April Market Spotlight: Muskoka & Surrounding Area

Data is collected from The Lakelands Real Estate Association for single-family residences, both on and off water in the Muskoka and Almaguin areas. Only data sourced from MLS is used.

 

WATERFRONT REAL ESTATE SALES ACTVITY

 

Huntsville & Lake of Bays Area

Compared to 2018:

  • Decrease in number of sales
  • Increase of 30% for average sale price year over year
  • Slight increase in days on market
  • Sale to price ratios were very close

Breakdown: There were significantly fewer new listings in April compared to March, where 26 hit the market. It is typical that we see an influx of new listings (note some would be listings that were on the market in 2018), as sellers are keen to take advantage of the spring market. 2019 there was a sale over $3m bumping up the average sale price year over year.

2019: 1 sale under $500k; 6 between $500k-1m; 1 over $1m; and 1 over $3m.

2018: 5 sales under $500k; 3 sales under $1m; 3 sales under $2m; and 1 sale at $2m.

 

Bracebridge/Muskoka Lakes Area

Compared to 2018:

  • 4 few sales compared to 2018
  • 9% increase in average sale price
  • significant increase in days on market
  • sale to list ratio relatively the same

Breakdown: Year over year there really wasn’t a big discrepancy between the numbers.  Days on market is the most noticeable and that could be influenced by a few factors including price and necessary adjustments, location and condition of property.

2019: 3 sales under $500k; 4 sales between $500-$1m; 4 sales $1m+; 1 sale $2m+.

2018: 4 sales under $500k; 6 sales between $500-$1m; 5 sales $1m+; 1 sale $2m+

 

Almaguin Highlands Area

Compared to 2018:

  • 3 few sales compared to 2018
  • 58% increase in average sale price
  • significant decrease in days on market
  • sale to list ratio relatively the same

Breakdown:  Average sale price increased by 58%, due to 2 sales over $1m in 2019. Days on market were notably lower than 2018, influenced by the lower inventory levels and high demand.

2019: 2 sales under $500k; 2 sales between $500-$1m; 2 sales over $1m

2018: 3 sales under $500k; 5 sales between $500-$1m; 1 sale over $1m

 

 

RESIDENTIAL OFF-WATER REAL ESTATE SALES ACTIVITY

 

Huntsville/Lake of Bays

Compared to 2018:

  • 4 few sales compared to 2018
  • 4% increase in average sale price
  • decrease in days on market
  • sale to list ratio relatively the same

Breakdown:  Year over year, there were no significant differences. We continue to see properties sell for list or over list price. Low inventory levels and continued demand push average sale price higher and days on market lower. Under $400k continues to represent the largest share of market sales, making homes that come up in this price range (especially $300k-$400) a hot price point, often selling less than 20 days.

2019: 11 sales under $399k; 6 sales between $400k-499k; 5 sales between $500k-800k

2018: 16 sales under $399k; 7 sales between $400-$499k; 3 sales between $500k-$800k

 

Bracebrigde/Muskoka Lakes

Compared to 2018:

  • 5 few sales compared to 2018
  • 7% increase in average sale price
  • decrease in days on market
  • sale to list ratio relatively the same

Breakdown:  Year over year, there were no significant differences. We continue to see properties sell for list or over list price. Low inventory levels and continued demand push average sale price higher and days on market lower. Similar to Huntsville, the under $400k continues to represent the largest share of market sales, making homes that come up in this price range (especially $300k-$400) a hot price point, often selling less than 20 days.

2019: 7 sales under $399k; 4 sales between $400k-499k; 2 sales between $500k-800k

2018: 10 sales under $399k; 6 sales between $400-$499k; 2 sales between $500k-$800k

 

Almaguin Highlands

Compared to 2018:

  • 4 few sales compared to 2018
  • 13% increase in average sale price
  • decrease in days on market
  • sale to list ratio relatively the same

Breakdown: The more popular price point for the Almaguin Highlands area are properties priced under $299k. We are seeing the average sale price over time increase as people are prepared to live a little father north in order to find more for their money.

2019: 6 sales under $299k; 3 sales $300k-$399k; 3 sales between $400k-$600k

2018: 10 sales under $299k; 2 sales $300k-$399k; 4 sales between $400k-$600k

 

Wrap Up

Across all market areas in Muskoka and the Almaguin Highlands, including both waterfront and off-water, average sale price increased, list to sale price ratios are close to 100%, all markets showed fewer sales compared to 2018, and for the most part days on market are decreasing.

Moving forward, recent flooding, particularly Bracebridge, Muskoka Lakes and Huntsville, will impact the real estate market, to what extent we will see.