If you are looking to sell or buy a Muskoka property, here’s a good starting point. Below is a breakdown of the 2017 Muskoka cottage market. If you have questions, we’re here to help.
These summaries of the Muskoka real estate market were put together with data provided by The Lakelands Association of Realtors.
Lake Rosseau, Lake Joseph, Lake Muskoka, Lake of Bays, Fairy Lake, Mary Lake, Lake Vernon, Peninsula Lake, Skeleton Lake
2017
Type of Market
#sold ÷ #listed = type of market
Low supply and savvy buyers has kept the waterfront market in check. I believe there’s a high demand but the lack of product and with properties at unrealistic prices, has kept this market at bay.
2016 to 2017
BUYERS MARKET (< 35%)
The supply of homes on the market exceeds demand.
BALANCED MARKET (35%-55%)
The number of homes on the market is equal to the demand or number of buyers.
SELLERS MARKET (> 55%)
The number of buyer’s wanting homes exceeds the supply or number of homes on the market.
2016 to 2017
*only 6 sales on Skeleton Lake for 2017
2017 Average Sale Price
2016 to 2017
*only 6 sales on Skeleton Lake of 2017
2017 Average Sale Price
Although unit sales for cottages are down 16.4% the average price is up 24.4%, here’s why. 20 more unit sales in 2017 compared to 2016 greater than $3,000,000.
With the average price increasing 24.4% it doesn’t mean that it’s time to raise the prices, on the contrary, at least properties under $3MM. There are over 22% fewer units sold under $3MM on the big lakes in 2017 compared to 2016.
2017
Listing price are still too high for many cottages, therefore reductions are necessary before a savvy buyer will purchase.
2008 – 2017
After the economic collapse in October 2008 it takes time for seller’s to adjust their properties to a price that will sell. Seller’s ended up chasing the market in 2010-2015. Market is improving, but still not as active as the residential market.
2017 Days on Market
Average days on market is 22 days fewer year over year.
Q2 has the fewest days on market at 43 days.
