depth interviews from Coldwell Banker® Global Luxury® Property Specialists providing on-the-ground perspectives from diverse real estate markets. In addition to these interviews, Coldwell Banker Global Luxury also selected 40 of these Property Specialists for a first-of-its-kind survey to better understand the shifts in affluent property-buying trends and what lies ahead for luxury real estate.
New definitions of luxury — like the intangibles of family, health, space and security — spurred new affluent living trends in 2020 as buyers realigned priorities by seeking out properties with access to the outdoors, privacy and more space. Demand for mega mansions, estates and other luxury compounds surged, with 55% of Luxury Property Specialists surveyed noted that more square footage was the number one amenity that flipped in demand from 2019 to 2020. A new affluent demographic, known as Trailblazers, drove shifting buying trends as they migrated away from cities in favor of small, hidden gem towns, the suburbs, and second home destinations.
As wealthy homebuyers embraced new lifestyles, new trends prevailed. The top preferences expected to have staying power over the next 5 years include: the home office (27.5%), demand for a second home (22.5%), and the desire for single-family detached homes (22.5%).
In 2020, there was a dramatic change in many luxury markets that had been buyer’s or balanced markets in 2019. Escalating demand now pushed these markets into seller market territory, which is only anticipated to continue into 2021. To determine the Top 10 “Power Markets” of 2020, the Coldwell Banker® brand collaborated with The Institute for Luxury Home Marketing to analyze the markets with at least an average of 50 sales per month and the highest sales ratio percentages. On reviewing the Top 10, four new hotspots came into focus for a variety of reasons:
East Bay, California: Both single family and attached-home sales soared due to high demand as buyers’ concerns shifted from reducing daily commutes to gaining space. Inventory could not keep up, as most listings prompted multiple offers and drove up prices. This resulted in the sales ratio rising over 100% after July.
Colorado Springs, Colorado: Growth in this city expanded faster than predicted fueled by millennial and out-of-state buyers. The sales ratio (38.84%) remained consistent with luxury single family homes in high demand.
Fairfax County, Virginia: Luxury townhome sales saw unprecedented levels; there was only a month of inventory for $645,000+ townhomes in December, and even less for those in the $1M+ category, with a 51.93% sales ratio for attached homes.
King County, Washington: Pent-up buyer demand, driven by historically low interest rates, desire for more space, and lower-than-expected inventory levels, contributed to record low days on market and a 37.7% sales ratio at asking price.
“The Report” also identified four key categories of emerging markets across the luxury home sector offering a range of lifestyle amenities, cultural experiences, and educational opportunities. The unexpected rise of these locations underscores the unforeseen dynamics at play during 2020 as the pandemic impacted many buyers’ decisions.
Secondary Markets on the Rise
Phoenix, Arizona
Denver, Colorado
Dallas, Texas
Markets Exceeding Expectations
Salt Lake City, Utah
Sacramento, California
St. Louis, Missouri
New Discoveries
Burlington, Vermont
Reno, Nevada
Coeur D’Alene, Idaho
Ready for Discovery
San Antonio, Texas
Knoxville, Tennessee
Hamilton County, Indiana
About The Report Designed to be a definitive guide for international high-end property buying and selling, The Report adds insider intelligence to strong industry research by combining anecdotal insights from local market professionals affiliated with the Coldwell Banker® brand, as well as The Institute for Luxury Home Marketing, Wealth-X, and other leading luxury insiders.
The Real Estate Today Podcast, From the National Association of REALTORS, “opens doors for buyers and sellers with critical and credible information on the real estate market.”
They add “It’s fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.”
In today’s show, we learn about the biggest story in real estate, mortgages in the middle of a pandemic.
