2018 Muskoka Real Estate Residential Market



January 9, 2019

If you are looking to sell or buy a Muskoka property, here’s a good starting point. Below is a breakdown of the 2018 Muskoka residential real estate market.

The 2018 Muskoka Cottage and Muskoka Big Lakes market reports will be done soon, be sure to come back to see these statistics.

If you have questions, we’re here to help.

Muskoka Residential Sale to List Ratio

Residential (Bracebridge, Gravenhurst, Huntsville)

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.

Type of Market

#Sold ÷ #Listed = Type of Market
75% -Sellers Market

Lowest supply of Muskoka homes in over 10 years and high demand, mostly relocation from the south. Remains a sellers market.

 

2017 to 2018

Units Sold

Down 21.43%

Inventory

Down 17.5%

Unit Sales by Month

Residential (Bracebridge, Gravenhurst, Huntsville)

muskoka unit sale by month

Residential sales down over 21% year-over-year.

Two factors to consider: Lack of inventory (down 17.5%YOY) and buyers more cautious approach to purchasing with potential interest rate increase and current economic climate. Despite this decline in unit sales there is an out weighing demand resulting in an increase in average sale price to $366,237, up 8.9% YOY.

 

When to list

The spring market is still the best time to list your property, but strong sales persist well into the fall. If you have the foresight, it’s a good idea to get the pictures and virtual tour done late summer so that you are ready with a professional presentation of your property in the spring. Give us a call today to discuss the best strategy for your property.

Unit Sales vs DOM

Residential (Bracebridge, Gravenhurst, Huntsville)

The fewest days on market exist between March and September.

Average/Median Sale Price

Residential (Bracebridge, Gravenhurst, Huntsville)

muskoka average and median price

Average Sale Price

$366,237

 

2017 to 2018
Percentage Increase in Average Sale Price

$336.281 to $366,237
Up 8.9%

 

Percentage Increase in Median Price

$320,000 to $350,000
Up 9.375%

Sold Price to List/Original Price

Residential (Bracebridge, Gravenhurst, Huntsville)

muskoka sale to list price ratio

The market continues to improve with fewer reductions in listing price in order to sell a residential home. Pricing your property right the first time will net you more in the end.

 

Sold to List Price

98.5%

 

Sold to Original List Price

98.2%

After the economic collapse in October 2008 it took some time for the market to improve and for the seller’s to list their properties at a price that will sell.

Average Days on Market

Residential (Bracebridge, Gravenhurst, Huntsville)

muskoka average days on market

Days on Market

41

Average days on market increased 10.21% from 37 days in 2017 to 41 days in 2018. Supply remains low and demand for a home in Bracebridge, Gravenhurst or Huntsville remains high keeping this number relatively unchanged.

2017

2017 days on market

2018

2018 days on market

Unit Sales by Town

Residential (Bracebridge, Gravenhurst, Huntsville)

muskoka real estate unit sales by town

Bracebridge

215 (Dn 11.9% YOY)

 

Gravenhurst

156 (Dn 25.4% YOY)

 

Huntsville

285 (Dn 25.4% YOY)

Huntsville continues to be the main destination for the residential home buyer.

Market Share

Huntsville 43%

Bracebridge 33%

Gravenhurst 24%

Average Sale Price by Town

Residential (Bracebridge, Gravenhurst, Huntsville)

muskoka average price by town

Bracebridge

$376,454

Gravenhurst

$316,411

Huntsville

$385,802

 

Comparing 
2017 to 2018

Bracebridge

Up 9.4%

Gravenhurst

Up 2.9%

Huntsville

Up 11.2%

Unit Sales by Price Range

Residential (Bracebridge, Gravenhurst, Huntsville)

muskoka sales by price range

43.1% fewer sales under $300,000 and 62.5% more sales between $600,000 and $800,000.

 

Main factor for the increase in average sale price

Overall the Muskoka Residential Real Estate Market is relatively strong, with the number of buyers exceeding the number of homes on market, therefore we are still in a seller’s market. In 2018 there were 43.1% fewer sales under $300,000 and 62.5% more sales between $600,000 and $800,000 compared to 2017. These factors are driving up the average price in Muskoka. 2018 average sale price up 8.9% year-over-year to $366,237. The lower inventory levels also contribute to the rising average price, as purchasers have to choose a home from the current low inventory. Days on Market and Sale to List Price Ratios have weakened slightly, but nothing significant.

Download the complete market update in PDF format.

 

These summaries of the Muskoka real estate market were put together with data provided by The Lakelands Association of Realtors.