Muskoka Real Estate Market Update – August 2022

The 2022 Muskoka Real Estate Market remains balanced for August. This means the number of homes on the market equals the demand or number of buyers looking. The seller’s have had to adjust their pricing to accomplish this balanced market. Residentially the median price is down 22% from the peak in February 2022, and cottages are down 36% from the peak in April 2022. These are not insignificant numbers, but this was from the peak. Since 2019 the residential market, median sale price has increased 52%, and in the cottage market, the median sales price has increased approximately 45%.

The number of days on the market is slowly rising. Muskoka homes are taking on average 31 days to sell and cottages take 35 days to sell. The sale-to-listing price ratio for a Muskoka home is 96.5% and a Muskoka cottage is 93%.

Overall, this balanced market is better for the buyers, but the sellers have maintained a healthy value for their home or cottage in Muskoka, well above pre-pandemic values and more in line with 2021 values.

Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

Unit sales for August remained the same for August at 53. Comparing August YOY, the unit sales have fallen by almost 53%.

The average sale price for a home in Muskoka is now $685,409, this resembles the average sale price from May/June 2021 and is 68% higher than the start of the pandemic. The median sale price for a home in Muskoka is now $599,900, again comparable value to May/June 2021 and 46% higher than the start of the pandemic.

We remain in a balanced market with a ratio of 53 sales to 111 new listings = 48%. 35%-55% represents a balanced market.

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka for August was 31, an increase of 4 days, or 15% from the previous month.

The percentage difference between selling and listing prices is now at 96.5%. That’s .9% lower than the previous month.

Muskoka Cottage Real Estate Market

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

Unit sales for August 2022 totaled 59, just over a 5% increase of the previous month. Comparing August YOY at 59 sales to August 2021 at 95 sales, that’s a decrease of 61%. Comparing YTD statistics.

The average sale price for a cottage in Muskoka for August 2022 is $1,523,268. An increase of .4% from the previous month. The median price is a better indicator of market value and for the month of August 2022 was $1,020,000. That represents a decrease of 8.5% over the previous month.

The cottage market has remains balanced with 59 units sold compared to 106 new listings, representing a ratio of 56%.

MUSKOKA WATERFRONT MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a cottage in Muskoka for August was 35, an increase of 6 days from the previous month.

The percentage difference between selling and listing prices is now at 93%—the lowest percentage since the beginning of 2020. The days of competing offers are far more seldom, and buyers now can mostly have conditions such as inspections and finance. However, there are lakes that if the property checks the boxes for exposure, size of frontage, and slope of the land, you will get multiple offers if priced well. There’s still a high demand for such properties, and buyers are now more selective. Although the sale-to-list ratio is low, at 93% it remains a balanced market.

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