2021 Muskoka Residential Real Estate Market

This analysis looks at Muskoka Residential Real Estate Market data from January 1st, 2021 to December 31st, 2021

Thank you for checking out the 2021 year Muskoka residential real estate market year in review! It was a record-breaking year in the Muskoka real estate market. Decreased inventory of 17.1% for residential homes in Muskoka has kept the market in the sellers’ favour. The average price for a home in Muskoka not on the water has jumped from just over $501,354 in 2020 to $670,524 in 2021, which is an increase of 33.7% YOY. Huntsville, Bracebridge and Gravenhurst had their average sale prices increase 30.7%, 37.4%, and 33.5% respectively in 2021. The majority of the residential sales were in Huntsville with 47% market share, Bracebridge at 31%, and Gravenhurst at 22% market share. Average days to sell in 2021 have dropped 48.7% from 37 days to 19 days and the homes are on average selling at 101.9% of the listing price in 2021! If you are thinking of selling a residential home, reach out to have your home listed, professionally staged,  professionally photographed, and SOLD!

Would you want to miss out on this unprecedented time to sell Muskoka Real Estate?

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If considering selling or buying Muskoka Real Estate, 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.
Email: info@abenteam.com

Data based on the following:
Muskoka Residential
Excludes cottage, vacant land, condo and commercial properties

Muskoka Residential Real Estate Market | What Type Of Market Are We In

Number of Homes for Sale – Up 17.1% YOY

Number of Units Sold – Up 9.8% YOY

1024 (number sold) ÷ 1230 (number listed) = .83 (83%)
83% = Sellers Market

Sellers Market: The number of buyers wanting homes exceeds the supply or number of homes on the market.

17.1% increase YOY in the number of homes for sale. 2021 we saw more inventory for residential homes, but demand was extremely high which is why the market is still in favour of sellers.  The increase of demand with little increase in inventory caused our sold to listed ratio from 99.8% to 101.9%.

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 Real Estate Market | Average and Median Sale Price

Average Sale Price – $670,524

Median Sale Price – $625,000

Percentage Increase in Average Sale Price
$501,354 (2020) to $670,524 (2021) = Up 33.7%

Percentage Increase in Median Sale Price
$450,000 (2020) to $625,000 (2021) = Up 38.9%

In the past 11 years, the residential average sale price has steadily increased year by year. Since 2010 the average price has increased by over 115%.

Muskoka Residential Real Estate Market | Average Sale Price By Town

Bracebridge
Average Sale Price – $657,589

Gravenhurst
Average Sale Price – $633,423

Huntsville
Average Sale Price – $692,705

Comparing Year Over Year
Bracebridge – Up 37.2%
Gravenhurst – Up 33.5%
Huntsville – Up 30.7%

2021 has continued to yield an influx of demand through the Muskoka region as lockdowns and COVID-19 impact the larger communities around Ontario.

The demand for a Muskoka residential home has never been higher as appreciation for the spacious, clean, outdoor lifestyle grows in popularity throughout the population. In the larger towns of Muskoka (Huntsville, Bracebridge, Gravenhurst) gains made by the residential homeowners have been significant.

As portrayed on the average sale price by town graph Huntsville residential homes are realizing on average 30.7% gain since January 2021. Bracebridge is seeing an average sale price increase of 37.4%, and Gravenhurst is seeing an average sale price appreciating 33.5% since January 2021.

For opinions of value and insights into any residential situation, the Aben Team is happy to have a conversation. The residential market has never been more active! The market is only limited by the number of listings available. Recently completed subdivisions have bolstered a bump in supply notching some additional listings and also some additional sales.

Muskoka Residential Real Estate Market | Number of Homes Sold

Number of Homes Sold – 1024

Percentage Increase in Number of Homes Sold
933 (2020) to 1024 (2021) = Up 9.8%

The impacts from the pandemic have caused demand to surge in Muskoka sending values and units sold way up but also causing supply to dwindle creating a strong selling market for the residential side of the Muskoka real estate market.

Muskoka Residential Real Estate Market | Number of Homes Sold by Town

Bracebridge
Number of Homes Sold – 260 (Up 28% YOY)

Gravenhurst
Number of Homes Sold – 191 (Dn 6.4% YOY)

Huntsville
Number of Homes Sold – 401 (Up 1.5% YOY)

Huntsville continues to be the main destination for the residential home buyer holding 47% of the residential market share across the 3 main towns in Muskoka. Bracebridge and Gravenhurst came in with 31% and 22% respectively.

Muskoka Residential Real Estate Market | Number of Homes Sold by Price Range

50% fewer sales under $500,000
90% more sales over $500,000

This chart is an excellent example that shows how values are increasing and more sales are being recorded at higher price points throughout the area over the past year. In 2021 there were 15 sales in excess of $1,500,000, previous years produced only 1 sale over that value.

Muskoka Residential Real Estate Market | Number of Homes Sold By Month

When to List?

The spring market is not necessarily the best time to list your property anymore. Strong sales have started early in the year, but persist deep into the fall months. If you have the foresight, it’s a good idea to get the pictures and virtual tour completed late summer of the previous year so that you are ready with a professional presentation of your property in the winter or early spring. Give us a call today to discuss the best strategy for your property.

Muskoka Residential Real Estate Market | Average Days on Market

Days on Market – 19

Average days on market decreased in 2021 to 19 days. Supply remains low despite an increase in unit sales of 9.8%. Demand for a home in Bracebridge, Gravenhurst, or Huntsville remains at an all-time high.

Muskoka Residential Real Estate Market | Sold Price to List / Original Price

An increase in the sold to original list price is a good sign that further confirms the data we have presented in this post. Very strong sellers market with owners getting as close and often over the listing price. Well listed, staged and priced properties are generating a lot of demand and have been receiving multiple offers consistently in today’s market.

Sold to List Price – 101.9%

We are happy to have a conversation anytime to answer questions, provide more information or give personalized insights into your existing Muskoka properties and investments.

Data Source: The Lakelands Association of Realtors