2020 June Update – Muskoka Cottage Real Estate Market



July 16, 2020

2020 June Update – Muskoka Cottage Real Estate Market

106.7% increase in unit sales in June! June 1019 @ 75 sales, June 2020 @ 155 sales. New listings remain lower YTD, with 15.8% fewer listings, Jan-June 2019 @ 603 listings vs Jan-June 2020 @ 508

Now is the time to sell your cottage, demand has never been higher elevating the average sale price for a cottage in Muskoka to $1,182,322, that’s 8.5% higher than the average sale price in 2019.

In saying that, the ratio of new listings to units sold trending higher for 2020.

2019: 207 (sold) ÷ 603 (new listings) = 34% (balanced market)

2020: 290 (sold) ÷ 508 (new listings) = 57% (sellers market)

Percentages over 55% are considered a seller market.

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: All Muskoka (Excludes residential, vacant land, condo and commercial properties)

Muskoka Cottage Unit Sales by Month

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

2020 June Sales – Up 106.7% YOY

June 2019 – 75 sales

June 2020 – 155 sales

2020 Jan to May – Up 40% YTD

January-June 2019 – 207 sales

January-June 2020 – 290 sales

June had 106.7% more sales YOY. YTD ending June 30, up 40% compared to the same period last year.

The desire for a waterfront cottage in Muskoka has never been higher. June 2020 is the highest number of monthly sales recorded in Muskoka. It will be interesting if this continues. 

2020 June, Muskoka cottage unit sales

Muskoka Cottage Average and Median Sale Price

muskoka-residential-price-increase

Average Sale Price – $1,182,322

Median Sale Price – $786,000

The high demand for a cottage in Muskoka and 15.8% fewer listings is driving up the average sale price in Muskoka 15.8% YTD.

*Excludes lakes in Seguin Twsp. (District of Parry Sound)

Muskoka Cottage New Listings by Month

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

2020 June New Listings – Down 7.5% YOY
June 2019 – 174 sales
June 2020 – 161 sales

2020 Jan to June New Listings – Down 15.8% YTD

January-June 2019 – 603 sales
January-June 2020 – 508 sales

With new listings down 15.8% YTD and the heightened demand for a cottage property the average sale price and number of unit sales are on the rise. Average Sale Price up 8.5% YTD and Unit Sales up 40% YTD.

This indicates that it’s a good time to get your Muskoka cottage listed while supply is lower than usual and an increased demand from buyers wanting to get out of the city.

2020 July, Muskoka cottage new listings
Data Source: The Lakelands Association of Realtors