January 2021 Update - Muskoka Residential Real Estate Market

February 7, 2021

January 2021 Muskoka Real Estate Market Update

Thank you for checking out the first statistical update on the Muskoka Real Estate Market in 2021. After the first month of the new year, we have analyzed this past month versus January last year. A major factor for this data is to understand how the COVID-19 province-wide lockdowns will have affected home buyers coming to the area and also home sellers about listing their properties at this time.

The Aben Team and all members are strongly committed to providing the safest environment and following all protocols to protect and respect our clients, and the clients of other realtors buying and selling real estate in Muskoka.

The past year has seen an unprecedented seller’s market develop. Looking at 2019 vs 2020, new listings in residential real estate were down 13.9% year over year. With cottages, new listings were down 10.4% year over year while demand and sales were hitting record highs. The trend of falling new listings looks to be continuing through the month of January. The spring will be an interesting time to see how the supply chain will satisfy the demand and how it affects the market and the values. The market is currently showing the sign of diving deeper into a seller’s market as the number of new listings compared to last year continues to trend downward, while sales and demand trends upwards. The graphs below show the number of new listings on the waterfront and in residential compared year over year for January 2021

The Harvey Kalles Real Estate Ltd., Brokerage brand has sold, company-wide, over 2.9 Billion in real estate for 2020 and provided our clients on average a 101.5% sale to list price ratio.

If it is time to list your property, trust The Aben Team to have your home professionally staged, professionally photographed, listed, and sold. Looking at Days on market averages from the previous year, The Aben Team’s listings have sold on average 52% quicker than average.

If you are in the market for purchasing/investing in the Muskoka area in the future we would be happy to connect and have a conversation about your unique situation. For the most up to date information on the area feel free to reach out anytime.

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

For a free property evaluation find out How We Do It !

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.

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

Muskoka Residential Unit Sales by Month

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

2021 January Unit Sales DOWN 21% YOY

January 2020 – 38 sales

January 2021 – 30 sales

Unit sales have trended upwards in Muskoka despite the COVID-19 pandemic, Year over year 2019 – 2020 we have seen increases in unit sales for residential homes overall in the towns of Huntsville, Bracebridge and Gravenhurst. For a full analysis of these statistics please check out our most previous Year in Review statistic posts.

The demand continues to be at peak levels for your Muskoka residential home. Listings even at this time of year are still drawing a lot of interest from buyers looking in the area. If you are thinking of listing your home now is a great time. If you would like more information and an opinion of value on your Muskoka property feel free to reach out anytime.

2021 January Muskoka residential unit sales

Muskoka Waterfront Unit Sales by Month

2021 January Unit Sales UP 30.5% YOY

January 2020 – 16 sales
January 2021 – 24 sales

The waterfront market sales are up 30.5% YOY. The area currently being under a strong sellers market and a provincial wide lockdown. These numbers go to show that despite all that is happening in the province, demand is at record highs and more properties are being sold during this sellers market than anytime in recent history. Looking at the year end of 2020 Sold to Number of Listed ratio on the waterfront 85% of homes that have been listed were sold. Year ending Dec. 31st 2020.

The demand is at peak levels for your Muskoka property. Contrary to most years, listings even at this time of year are drawing a lot of interest. If you are thinking of listing your home now is a great time to capitalize, as supply is low it will draw that much more attention to your listing.

Connect with the Aben Team for an opinion of value and personalized insights into your unique situation.

2021 January Muskoka waterfront unit sales

Muskoka Residential New Listings by Month

2021 January New Listings – Down 47.3% YOY

January 2020 – 55 Listings
January 2021 – 29 Listings

As of now the market is heavily geared toward sellers having the advantage with a 90% listed – sold ratio of residential homes in the Huntsville, Bracebridge, Gravenhurst areas. Year ending Dec. 31st 2020. This statistic shows again how a lower amount of listings this month verses last month is looking like it will continue the trend of heading toward a sellers market even further, picking up where was left off at the end of 2020.

It will be interesting to see how the market balances the supply and demand as we continue further into Q1.

2021 January Muskoka Residential New listings

Muskoka Waterfront New Listings by Month

2021 January New Listings – Down 9% YOY

January 2020 – 22 Listings
January 2021 – 20 Listings

Relatively similar amount of new listings in January. Generally this is the slow time of year for listings with the current market some will appear on market however it will be interesting to see what type of supply we will get in late Q1 and into Q2 as the spring months approach quickly.

2021 January Muskoka Waterfront New listings

Muskoka Residential Average and Median Sale Price

2020 Year End vs. End of January 2021 UP 26.6%

2021 Average Sale Price – $634,046

2021 Median Sale Price – $657,500

Increase in Average Sale Price 2020 – 2021
$500,910 to $634,500

This is a very strong start to the year in residential home sales. As it is a relatively low sample size and one or two larger sales can skew this data in a dramatic way this percentage gain will taper as the year goes on and more sales are included into the data. Lower supply and high demand is causing residential homes to be sold for higher and higher values into the future. A good first month indication that the new year has not impacted the market in a drastic way.

Percentage Increase in Median Price. UP 44.5%

2020 – 2021
$454,950 to $657,500

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

Again with these two statistics it should be understood that the data is likely to be skewed due to high value outlier sales. As the year goes on we will understand how the much the average sale and median sale prices have increased.

2021 January Muskoka Residential Average Sale Price

Thank you for reading, we hope this information has been useful to your unique situation.

For a more in depth review of the past year check out our Year in Review statistical posts, by clicking here

2020 Year in Review: Muskoka Cottage Real Estate Market

2020 Year in Review: Muskoka Residential Real Estate Market

If you would like more information, reach out anytime.