Muskoka Real Estate Market Update – August 2023

The Muskoka Cottage Market (waterfront) for August sees a dip in Average and Median sale price month-over-month Average price is down 13% (July 23 = $1,894,412, Aug 23 = $1,646,850) and Median price is down 4.6% (July 23 = $1,283,500, Aug 23 = $1,225,000). The waterfront market continues to hover around a Buyers market with 152 new listings and 55 sales, creating a sales-to-list ratio of 36% (Balanced market 35%-55% Sold-to-List Ratio). Although the average sale price has dipped month over month, both Average and Median sale prices are up 8% and 20% respectively from August 2022. 

The Muskoka Residential (non-waterfront) market jumps back into a Sellers market. With 150 new listings in August and 65 sales, creating a sales-to-list ratio of 43%. The average and median sale price from July to August bumps up with a 6% increase and 10.6% increase respectively. The average and median sale price is up 10% and 24.5% respectively year-over-year. 

The total dollar volume for Cottage and Residential YTD  is still down 13%. Jan-Aug 2022 =$1,004,727,420 compared to Jan-Aug 2023 = $888,378,763.

Muskoka Cottage Real Estate Market

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

The Muskoka cottage market median sale prices for August 2023 show a decrease of 4.6% over July of 2023, the average sale price decreases by 13%.

Average Sale Price – August 2023 – $1,646,850
Dn 13% month over month
Up 8% compared to August 2022

Median Sale Price – August 2023 – $1,225,000
Up 4.6% month over month
Up 20% compared to August 2022

Unit sales for August 2023 totalled 55. That’s 11 more sales than the previous month.

MUSKOKA WATERFRONT MARKET – DOM and Sale to List Price Ratio

The average days to sell a cottage in Muskoka for August 2023 was 44, a decrease of 7 days month-over-month.

The percentage difference between selling to listing price remains very similar with only a 0.7% decrease month-over-month. The Muskoka waterfront market inches towards a balanced market but the unit sales continue to be low, lower than in August 2022. It will be interesting to see if the Fall will see an increase in sales with interest rates being held in September and more inventory hitting the market.

Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

The Muskoka residential market average and median sale price increase month-over-month. The average sale price for August 2023 is Up 6% and the median is Up 10.6%

Average Sale Price – August 2023 – $754,822
Up 6% month over month
Up 10% compared to August 2022

Median Sale Price – August 2023 – $747,000
Up 10.6% month over month
Dn 24.5% compared to August 2022

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in August 2023 was 43, a significant increase from the 26 days in July 2023. In August 2022, selling a home in Muskoka took an average of 31 days.

The percentage difference between selling to listing prices is virtually unchanged, only a 0.1% difference month-over-month. August percentage selling to list price 97%.

The Muskoka residential market moves back into a balanced market but with the average and median sale prices increasing month-over-month it appears values are holding, although with the increase in inventory this may not last long as we head into the fall market.

If you want to see different Muskoka real estate statistics, or numbers more relatable to your situation, send me a message.

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