2020 April Update – Muskoka Residential Real Estate Market
The Muskoka real estate market has certainly slowed down since March 17th. As an essential service, there’s still minimal activity, but under the direction of the Ontario Real Estate Association (OREA) we are to cease face-to-face showings and open houses. We have come up with new and innovative approaches to selling real estate in Muskoka.
January and February 2020 were strong months in Muskoka real estate with increasing inventory, sales and average price. 2020 was shaping into a good market for buyer’s and seller’s.
April 2020 on the other hand, as expected, lagged behind April of 2019. The number of new listings were down 67.4% YOY and unit sales were down 41.2% YOY. March had 9.3% fewer sales and April was down 41.2%. The current YTD comparison in unit sales show a decrease of 10.2% YOY.
The expectation that people should remain in their homes has resulted in 67.4% fewer properties on the market, so it’s no wonder unit sales are down 41.2%. Number of listings in April 2019 = 92 vs only 30 in April 2020.
In saying that, the ratio of new listings to sold listings is high at 76%, indicating we are still in a strong sellers market. The average sale price for a single family residence not on the water is now $418,812, up 4.8% in 2020 vs 2019.
If you would like more information, don’t hesitate to reach out anytime.
John Aben, Broker — john@abenteam.com or call 705-788-4770.
Mark Aben, Broker — mark@abenteam.com or call 705-788-4388.
