April Market Spotlight Muskoka

Market Updates

APRIL MUSKOKA MARKET DATA

 

WATERFRONT REAL ESTATE SALES ACTIVITY:

Huntsville and Lake of Bays Area

Compared to April 2019:

  • Increase in Ave. Sale $ (see notes)
  • 1 more new listing compared to 2019
  • 1 sale
  • Significantly more days on market (consideration must me given to the fact there was only the one sale)
  • Decrease  in list to sale price

Sales Data: With only the one sale, we really cannot compare numbers year over year. We had 21 new listings in March hit the market, however, strict showing protocols and encouragement from the the Government to stay at home, has certainly made an impact in terms of sales activity.  Some of the inventory that is sitting, was inventory from last year.

*Max sale 2020 was on Fairy Lake

In conversations with prospective sellers, the consensus is to wait until June to list waterfront, with the hope that the rules for travel will be relaxed slightly, and waterfront Buyers will feel more confident to resume their search.

 

Bracebridge, Muskoka Lakes and Gravenhurst Waterfront

Compared to April 2019:

  • Increase of 33% in Average Sale $
  • Fewer NEW listings
  • 8 fewer sales
  • Fewer days on market

Minimum: $475,000 (2020) | $ 352,000 (2019)

Median: $870,000 (2020) | $635,000 (2019)

Maximum: $7,500,000* (2020) | $2,320,000 (2019)

*Max sale 2020 was on Lake Joe

Notes: There is still demand for recreational property. As stated above, an increase in both inventory and sales in expected in the months to come. Our “spring market” will be pushed into July and August.

 

RESIDENTIAL REAL ESTATE SALES ACTIVITY OFF-WATER:

 

Huntsville and Lake of Bays Area 

Compared to April 2019:

  • Increase of 19% in Average Sale $
  • Fewer NEW listings (indication of the hesitation to list given the current circumstances)
  • Decrease of 9 sales
  • More days on market

Minimum: $162,500 (2020) | $168,101 (2019)

Median: $ 496,000 (2020) | $390,000 (2019)

Maximum: $812,000 (2020) | $760,000 (2019)

Notes: The sales activity we experienced in April of this year, was in the higher price point. 2020 there were 4 sales over $600,000 compared to 2019 where we experienced 1 sale over $600,000. Huntsville sale prices are creeping higher every year, and have been surpassing South Muskoka (Bracebridge/Gravenhurst/Muskoka Lakes) average sale price and median price.

 

Bracebridge/Muskoka Lakes and Gravenhurst Waterfront

Compared to April 2019:

  • .9% increase in Average Sale $
  • Fewer NEW listings (indication of the hesitation to list given the current circumstances)
  • Decrease of 17 sales
  • Slightly more days on market

Minimum: $193,747 (2020) | $170,000 (2019)

Median: $415,000 (2020) | $391,000 (2019)

Maximum: $569,000 (2020) | $735,000 (2019)

Notes: Comparable to the Huntsville market, were both the number of new listings and sales.  Both market areas experienced an increase in both their average and median sale prices.  Residential markets are expected to remain stable moving forward, and we don’t expect that prices will drop.  We may in fact continue to see average sale prices increase, if supply continues to fall short of demand.

 

If you have questions about a specific area in Muskoka follow this link: https://hereinmuskoka.com/market-spotlight/?fbclid=IwAR0CM_Kcp3g9-LHW396m1mhYpnETvaw_E85gpD6J8aIAJe0pkE76FvuuzKw

 

Data is collected from The Lakelands Real Estate Board for single-family detached residences, both on and off water in the Huntsville and Lake of Bays area.