May Market Spotlight: Muskoka & Surrounding Area

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

 

WATERFRONT REAL ESTATE SALES ACTIVITY

 

Huntsville & Lake of Bays Area

Compared to 2018:

  • Slight increase in number of sales
  • Increase of 30% in average sale price
  • Fewer days on market
  • Sale to list price were close

Take away: 2019 there were 5 sales over $2 million compared to 2018 where the was 1 sale over $2 million.  This impacts the average sale price.  Properties selling between $500K-$1M continue to represent the highest in volume sales year over year (as noted below in italics). Fewer days on market is worth noting as properties are moving quicker then they were last year. The minimum days on market was 1 with the maximum at 195. We witnessed an influx of new listings which we need to support the demand.

2019: 7 sales under $499K; 6 sales between $500K-$1M; 3 sales over $1M; 5 sales over $2M

2018: 6 sales under $499K; 8 sales between $500K-$1M; 3 sales over $1M; 1 sale over $2M

 

Bracebridge/Muskoka Lakes/Gravenhurst

Compared to 2018:

  • Slightly fewer sales
  • 14% decrease in average sale price
  • More days on market
  • List to sale price is slightly lower

Take away: The flooding experienced in south Muskoka area has impacted the real estate market in terms of pushing properties that were ready to list, further into the season depending on damage incurred to the property. Time will tell as to whether or not average sale price will reflect negotiations between sellers and buyers with respect to properties affected by the flooding. Despite the flooding we did see a healthy influx of listings hit the market this month. Sweet sales spot year over year is between $500K-$1M.  2018 there were more sales over $2M resulting the higher average sale price.

2019: 12 sales under $499K; 18 sales between $500K-$1M; 6 sales over $1M; 2 sales over $2M; 1 sale over $3M; 2 sales over $4M

2018:  9 sales under $499K; 21 sales between $500K-$1M; 7 sales over $1M; 5 sales over $2M; 1 sale over $3M; 2 sales over $5M

 

Almaguin Highlands Area

Compared to 2018:

  • 50% fewer sales
  • 19% increase in average sale price
  • Fewer days on market
  • List to sale price the same

Take away: Fewer sales is most likely due to the lack of inventory, and therefore the properties that were selling were selling for a higher price.  There were 3 sales over $500K compared to 1 same time last year. The Almaguin area continues to offer the Buyers value in terms of their dollars stretching further, however, year over year the average sale price is creeping up.  If you are willing to add a little extra travel time, this area offers you a lot for your money.  The hot price point this area are properties found within the price range of $300K-$400K.

2019: 7 sales under $499K; 3 sales between $500K-$1M

2018:  19 sales under $499K; 1 sale between $500K-$1M

 

RESIDENTIAL OFF-WATER REAL ESTATE SALES ACTIVITY

 

Huntsville & Lake of Bays

Compared to 2018:

  • Significant increase in number of sales
  • 9% increase in average sale price
  • Slightly fewer days on market
  • List to sale price the same

Take away: The hot price point remains at $300K-$400K with 25 sales compared to 11 last year. Days on market is averaging the same along with list to sale price ratio close to 100%. Buyers in this price point have needed to act quickly and with the cleanest offer possible. Despite the very active and competitive nature of the market, we are seeing conditional offers with at least a financing and/or inspection condition with a tight deadline. Note to all buyers, a solid pre-approval from a Mortgage Broker is more important then ever.  Residential market is showing no signs of slowing down.

2019: 1 sale under $299K; 25 sales $300K-$399K; 12 sales $400K-$599K; 4 sales $600K-$799K; 2 sales $800K-$999K

2018: 4 sales under $299K; 11 sales $300K-$399K; 7 sales $400K-$599K; 3 sales $600K-$800K

 

Bracebridge/Muskoka Lakes/Gravenhurst

Compared to 2018:

  • Slight decrease in number of sales
  • 16% increase in average sale price
  • Slightly more days on market
  • List to sale price ration greater than 100%

Take away: Muskoka Residential markets continue to remain strong and competitive. 101% list to sale ratio is a result of the competitive nature of the market.  The higher days on market is a result of the higher end (over $500K) sitting on the market for longer.  Hottest price points in these areas are between $350K-$450K. There were more sales in May 2019 in what is considered “high-end” off water  within the price point $600K plus

2019: 4 sales under $299K;  19 sales $300K-$399K; 16 sales $400K-$599K; 7 sales $600K-$800K

2018: 13 sales under $299K; 22 sales $300K-$399K; 10 sales $400K-$599K; 4 sales $600K-$800K

 

Almaguin Highlands

Compared to 2018:

  • Slight decrease in number of sales
  • 8% decrease in average sale price
  • Significantly fewer days on market
  • List to sale price ratio slightly less

Take away:

2019: 14 sales under $299K; 2 sales $300K-$399K; 1 sales $400K-$599K; 1 sale $600K-$800K

2018: 18 sales under $299K; 3 sales $300K-$399K; 2 sales $400K-$599K

 

For more information related to a specific market area please contact me directly at 705-788-4894 or [email protected]