May 2021 Update – Muskoka Residential Real Estate Market



June 8, 2021

May 2021 Muskoka Residential Real Estate Market Update

 

Welcome, thank you for checking out the Muskoka residential real estate market update for May 2021.

 

Year to Date, the Muskoka residential real estate market is up 29.4% YTD since the start of 2021. We are quickly approaching the first day of summer 2021. The sellers market is still strong through Muskoka residential, slight cooling in the market this month after the half percent mortgage stress test increase. The sellers market has lessened in severity by about 15% since the start of the year which provides buyers more opportunity to secure a property in the area. The number of new listings vs number of units sold ratio YTD in Muskoka residential real estate market is 75.3% which shows the ~15% decrease in the severity of the sellers market since the start of 2021. This statistic means it is still a strong sellers market but supply is progressing and is helping cool the market slowly.  In this post we will analyze the May trends in the residential side of the Muskoka real estate market.

 

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 during these uncertain times. The past year has seen an unprecedented seller’s market develop.

 

 

If it is time to list your property, trust The Aben Team to have your home professionally staged, professionally photographed, listed, and sold.

Looking to purchase/invest in the Muskoka area  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.

 

 

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: 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 May Unit Sales Up 143.5% YOY

 

May 2020 – 46 sales

May 2021 – 112 sales

 

Unit sales have trended significantly upwards in Muskoka despite the COVID-19 pandemic and the lockdown restrictions. 

The demand continues to be high for your Muskoka residential home. The data shows a slight slowing of average sale price increases which is to be expected. Average sale prices have slightly plateaued within the last two months for the first time in over a year. This could provide tired buyers an opportunity to secure a home going forward. If you are thinking of listing your home now is still 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 Residential Unit Sales May 2021, Up 84.5% YTD

Muskoka Condo Unit Sales by Month

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

2021 May Condo Unit Sales UP 142% YOY

 

May 2020 – 7 sales
May 2021 – 17 sales

 

The condo market in Muskoka has attracted attention this year. Year over year this month vs May 2020 it is a 142% gain. Throughout the year it will be interesting to see how the condo market in Muskoka develops. Significant influx of demand from buyers from the GTA looking to move into the area will likely bring more experience in the condo market 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 Condo Unit Sales May 2021, Up 142% YOY

Muskoka Residential New Listings by Month

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

2021 May New Listings – Up 50.5% YOY

 

May 2020 – 95 Listings
May 2021 – 143 Listings

 

It is still a sellers market in Muskoka residential as summer approaches. As new listings have arrived on market buyers are now getting an opportunity for conditions and negotiation. This is the second month in 2021 that the market has plateaued in average sale price giving a slight edge back to the buyers. By the math the sellers market is cooling slightly and the average sale price plateaued at a price of $648,778 It will be interesting to see how the market balances the supply and demand as we continue further into the summer time.

Muskoka Residential New Listings April 2021, Up 62.2% YTD
Muskoka Residential New Listings May 2021

Muskoka Condos New Listings by Month

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

2021 May New Listings – Up 13.6% YOY

 

May 2020 – 22 Listings
May 2021 – 25 Listings

 

The condo market in Muskoka is stirring this year as demand filters into the area from regions with more experienced condo owners. This could be a sign of an emerging condo market beginning to take hold.

Muskoka Condo New listings April 2021, Up 25.5% YTD
Muskoka Condo New Listings 2021

Muskoka Residential & Condo Average/Median Sale Price

muskoka-residential-price-increase

2021  Residential YTD  – UP 29.4%

 

2021 Average Sale Price – $648,778

2021 Median Sale Price – $625,000

 

 

Average Sale Price End of 2020 VS 2021 YTD
$501,324 to $648,778  →  Up 29.4%

 

 

Percentage Increase in Median Price, End of 2020 VS 2021 YTD

$454,950 to $625,000 → UP 37.4%

 

High demand for a home in Muskoka is driving up the median price in Huntsville, Bracebridge & Gravenhurst significantly this year. Great news for anyone invested in residential real estate, also great news for anyone looking to list their home. 29.4% 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 into Muskoka to take advantage of remote work and the slower paced Muskoka lakeside lifestyle. As summer approaches quickly the buyers looking to enjoy the summer in Muskoka are losing precious time to secure their Muskoka home/retreat.  Expect the market to continue. The math shows prices are beginning to plateau, could be a sign of a good oportunity for buyers to get the home of their dreams!

 

 

Condominium

2021 YTD Average Sale Price – UP 22.7%

 

2021 Average Sale Price → $483,443  Up 22.7%

2020 Year end – $393,904

 

2021 Median Sale Price – $439,000 Up 29.6%

2020 Year end – $338,522

Muskoka Residential Average Sale Price April 2021, Up 29.4% YTD
Muskoka Residential Average Sale Price May 2021
Muskoka Condo Average Sale Price April 2021, Up 22.7%
Muskoka Condo Average Sale Price May 2021

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

 

 

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