Muskoka Market Update – 3rd Quarter Results
Unit sales for Muskoka cottages and homes are down, but average Muskoka price has increased. There’s obviously still a high demand, but buyers are being cautious.
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Unit sales for Muskoka cottages and homes are down, but average Muskoka price has increased. There’s obviously still a high demand, but buyers are being cautious.
2017 – 821
2018 – 589
% Chg – 28.3%
Bracebridge – $372,764
Gravenhurst – $308,249
Huntsville – $381,417
2017 – 679
2018 – 529
% Chg – Dn 22%
2017 – $969,087
2018 – $986,840
% Chg – Up 1.83%
The cottage and residential market is softening. Lower unit sales in 2018 can be attributed to a few factors — start of the selling season with less than ideal weather, fewer properties coming to market and overpriced listings. Sellers are increasing the list price of their properties more than the average price is increasing, causing the market to slow. The market is still healthy, as indicated with the sale to list ratio below, but sellers beware of overpricing. We have many buyers ready and willing to purchase a Muskoka cottage or home, but reluctant at current inflated prices. The other strong factor is the lower consumer confidence evident this year as a result of banks stress test and unknown political climate and how that will affect industry and manufacturing in Canada.
Cottage & Residential Combined
#Sold ÷ #Listed = Type of Market
935 Sold ÷ 1491 Listed = 63%
Cottage & Residential Combined
#Sold ÷ #Listed = Type of Market
1129 Sold ÷ 1889 Listed = 60%
#Sold ÷ #Listed = Type of Market
529 Sold ÷ 985 Listed = 54%
#Sold ÷ #Listed = Type of Market
589 Sold ÷ 894 Listed = 66%
The supply of homes on the market exceeds demand.
The number of homes on the market is equal to the demand or number of buyers.
The number of buyer’s wanting homes exceeds the supply or number of homes on the market.
Cottage YTD
2017 – $647,755,668
2018 – $521,051,744
Residential YTD
2017 – $269,493,468
2018 – $208,188,642
% Chg – Dn 22.7%
Cottage YTD
2017 – 1,190
2018 – 985
% Chg – Dn 17.2%
Residential YTD
2017 – 1,086
2018 – 894
% Chg – Dn 17.7%
Cottage YTD
2017 – 64
2018 – 60
% Chg – Dn 6.3%
Residential YTD
2017 – 40
2018 – 41
% Chg – Up 2.5%
Cottage YTD
2017 – 97%
2018 – 96.4%
Residential YTD
2017 – 98.7%
2018 – 98.3%
Data collected from The Lakeland Association of Realtor. While every effort has been made to ensure the accuracy of information contained in these calculations, Harvey Kalles Real Estate Ltd., and its representatives provide no representation, or warranty, regarding the accuracy, completeness or correctness of information provided.