March 2021 Update – Muskoka Residential Real Estate Market

Muskoka Residential Unit Sales by Month

2021 March Unit Sales Up 79.5% YOY

March 2020 – 49 sales

March 2021 – 88 sales

Unit sales have trended significantly upwards in Muskoka despite the COVID-19 pandemic and the lockdown restrictions. With the new stay at home orders coming into effect today and a federal budget to be released later this month it will be an interesting month to see how the Muskoka residential and condo real estate market reacts to these developments. 

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.

Muskoka Condo Unit Sales by Month

2021 March Condo Unit Sales UP 460% YOY

March 2020 – 5 sales
March 2021 – 28 sales

The condo market in Muskoka has attracted attention and spiked in activity this month. Year over year this month vs March 2020 it is a 460% gain over last year and throughout the year it will be interesting to see how the condo market in Muskoka develops as the significant influx of demand and buyers looking to move into the area will likely bring more experience in the condo market as buyers from the GTA move north taking advantage of work from home situations.

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

Muskoka Residential New Listings by Month

2021 March New Listings – Up 117.3% YOY

March 2020 – 58 Listings
March 2021 – 126 Listings

As of now the market is heavily geared toward sellers having the advantage still, as more new listings come to market some buyers will be satisfied. By the math the sellers market is cooling slightly in residential moving to a 75% listed to sold ratio in 2021 YTD.

It will be interesting to see how the market balances the supply and demand as we continue further into Q2.

Muskoka Condos New Listings by Month

2021 March New Listings – Up 64.7% YOY

March 2020 – 17 Listings
March 2021 – 28 Listings

Muskoka Residential & Condo Average/Median Sale Price

2020 Year End vs. End of March 2021  UP 28.02%

2021 Average Sale Price – $641,834

2021 Median Sale Price – $650,000

Increase in Average Sale Price 2020 – 2021
$501,324 to $641,834

Percentage Increase in Median Price. UP 42.8%

2020 – 2021
$454,950 to $650,000

High demand for a home in Muskoka is driving up the median price in Huntsville, Bracebridge & Gravenhurst. Great news for anyone invested in residential real estate, also great news for anyone looking to list their home. 31% increase in average sale price YTD in Muskoka residential real estate market. The residential real estate market is active as can be, there is an influx of Canadians looking to move north to take advantage of remote work and the slower paced Muskoka lifestyle. As summer approaches quickly the buyers looking to enjoy the summer in Muskoka are losing precious time to secure their Muskoka home/retreat.

Condominium

March 2021 YTD Average Sale Price – UP 4.5%

2021 Average Sale Price – $477,061

2021 Median Sale Price – $440,000

With these two statistics it should be understood that the data is likely to be skewed due to high value outlier sales as we are early in the year. As the year goes on and more sales are accounted for we will understand how the much the average sale and median sale prices have increased throughout the year.

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, happy to connect anytime.

John Aben, Broker — john@abenteam.com or call 705-788-4770.
Mark Aben, Broker — mark@abenteam.com or call 705-788-4388.

Data Source: The Lakelands Association of Realtors.
Criteria:
Residential =Region: Muskoka, Cities of  “Huntsville, Bracebridge, Gravenhurst”, Freehold, Waterfront : No.
Waterfront =Region: Muskoka, Freehold, Waterfront : Yes