July 2021 Muskoka Market Spotlight

Market Updates

JULY 2021 MUSKOKA 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.

Collected from The Lakelands Association of Realtors®

 

WATERFRONT HUNTSVILLE/LAKE OF BAYS (NORTH MUSKOKA)

The Huntsville/Lake of Bays waterfront market experienced a modest change in average sale price with a 13% increase compared to 2020.  The demand for recreational property continues with limited supply and significantly fewer days on market year over year.  Unit sales are just a little over half of what they were last year.  There are properties sitting, likely as a result of price, which is likely contributing to fewer sales despite high demand and low inventory  . Average days on market is sitting around 22.  Waterfront properties priced under 1M remain to be the most competitive sector, with many selling for 200K or more over asking. The highest recorded sale for July was on Lake of Bays selling for $5,995,000.

 

OFF WATER RESIDENTIAL HUNTSVILLE/LAKE OF BAYS (NORTH MUSKOKA)

The residential off-water market also experienced a 12% increase in the average sale price year over year. We actually witnessed a significant amount of new listings compared to the same time last year, coupled with fewer sales year over year.  The average days on market for residential is sitting around 32, which is high according to today’s standards. We are still seeing [some] homes under 1M selling in multiple offers, however, not with the same cadence we have seen in months past.  In conversations with people questioning whether this is a good time time to sell? It is, however, pricing right with market value in mind is important to facilitate an efficient sale. The highest recorded off-water sale was $855,550 in Port Sydney.

 

WATERFRONT SOUTH MUSKOKA 

Average sale price was up 17% year over year with approximately the same amount of new listings entering the market. There were 30 fewer sales compared to 2020 with almost 50% fewer days on market. List to sale ratio is sitting right at 100% demonstrating most properties are selling for list price or close to on average. Just because a property is on water, does not guarantee a sale, which could explain why we experienced fewer actual sales despite 68 new listings. Pricing right is important, and the ones that are selling are the listings receiving the multiple offers, or at the least selling for list price. The highest recorded sale was on Lake Joe selling for full list price $11,995,000.

 

OFF WATER RESIDENTIAL SOUTH MUSKOKA

Average sale price is 14% higher year over year, with the average sale to list just over 100% demonstrating the majority of homes are selling for list price or over. 19 is the average days on market. 62 new listings hit the market close to double of what hit the market in Huntsville/Lake of Bays. With more homes entering the market, we are starting to feel a slight shift. The overall “frenzy” appears to have lifted as we see more inventory, and perhaps some buyer fatigue. The highest recorded sale on MLS was $660,000 in Port Carling.

 

Any questions about the market specific to your area, please don’t hesitate to reach out.

 

Happy to assist!