May 2021 Update – Muskoka Waterfront Real Estate Market



June 8, 2021

May 2021 Muskoka Waterfront Real Estate Market Update

 

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

 

Through the month of May we see signs of the real estate market slightly slowing. With the increased stress test rolling out this will be a first step in cooling the hot real estate market in Ontario. The confidence of some sellers is apparent as the listed to sold price ratio still sits above 100% at 107.8% YTD. Looking at the ratio between number of new listings vs number of sales, the ratio is 68.4% showing a slight decline (~15%) in the severity of the sellers market since the beginning of 2021, good news for buyers! Below are graphs comparing market activity in the Muskoka waterfront market, we compare Year over Year changes and Year to Date changes.

 

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.

 

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 the market and 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 Waterfront Unit Sales by Month

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

2021 May Unit Sales Up 21.8% YOY

 

May 2020 – 78 sales

May 2021 –95 sales

 

Unit sales still strong through May. The demand continues to be at high levels for your Muskoka waterfront property. Well staged and well priced listings are drawing significant interest from buyers looking in the area. 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 Waterfront Unit Sales May 2021, Up 110.5% YTD

Muskoka Waterfront New Listings by Month

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

2021 May New Listings – Down 14.2% YOY

 

May 2020 – 162 Listings
May 2021 – 139 Listings

 

The market is tilted toward sellers having the advantage still in the Muskoka waterfront real estate market with the number of new listings to number of sales ratio of 68.4%. The market is moving slowly toward a more balanced state (which would be 55%) as the supply progressively catches up to the demand. This is the coolest the market has been in 13 months. Prices have plateaued for the second month in a row and the severity of the sellers market is down ~17% since the start of 2021  As we continue further into into the summer weather time will tell if the market will continue to see price increases or if we can expect the market to plateau for a few more months.

For personalized insights please feel free to reach out about your unique situation.

Muskoka Waterfront New Listings April 2021, Down 14.2% YoY
Muskoka Waterfront New Listings May 2021

Muskoka Waterfront Average and Median Sale Price

muskoka-residential-price-increase

2020 Year End versus End of May 2021

Waterfront – UP 17.1%

 

2021 YTD Average Sale Price – $1,587,081

2021 YTD Median Sale Price – $1.175,000

 

The long upward trend in average sale price for the second month in over a year has plateaued this month, potentially showing a slight cooling in the market. As listings are becoming more available and demand remains high, average sale price should continue to rise. It is clear through rental market availability, the desirability of travel options and the lack of tourism abroad has Canadians looking inward toward Ontario for travel and relaxation options. Muskoka has always been and it strongly becoming more of a hub for summer enjoyment within the province. Expect demand to continue.

 

It is increasingly common for Muskoka waterfront listings to sell between from 5% – 30% over the going ask price if staged and priced correctly. The rush to acquire a desirable piece of Muskoka waterfront before summer looms in the near future and buyers looking to close prior to the end of the summer will need to begin making deals in the near future. Time will tell if the market can supply enough properties to meet demand. If not enough supply can be made available, be sure to continue to watch average sale prices rise as the law of supply and demand dictate the direction of values in the Muskoka waterfront market will be trending to record highs.

 

 

Increase in Average Sale Price – UP 17.1%

Dec 31st 2020 VS 2021 YTD

$1,348,372 to $1,587,081

 

Percentage Increase in Median Price → UP 38.2%

Dec 31st 2020 vs 2021 YTD
$850,000 to $1,175,000

Muskoka Waterfront Average Sale Price April 2021, Up 17.1%. YTD
Muskoka Waterfront Average 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