2019 Muskoka Residential Real Estate Market



February 7, 2020

2019 Muskoka Residential Real Estate Market

Another strong year for sellers of Muskoka Residential Real Estate. Increased inventory of 9.2% for residential homes in Muskoka helped prevent the market from becoming even more of a sellers market. Average price for a home in Muskoka is just short of $400k, at $395,512, which is an increase of 7.65% YOY. Huntsville and Bracebridge average prices were slightly over $400k at $406,176 and $400,939 respectively. The majority of the residential sales were in Huntsville with 51% market share, Bracebridge at 27% and Gravenhurst at 22%. Homes on average sell in 44 days and selling at 98.3% of the listing price.

 

If you would like more information, don’t hesitate to reach out anytime. Email: info@abenteam.com or call 1-844-843-2236.

 

Data based on the following:
Bracebridge, Gravenhurst, Huntsville
Excludes cottage, vacant land, condo and commercial properties

What Type Of Market Are We In

Balance-30%

Number of Homes for Sale – Up 9.2% YOY

Number of Units Sold – Up 4% YOY

 

682 (number sold) ÷ 961 (number listed) = .71 (71%)

71% = Sellers Market

Sellers Market: The number of buyer’s wanting homes exceeds the supply or number of homes on the market.

 

9.2% increase YOY in the number of homes for sale. 2018 inventory levels were the lowest levels in over 10 years. The increase in supply of homes for sale in 2019 lowered our ratio from 75% to 71%. That’s a moving towards a balanced market, but clearly still a sellers market. Balanced market is between 35% – 55%.

 

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.
Muskoka Residential Sale to List Ratio
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Average and Median Sale Price

muskoka-residential-price-increase

Average Sale Price – $395,512

Median Sale Price – $379,900

 

Percentage Increase in Average Sale Price

$367,409 (2018) to $395,512 (2019) = Up 7.65%

 

Percentage Increase in Median Sale Price

$350,000 (2018) to $379,900 (2019) = Up 8.4%

 

In the past 10 years the residential average sale price has increased. Since 2010 the average price has increased over 71%.

muskoka-residential-average-sale-price
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Average Sale Price By Town

muskoka-residential-price-increase

Bracebridge

Average Sale Price – $400,939

 

Gravenhurst

Average Sale Price – $363,290

 

Huntsville

Average Sale Price – $406,176

 

Comparing Year Over Year

Bracebridge – Up 6.5%

Gravenhurst – Up 14.2%

Huntsville – Up 4.76%

muskoka-residential-real-estate-average-by-town
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Number of Homes Sold

muskoka-residential-real-estate-unit-sales-30%

Number of Homes Sold – 682

 

Percentage Increase in Number of Homes Sold

657 (2018) to 682 (2019) = Up 3.8%

muskoka-residential-real-estate-units-sold
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Number of Homes Sold by Price Range

muskoka-residential-real-estate-unit-sales-30%

19% fewer sales under $300,000

47.3% more sales between $500,000 and $600,000

81.25% increase in sales over $700,000

muskoka-residential-real-estate-unit-sales-by-price-range
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Number of Homes Sold by Town

muskoka-residential-real-estate-unit-sales-30%

Bracebridge

Number of Homes Sold – 185 (Down 14% YOY)

 

Gravenhurst

Number of Homes Sold – 147 (Down 6.37% YOY)

 

Huntsville

Number of Homes Sold – 350 (Up 22.8% YOY)

 

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

muskoka-residential-real-estate-units-sold-by-town.001
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muskoka-residential-real-estate-pie-chart

Number of Homes Sold By Month

muskoka-residential-real-estate-unit-sales-30%

When to List?

The spring market is not necessarily the best time to list your property anymore. Strong sales start in April/May but persist into the fall months. If you have the foresight, it’s a good idea to get the pictures and virtual tour done late summer of the previous year 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.

muskoka-residential-real-estate-units-by-month
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Average Days on Market

Calendar-31-30%

Days on Market  44

Average days on market increased 7.3% from 41 days in 2018 to 44 days in 2019. Supply remains low despite an increase in inventory of 9.2%. Demand for a home in Bracebridge, Gravenhurst or Huntsville remains high keeping this number relatively unchanged.

muskoka-residential-real-estate-days-on-market
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Sold Price to List / Original Price

Home-Percentage-30%

More reduction from the original listing price this year over last. Pricing your property right the first time will net you more in the end.

Sold to List Price – 98.3%

Sold to Original List Price – 97.6%

muskoka-residential-real-estate-sale-to-list-ratio
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Data Source: The Lakelands Association of Realtors