1st Quarter Market Spotlights for Muskoka & Almaguin

How's the real estate market?

1st Quarter sales statistics for January, February and March 2020

With the exception of the Huntsville/Lake of Bays Waterfront market we experienced an increase in average sales prices in all three market areas, for both on and off water single family homes. While there was still sales activity in March, we can now start to see that activity is slowing down as a result of strict showing protocols and fewer listings hitting the market. The recreational market understandably will be the most impacted as a result of COVID-19, as many will be evaluating discretionary purchases moving forward. The challenge right now is also showing these properties as they do not fall under “essential” unlike the residential market and people in need of a primary home.

Time will tell as we move forward through our spring market, and how COVID will impact prices.  I foresee residential home prices remaining stable as demand is still very much there, perhaps even more so now with less inventory. Where prices will be impacted is the recreational market, as it is a discretionary purchase, people will be less inclined to pay for what is not perceived as market value.

WATERFRONT SALES ACTIVITY 

NORTH MUSKOKA (HUNTSVILLE/LAKE OF BAYS)

Compared to 2019:

  • Decrease of -6% in Ave. Sale $
  • Decrease in sales
  • More days on market

Minimum: $307,500 (2020) | $169,999(2019)

Median: $550,500 (2020) | $597,500 (2019)

Maximum: $1,650,000* (2020) | $2,950,000** (2019)

Notes:

2020: 3 sales in January; 2 sales in February; and 5 in March
2019: 8 sales in January; 2 sales in February; and 4 in March.

Pre COVID, we were set up for what was looking like an active spring market.

*Max sale in 2020 was on Lake of Bays

**Max sale in 2019 was on Peninsula Lake

SOUTH MUSKOKA (BRACEBRIDGE/MUSKOKA LAKES/GRAVENHURST)

Compared to 2019:

  • Increase of 10% in Ave. Sale $
  • Equal unit sales
  • More days on market

Minimum: $200,000 (2020) | $325,000 (2019)

Median: $970,000 (2020) | $690,000(2019)

Maximum: $3,165,000* (2020) | $ 4,465,000** (2019)

Notes:

2020: 8 sales in January; 3 sales in February; and 8 sales in March.
2019: 6 sales in January; 5 sales in February; and 8 sales in March.

As of March 31st,  there are 56 active listings.  Much of what we are seeing enter the market are listings from 2019. There are Sellers eager to hit the market, who are opting to list exclusively as an option to not being listed at all. Most exclusive listings are accessible to the public through Brokerage websites.

*Max sale 2020 was on Little Lake Joe
**Max sale 2019 was on Lake Muskoka

ALMAGUIN HIGHLANDS

Compared to 2019:

  • Increase of 14% in Ave. Sale $
  • Slight decrease in sales
  • More days on market

Minimum: $260,000 (2020) | $197,000 (2019)

Median: $497,500 (2020) | $492,500 (2019)

Maximum: $1,050,00* (2020) | $ 720,000 **(2019)

Notes:

2020: 6 sales in January; 5 sales in February; and 3 sales in March.
2019: 4 sales in January; 1 sale in February; and 10 sales in March.

As of March 31st there were 32 Active listings.

*Max sale 2020 was on Wolfe Lake
**Max sale 2019 was on Pickerel Lake

OFF-WATER SALES ACTIVITY 

NORTH MUSKOKA (HUNTSVILLE/LAKE OF BAYS)

Compared to 2019:

  • Increase of 9% in Ave. Sale $
  • Decrease in sales
  • Slightly fewer days on market

Minimum: $191,000 (2020) | $155,000 (2019)

Median: $410,000 (2020) | $377,450 (2019)

Maximum: $1,200,000 (2020) | $762,000 (2019)

Notes: 30 of the 47 sales on occurred in January and February, with the remaining 17 occurring in March. March of 2019 there were 29 sales.  What is typically an active time for new listings, we experienced a significant drop in new listings and are seeing this decrease carry into April as a result of strict showing protocol and apprehensive sellers. It is too early to tell what prices will do in the next coming months, however, I don’t expect that we will see a major drop is the residential market unless we experience an influx of new listings.

 

SOUTH MUSKOKA (BRACEBRIDGE/MUSKOKA LAKES/GRAVENHURST)

Compared to 2019:

  • Increase of 2% in Ave. Sale $
  • Increase in sales
  • Slightly fewer days on market

Minimum: $115,000 (2020) | $158,000 (2019)

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

Maximum: $868,300 (2020) | $762,50 (2019)

Notes: 37 of the 65 sales in 2020 happened in January and February, with the remaining 28 sales happening in March. Sales in the 1st quarter were actually higher than 2019 with 50 sales. In 2019 more than 50% (27) occurred in March, 14 in February, and 9 in January.  Average sale price was just slightly higher and median sale price was the same.  Sales in March 2020, despite the influence of COVID-19 were comparable to 2019.

ALMAGUIN HIGHLANDS

Compared to 2019:

  • Increase of 2% in Ave. Sale $
  • Increase in sales
  • Fewer days on market

Minimum: $62,000 (2020) | $109,000 (2019)

Median: $260,000 (2020) | $287,000 (2019)

Maximum: $740,000 (2020) | $485,000 (2019)

Notes: Sales year over year were not too far off from each other. 37 in 2020 compared to 31 in 2019. 13 of the sales happened in March, 11 in February, and 13 in January. Same time last year 12 sales in January, 10 in February, and 9 in March.

 

Data is collected from The Lakelands Real Estate Board for single-family, detached residences, both on and off water for North & South Muskoka including Almaguin.