Muskoka Market Update – 2nd Quarter Results
Muskoka cottage unit sales are increasing month over month after a sluggish start, while muskoka home sales continue to show signs of slowing.
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Muskoka cottage unit sales are increasing month over month after a sluggish start, while muskoka home sales continue to show signs of slowing.
2017 – 563
2018 – 360
% Chg – 36%
2017 – 372
2018 – 254
% Chg – Dn 31.7%
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, but sellers beware of overpricing. We have many buyers ready and willing to purchase a cottage, but reluctant at current inflated prices. The other strong factor is the lower consumer confidence evident this year.
Cottage & Residential Combined
#Sold ÷ #Listed = Type of Market
935 Sold ÷ 1491 Listed = 63%
Cottage & Residential Combined
#Sold ÷ #Listed = Type of Market
614 Sold ÷ 1217 Listed = 50%
#Sold ÷ #Listed = Type of Market
254 Sold ÷ 636 Listed = 40%
#Sold ÷ #Listed = Type of Market
360 Sold ÷ 581 Listed = 62%
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
2017 – $312,526,621
2018 – $247,931,716
Residential
2017 – $187,267,153
2018 – $131,316,841
% Chg – Dn 29.9%
Cottage
2017 – 746
2018 – 636
% Chg – Dn 14.7%
Residential
2017 – 745
2018 – 581
% Chg – Dn 22%
Cottage
2017 – 64
2018 – 59
% Chg – Dn 7.8%
Residential
2017 – 35
2018 – 41
% Chg – Up 17.1%
Cottage
2017 – 97.5%
2018 – 96.7%
Residential
2017 – 99.2%
2018 – 98.5%