Is now the Time to Buy or Sell in Muskoka?| October 2021
Last Updated October 6th, 2021
By: Susan Benson & Mark Benson
Sellers are benefitting from historically high prices and availability of well qualified buyers in addition to historically low days on market. Our analysis based upon propriety research undertaken at Royal LePage Lakes of Muskoka, from Sept 22nd 2017 to September 22nd, 2021 suggests that while supply levels have been increasing they are not yet at the levels to meet current demand. Buyers meanwhile, will be in for some reprieve on multiple offers as record prices mean fewer buyers are willing to compete for the same property. As Buyers and Sellers seek to find the right balance between ever higher pricing desired by Sellers and Buyer fatigue, that has generally moderated the frenzy that existed earlier in the year, we have experienced a willingness by Sellers to entertain preemptive or bully offers and the return of limited offer conditions.
ROYAL LEPAGE LAKES OF MUSKOKA PROPIETARY MARKET RESEARCH SEPTEMBER 2021 (more info)
ROYAL LEPAGE SECOND PROPERTIES REPORT JULY 2021 (more info)
Medium and smaller South Muskoka lake sales, including Skeleton Lake, Leech Lake, Pine Lake, Camel Lake, Kahshe Lake, Six Mile Lake and Three Mile Lake to name very few, have experienced a collective year over year average increase in price of 36%, from $702,490 to $958,642, and a median price increase of 38% from $6077,550 to $838,000. Days on market have declined during this period from 43 to 23 as supply struggles to keep up with demand. It is notable that the Almaguin Highlands Region north of Huntsville, with traditionally increased privacy for the dollar, has moved from a median cottage price of $282,500 in 2017 to $530,000 this year.
Within Lake Rosseau, Lake Joseph, and Lake Muskoka, 261 properties have sold since September of last year, representing a 19% increase in units over the previous year, with an average sales price increase of 19% from $2,407,525 to $2,873,227. The median sale price has increased by 37% from $1,675,000 to $2,300,000. During this period, average days on market have declined from 67 to 39.
The year over year median as of September 22nd has increased in Bracebridge by 34.3% from $420,00 to $561,000; in Gravenhurst by 28% from $412,500 to $530,00; and in Huntsville by 46% from $411,000 to $600,000. Days on market for this segment has declined from an average of 49 to 24.
Muskoka Vacant Land
Year to date, 236 unit sales of vacant land, non waterfront, have taken place in Muskoka in the Lakelands Real Estate Board, up 67% from the previous year. Average sale price is $224,000 and median is $190,000, days on market 46, and sales to list ratio is 101%. Year to date 6 non waterfront properties with over 100 acres, including 5 that have sold ranging in price from $100,000 - $550,000. The 6th property is located within the urban Town of Huntsville boundary and was purchase by a developer for $930,000.
In Parry Sound, year to date, there have been 291 units sales of vacant land, non waterfront, up 59% over the previous year. The average sales price is $141,000; median is $115,000 and average days on market is 31. The sales to list ratio is 100%. Year to date, 16 non waterfront properties with over 100 acres have sold ranging in price from $159,000 - $750,000. 8 are currently available for sale and range in price from $324,000 - $890,000. The latter, with 466 acres and hunt camp, started at $1,500,000 dropped to $690,000 and then up to $890,000 over a period of 575 days on market.
*PLEASE NOTE: As at January - Oct 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.