Annual 2020 Market Spotlight
ANNUAL MARKET SPOTLIGHT
All data collected here is representative of single family detached dwellings both on and off water in the South Muskoka and North Muskoka areas.
WATERFRONT HUNTSVILLE/LAKE OF BAYS
The Huntsville/Lake of Bays waterfront market experienced a significant increase in average sale price with a 21% increase compared to 2019 where average sale price was 10% higher than in 2018. It was no doubt the demand for recreational property as due to the pandemic, creating a frenzy in the cottage market. We experienced cottages that were on the market the previous year, sell in multiple offer situations, which rarely happened in the cottage market. All price points were selling. The highest recorded sale on water in the Huntsville/Lake of Bays was on Lake of Bays selling for $3,750,000. It sold for full list price after just 4 days on market.
OFF WATER RESIDENTIAL HUNTSVILLE/LAKE OF BAYS
The residential off-water market also experienced a record year with the average sale price increasing by 24% compared to 2019. Average sale price increase the previous year was 8%. Low inventory, surplus of demand creates the perfect storm for a very competitive market where homes are selling for list price or significantly more. Some homes selling 100K over list if not more. In conversations with people questioning whether this is a good time time to sell, the answer is “it depends, do you have somewhere to go?” We don’t have a crystal ball, however, it would appear that the trend to move out of the city and to more rural locations, is not going anywhere any time soon.
Average sale prices for the month of December were up across Muskoka for both waterfront and off-water detached single family dwellings.
The highest recorded off water sale for December in North Muskoka was $1,750,000 with the lowest sale at $380,000; while the highest recorded sale in South Muskoka was $633,000 with the lowest sale at $263,000.
The highest recorded waterfront sale for December in North Muskoka was $1,800,000 on Lake of Bays; while the highest recorded sale in South Muskoka was $14,995,000 on Lake Joe.
Increasing average sale prices coincide with fewer days on market (DOM) and higher sale to list price ratios indicating homes/cottages are selling for either very close to asking, for asking or well over in some cases.
The market remains in the favour of Sellers, however, in the same breath, not everything is selling. Despite record demand if a Buyer feels a property is overpriced…it will likely sit.
How long will this last is the question?
Well…projections are the demand will continue and unless we see an increase in supply, prices are not going anywhere, especially with interest rates in some cases below 1.8%.
Any questions about the market specific to your area, please don’t hesitate to reach out.
We wanted to take a moment to recognize Kim O'Grady for her skill, affability and sensitivity to our needs in two recent real estate transactions in #Muskoka. First, in helping us find a new home that reflects our needs and personalities, and then in the negotiation and sale of Carrie's…
So appreciative of the help Kim gave us finding the perfect cottage for our family! Her knowledge of the area, finding the best properties that met our needs and answering all our questions made it a great experience finding a property that we will enjoy for many years to come!
"Kim is extremely pleasant, personable and professional. She suggested a great strategic plan to sell our home including advertising initiatives and an open house. We had several offers within 12 hours of listing our property, and we were more than happy with the selling price received, which was more than…
“We first met Kim O’ Grady in the fall of 2011 when our cottage search first began, she was incredibly patient and knowledgeable throughout our nine month search. She answered our phone calls and emails promptly and provided us with excellent expertise regarding both the Huntsville area and the properties…
Working with Kim O’ Grady to locate our dream cottage in Muskoka was a wonderful experience, and we strongly recommend Kim to anyone either searching or selling in Muskoka. Kim’s real estate knowledge, lived knowledge of and appreciation for the Muskoka region, warm, personable manner, genuine concern for the best…
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