February Market Spotlight: Huntsville & Lake of Bays

What are the reports all about! https://youtu.be/ejaPiYTJzJQ

 

WATERFRONT REAL ESTATE SALES ACTIVITY:

 

Compared to February 2019:

  • Decrease of 27% in Ave. Sale $ (see notes)
  • Fewer NEW listings
  • Same number of sales
  • Fewer days on market
  • Decrease increase in list to sale price

Minimum: $307,000 (2020)  | $499,000 (2019)

Median: $395,000 (2020) |  $504,456  (2019)

Maximum: $482,000 (2020)  | $509,911 (2019)

Important to note here is the average sale price is exceptionally low as a result of only 2 sales. What you can take from the Monthly Spotlights are a year over year comparison and an understanding of the “hot” months for sales activity. Both January and February are slow months for waterfront in terms of new listings and therefore sales.

 

RESIDENTIAL REAL ESTATE SALES ACTIVITY OFF-WATER:

 

Compared to February 2019:

  • Increase of 12% in Ave. Sale $
  • Significantly fewer NEW listings
  • Significantly fewer sales
  • Fewer days on market

Minimum: $ 191,000 (2020) | $170,000 (2019)

Median: $420,000 (2020) | $345,000 (2019)

Maximum: $ 689,000 (2020) | $762,000 (2019)

We experienced yet another increase in both the average sale price and the median sale price. The significant decrease in new listings, and therefore inventory, is what has most likely influenced sale prices, as demand for residential homes in the Huntsville area continues to grow above current supply.

 

If you have questions about a specific area in Muskoka follow this link: https://hereinmuskoka.com/market-spotlight/?fbclid=IwAR0CM_Kcp3g9-LHW396m1mhYpnETvaw_E85gpD6J8aIAJe0pkE76FvuuzKw

 

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