February Market Spotlight: Huntsville & Lake of Bays

Data is collected from The Lakelands Real Estate Board for single-family residences, both on and off water in the Huntsville and Lake of Bays area.

 

WATERFRONT REAL ESTATE SALES ACTIVITY:

 

Compared to February 2018:

  • Decrease in sales (3 sales in 2018)
  • Decrease in Ave. Sale $
  • Increase in Days on Market (4 days in 2018)
  • Decrease in New Listings (-4)
  • Increase in % list to sale price (94.12% 2018)

Opinion: The increase in list to sale price ratio, was the result of a cottage property on Lake of Bays selling 80k over list price. This particular property was a fixer upper.  2019 began with a record January, and the hope is we start to see more enter the market, as Buyer demand is present.  With interest rates stabilizing, lender incentives and greater consumer confidence, as long as we have the inventory, a healthy 2019 Muskoka Real Estate market is feasible.

 

RESIDENTIAL REAL ESTATE SALES ACTIVITY OFF-WATER:

 

Compared to 2018:

  • Increase in sales (19 in 2018)
  • Decrease in Ave. Sale $
  • Increase in Days on Market (41 in 2018)
  • Decrease New Listings (-9)
  • Decrease in % Sale/List price (102.86 in 2018)

Opinion: Off-Water homes priced between $300-$400k and $500-$600k were the hot price points this February.  Homes in this price point do not last long and often generate multiple offers. In general, we are starting to see more sales activity over 500k. In as little as 4 years ago, homes off water in this price point were few and far between, however with new construction and the influx of people relocating from urban areas, this sector has experienced exceptional growth, and shows no signs of slowing down.

 

For a more detailed market report specific to your area please contact me directly.