2020 August Update – Muskoka Residential Real Estate Market

The market has seen very high demand through the summer and lower inventory overall. The average sale price in 2020 year to date in August increased to $479,622 YTD ending August 31st 2020, which is 21.2% higher than the average sale price in 2019. Now in the month of September all the August statistics are in. Sales are up 30.1% YOY since 2019! Year to date in 2020, total sales have rebounded after COVID-19 lockdowns. Sales are up 4.5% when comparing January 1st to August 31st 2019, to the same time frame in 2020. 

The ratio of new listings to units sold still trending higher in 2020.

2019: 448 (sold) ÷ 723 (new listings) = 61%

2020: 468 (sold) ÷ 599 (new listings) = 78%

(Year over Year from January 1st to August 31st 2019 vs 2020)

Percentages over 55% are considered a seller market. 

Since the July update, the statistics indicate we are reaching further into a sellers market as the ratio of sold to new listings last month was 77% or 1% deeper into the sellers market territory as of this month

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.

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

Muskoka Residential Unit Sales by Month

2020 August Unit Sales Up 30.1% YOY

August 2019 – 62 sales
August 2020 – 86 sales

2020 January to August Down 1% YOY

Jan-August 2019 – 448 sales
Jan-August 2020 – 468 sales

Unit sales were trending up for 2020 with 14.5% more sales in Jan/Feb YOY.

A couple slower months in April and May, then rebounding in June with 41% more sales compared to June 2019.  In July, unit sales soared again 30.1% compared to July 2019. For August, 38% more residential sales compared to August 2019. Overall market unit sales YTD are up 4.5% compared to the same period in 2019!

Muskoka Residential Average and Median Sale Price

2020 Average Sale Price – $479,622

2020 Median Sale Price – $429,000

2019 vs. 2020 Jan-August
Percentage Increase in Average Sale Price
$395,512 to $479,622

Up 21.2%

Percentage Increase in Median Price
$379,900 to $429,000

Up 13.2%

High demand for a home in Muskoka is driving up the price in Huntsville, Bracebridge & Gravenhurst. Great news for anyone invested in residential real estate, also great news for anyone looking to list their home.

Muskoka Residential New Listings by Month

2020 August New Listings – Down 27.3% YOY
August 2019 – 121 Listings
August 2020 – 103 Listings

66% fewer new listings in April 2020 . While restrictions were lifting we experienced an increase of 9.2% of new listings in June 2020 compared to June of 2019. In July we saw evidence of a strong sellers market with 27.3% fewer new listings with an increased amount of unit sales. Year over year in August the number of new listings is down 14.8% 

The number of new listings YTD down are down 17.1%.

Less supply will equate to higher demand and in turn you will continue to see prices rise as this trend continues into the fall.

Data Source: The Lakelands Association of Realtors