Muskoka Real Estate Market | AUGUST 2020
Prepared AUGUST 10th, 2020
By: Susan Benson & Mark Benson
Real estate momentum has continued unabated across Cottage Country and Muskoka is no exception with an 18% year to date increase in unit sales across all markets. In a typical year, we would expect sales to slow from mid July to mid August as both buyers and sellers take a collective summer vacation breath before moving into a busy fall framed by the back to school routine. There has been no pause and as we have all come to realize this is not a typical year. Waterfront sales have increased 84% July month to date, double the June increase. Meanwhile,
non waterfront sales which had been lagging through June are now on par with last year.
As we have noted in our reports since April, demand brought about by the broader acceptance of working from home, desire for reduced commuting time, lack of kids programmes and limited travel for the foreseeable future continues to impact the market. Waterfront prices, in particular, continue to rise under pressure from lack of inventory and increasing demand.
Amidst the frenzy of the current market it will be tempting for sellers to choose a realtor based on agreement to a list price without first posing more critical questions. We recently listed a Lake Muskoka property and this savvy company owner put 12 questions to us. Only then did we discuss price. His objective was to select a realtor(s) with insightful knowledge of the local market, a proven ability to deliver on a well executed marketing plan, an ability to provide measurable results and who would be the most likely to meet his key objectives. If you are thinking about selling what may be your largest asset you may find these questions helpful. Contact us and we will be happy to send them along to you. Asking the right questions is critical to the successful sale of your real estate investment.
At $11,400,000, 1422 Peninsula Road registered the highest sale price within the first 10 days of August. The list price was $13,750,000. There are currently 110 properties waterfront for sale for over $1,000,000. Within this same 10 day period of August a total of 17 listings sold for over $1,000,000.
Within the District of Muskoka year to date waterfront unit sales have increased 48%, while the average sale price of a waterfront home is now $1,255,000 up 19% over last year. Much of this price increase is driven by newer, recently renovated or new builds. The days on the market have decreased year to date from 65 to 57, while the list to sell ratio has stayed the same at 96%.
Year to date unit sales, as of August 1st, are now on par with last year following a month to date increase of 31%. 131 properties are currently on the market. The average sale price has risen year to date to $467,000 while the median price year to date has increased 8.8% to $418,000. Days on the market remains the same at around 42 days while the ratio of sale price to listing price is at about 99% unchanged from last month.
Muskoka Vacant Land
The one relatively constant market segment has been vacant land sales with little variation in monthly sales as compared with the previous year. Year to date unit sales of vacant land of all types in Muskoka has decreased by 10% from 151 units to 139 units. Days on market for vacant land has increased year to date from 66 days to 83 days. List to sell ratio has remained constant at about 94%. In Parry Sound, year to date unit sales is 170 versus 174 in 2019. The days on market year to date is 77 days as compared with 54 days last year and list to sell ratio is approximately 91% as compared with 91.4% last year.
*PLEASE NOTE: As at January - August 10th, 2020 unless otherwise noted. Our reports are prepared using a variety of resources, including The Lakelands Association of Realtors.
TOP FEATURED SUMMER LISTING
Ideal location with unrivalled mixed woodland privacy,
classic 3 bedroom main cottage, 2 slip boathouse with workshop,
sailboat dock and 1 bedroom bunkie with sitting room.
Rarely found 15% lot coverage and almost 300' of prime Lake Muskoka Waterfront.
Call now for your personal tour.
All within an easy south Muskoka commute. (find out more)
CALL MARK & SUSAN BENSON NOW
FOR YOUR PERSONAL TOUR
(COVID PROTOCOLS APPLY)
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!