Muskoka Real Estate Market Update – April 2023

The Cottage market (waterfront) continues to see little change year-over-year. Median sale price for April has taken a slight dip from the peak market high of April 2022. April 2023 Median Sale price = $1,425,000, April 2022 (peak of market) = $1,587,875. The average sale price has increased 8.5% over March with 29 sales in April. However, keep in mind there were 5 sales above $5,000,000 and 1 sale above $9,000,000 which has skewed Average Sale price. The cottage market continues to be a buyer’s market, with an influx of 95 new listings (April 2022 87 New Listings). The weather is playing a factor in the Spring start. We are just starting to warm up, I suspect May will be a busy month, historically May has the most new listings. 

The Muskoka Residential (non-waterfront) market shifts into a Sellers Market. With 91 new listings in April and 60 unit sales = 66% ratio. Anything above 55% Sold to List Ratios is a Sellers market. Very similar to the April 2022 Sellers Market of 70% Sold to List Ratio. The average sale price bumps up with an increase of 8.8% in April over March 2023. More in line with the values of mid Summer 2022. July 2023 Residential average sale price = $765,438, April 2023 average sale price = $730,105

The total dollar volume for Cottage and Residential YTD  is down 63%. Jan-Apr 2022 = $417,950,681 (April 2022 – Peak of Market) compared to Jan-Apr 2023 = $257,063,691.

Muskoka Cottage Real Estate Market

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

The Muskoka cottage market median sale prices for April 2023 show a slight decrease over March of 2023, as average sale price takes a jump due to some higher end sales.

Average Sale Price – April 2023 – $2,314,491
Up 16% month over month
Dn 41% compared to April 2022 (Peak of Covid Season, Some large sales skewing numbers)

Median Sale Price – April 2023 – $1,425,000
Dn 7.7% month over month
Dn 11.4% compared to April 2022

Unit sales for April 2023 totaled 29. That’s 6 more sales than the previous month. Not a surprising increase as the Weather warms up.

We will continue to see more cottages coming to market month over month. The month of May sees some of the highest new listings for the year. Appears to be a positive start to the 2023 Muskoka Spring market. We are excited to help our many clients.

Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

The Muskoka residential market average and median sale price continues to be fairly consistent month over month for the past several months. The average sale price for April 2023 is down 13.5% from  April 2022. Keep in mind that the beginning of 2022 was the peak of the residential market.

Average Sale Price – April 2023 – $730,105
Up 8.8% month over month
Dn 13.5% compared to April 2022

Median Sale Price – April 2023 – $629,600
Dn 3.5% month over month
Dn %19 compared to April 2022

MUSKOKA WATERFRONT MARKET – DOM and Sale to List Price Ratio

The average days to sell a cottage in Muskoka for April 2023 was 33, a decrease of 10 days from the previous month.

The percentage difference between selling and listing prices has increased to 96.5%. It has been an exciting start to the Muskoka Spring market, we are seeing properties sell, some with multiple offers. We have been busy pricing and preparing properties for the market, with both Sellers and Buyers being optimistic of what’s to come.  We are always hear to help, if you want to see different statistics, or numbers more relatable to your situation, ie. specific lakes send us a message. We are more than happy to help!

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in April 2023 was 27, 5 days less than the previous month. In April 2022, selling a home in Muskoka took an average of 10 days, again this was the peak of the market.

The percentage difference between selling and listing prices dipped slightly at 97.7%. Only 0.1% difference from March.

We’ll do our best to keep you informed, but don’t hesitate to reach out with any questions.
John Aben 705-788-4770, or john@abenteam.com
Mark Aben 705-788-4388, or mark@abenteam.com