Muskoka Real Estate Market | JUNE 2020
Prepared JUNE 2020
By: Susan Benson & Mark Benson
Detailed statistical information has been prepared by Royal LePage Lakes of Muskoka January - May 31st, 2020 to provide context. Keep in mind that the waterfront market is shifting rapidly as sales between June 1st and June 17th represent 1/3 of all sales year to date and include a return return of multiple offers. ( Jan-May data here )
Top 3 trends that are driving demand in Ontario cottage country real estate include;
- lack of kids’ summer programmes, a shortage of cottage rental options and travel restrictions for the foreseeable future, are prioritizing the urgency of finding a cottage or home.
- a broader acceptance to the idea of working, learning and meeting from home or cottage.
- retirees and those close to retirement are concerned about a healthy environment and are making plans to move now as opposed to later – back to trend ii.
Though unit sales are -12% across all market segments year to date in the District of Muskoka, this downturn is driven primarily by the residential market which is behind last year by almost 20%. The average unit sale price is + 15% across all segments combined and the median price is up marginally year to date. Meanwhile, average days on the market has decreased by 1 day to 43 days from 44, while the list to sell ratio has fallen from 99.5% last year to 97% this year to date.
In the Township of Muskoka Lakes, the average sale price has risen by $114,0000 to $1,879,000,000 while the median price has remained the same at $709,000. Days on the market year to date has declined from 77 to 63 days while the ratio of list price to sales price has remained the same at 96%.
The highest priced property sales concluded in early June for $6,000,000 at 1160 Whiteside Road. The highest listed waterfront property is now $16,995,000 at 1140 Morinus Road and Mark or Susan would be delighted to set up a showing for interested parties. There is currently a total of 4 listings for over $10 million in Muskoka and as of June 17th, 1 out of 4 waterfront properties is selling.
As noted unit sales of non waterfront single family residential property is -20% over last year at this time. 222 properties have sold so far this year down from 273 last year. 154 properties are available for sale including 74 for below $500,000, 72 for between $500,000-$1,000,000 and 8 properties now available for over $1,000,000. The highest list price is at $1,800,000 on Woodington Road in Minett. The highest sale price for non waterfront property year to date just sold in the last 10 days at 63 Clubhouse Drive in Huntsville for $1,022,500.
Year to date condo sales are down considerably from 55 units to 35 year to date with 7 sales in the past month. Days on market has remained at 60 days while the average sale price has risen to just below $ 300,000 from the $282,000 it was a month ago.
Muskoka Vacant Land
Year to date sales of waterfront listings within the Almaguin Highlands Region of Parry Sound have continued to increase both month and year to date.
The year to date sales of waterfront properties is at 43 units up 12 properties from a year ago. The average sales price, at $560,000 is up 3% year to date. The days on the market is 96 days up from 60 last year at this time. Meanwhile, the list to sell ratio has dropped a bit to 95 %. Of these sales 25 sold for between $500,000 and $1,000,000.00, 13 below $500,00 and 5 above the $1,000,000.00 mark. The highest price sales was a 2 cottage family compound on Three Mile Lake that had been listed at the start of last year for 2.1 million. After a number of price corrections and 140 days on the market it sold for $1.840,000.00.
The highest sale for a lakeside home in the Kawartha Lakes Real Estate Board so far this year is $1,770,000.00 at Sturgeon Point and was marketed by Mark & Susan Benson. Of the 63 waterfront units sold year to date, the average sale price is $554,000 representing an increase of 1.4%. The days on the market has increased from 53 to 62 while the list to sell ratio has increased 1% to 96%, while 1 out of every 3 properties is selling.
TOP FEATURED SUMMER LISTINGS
JUST LISTED....LOON LAKE
Located near Kearney and Algonquin Park, this 4 bedroom, 1 bathroom cottage has over
300’ of waterfront and 3+ acres in extraordinary woodland setting. (find out more)
Almost 300' of waterfront with boathouse and 4 bedroom, 3 bathroom, year round home. (find out more)
THREE MILE LAKE
FOR YOUR PERSONAL TOUR
Check out the Muskoka Lakes Association Good Neighbour Code (more info).
This handy reference is an excellent guide for friends, family and renters who may be visiting this summer.
New to cottaging? This is an excellent resource for you too!