2020 July Update – Muskoka Residential Real Estate Market
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 with good inventory levels and sales. In April and May, sales slowed significantly during the pandemic lockdown. When restrictions began to be lifted some pent up demand was created and sales shot up 41% YOY for June. Sales were 75.6% higher compared to the previous month of May. With higher demand through the summer and lower inventory overall. The average sale price in 2020 year to date in July increased to $461,509 YTD ending July 31st 2020, which is 16.7% higher than the average sale price in 2019. Now in the month of August all the July 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 only down 1% when comparing January 1st to July 31st 2019, to the same time frame in 2020.
The ratio of new listings to units sold still trending higher in 2020.
2019: 386 (sold) ÷ 602 (new listings) = 64%
2020: 382 (sold) ÷ 496 (new listings) = 77%
(Year over Year from January 1st to July 31st 2019 vs 2020)
Percentages over 55% are considered a seller market.
Since the June update, the statistics indicate we are reaching further into a sellers market as the ratio of sold to new listings last month was 64% or 13% 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.
