Muskoka Real Estate Market | July 2021
Last Updated July 22nd, 2021
By: Susan Benson & Mark Benson
Key real estate marketing trends that we have touched upon previously are now solidifying into July. While multiple offers remain a staple of market activity we are seeing fewer, though highly motivated, qualified buyers, competing for the same property as Sellers push for ever higher prices. Until March realtors generally advised Sellers to hold firm on a multiple offer strategy with an offer date and Buyers and their realtors complied with clean, firm offers - the best of which was selected. Since that time we have been experiencing a growing mix of strategies as realtors seek to find the right balance between ever higher pricing desired by Sellers and Buyer fatigue that is setting in. The most notable examples include a willingness by Sellers to entertain preemptive or bully offers, Buyers requesting limited conditions and increasingly of Sellers, in a multiple offer situation, requesting the selected Buyer or Buyers to refresh their offer. We believe this points to slowing price appreciation and underscores the need of Sellers to work closely with their realtor to ensure that the list price and marketing strategy is consistent with the current market.
ROYAL LEPAGE SECOND PROPERTIES REPORT JULY 2021 (more info)
CANADIAN REAL ESTATE ASSOCIATION STATS JULY 2021 (more info)
ROYAL LEPAGE LAKES OF MUSKOKA PROPRIETARY MARKET RESEARCH JUNE 2021 (more info)
Within Lakes Rosseau, Lake Joseph, and Lake Muskoka, 321 properties have sold since June 1st of last year, representing a 38% increase in units over the previous year, with an average sales price increase of 27.7% from $2,075,379 to $2,649,895. The median sale price has increased by 40% from $1,450,0000 to $2,040,000.
As of June 1st, the year over year median price in Bracebridge increased by 38.3% from $390,000 to $539,500; in Gravenhurst by 34.7% from $383,200 to $516,000; and in Huntsville by 40.5% from $391,548 to $550,000. Of the 254 properties sold in Bracebridge, 127 sold for list price or less while 127 sold for over list; of the 225 properties in Gravenhurst 140 sold for list price or less while 85 sold for over list; and of the 487 properties in Huntsville 295 sold for list price or less while 192 sold for over list price.
*PLEASE NOTE: As at January - June 1st, 2021 unless otherwise noted. Ongoing updates to follow as information is verified. Our reports are prepared using a variety of resources, including Royal LePage Canada proprietary research, The Canadian Real Estate Association, The Lakelands Association of Realtors.