November Market SpotlightUncategorized
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.