November Market Spotlight
NOVEMBER 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 November were up 29-35% across Muskoka for both waterfront and off-water detached single family dwellings.
Average sale prices for off-water dwellings were sitting above $500,000 with waterfront sitting above $1,000,000.
The highest recorded sale for November in North Muskoka was $3,000,000 on Mary Lake; while the highest recorded sale in South Muskoka was $3,999,000 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 would like to take this opportunity to thank Kim O’Grady for the time she spent assisting and advising us on the properties in the Muskoka’s. Her extensive knowledge was extremely useful and resulted with a purchase in the town of Bracebridge. We would gladly recommend Kim for future referrals.”
“We had our eye on the cottage of our dreams and Kim guided us through the process with ease. She is professional, considerate and her abilities to negotiate and represent our wishes were outstanding. Thank you Kim for a seamless process that put us here on Lake of Bays today.”
“We were looking for a cottage for about a year and switched our focus to the Huntsville and surrounding areas and come across a listing that she had advertised. Upon talking with Kim about the property we knew we had someone we could work with. She was very patient answering…
Kim was patient, encouraging and knowledgeable throughout our long search for the right cottage in Huntsville. Once we found what we were looking for, she was on the ball during the purchase process, helping negotiate the sharing of the unexpected cost of immediate septic replacement that got flagged during the…
“Kim was professional, extremely knowledgeable and extremely helpful in finding us the cottage we had always wanted. We highly recommend her to assist you with any of your real estate needs.”
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