December 2020 Market SpotlightUncategorized
DECEMBER 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.
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.