Muskoka Real Estate Market Update – February 2023

The Muskoka real estate market remains balanced for the residential market (non-waterfront), with 76 new listings in February and 38 unit sales = 50% ratio. Anything between 35-55 is a balanced market. The sale price has been relatively level over the past few months and more in line with the values of 2021.

However, the cottage market is currently more of a buyer’s market, with an influx of 42 new listings in February and only 8 unit sales for that month. Many of the listings are properties that didn’t sell last year. It’s still early in the year, so not as many buyers are looking. This is a more typical (pre-covid) market. Why buy a cottage when you can’t see the waterfront? Hopefully, some excellent pictures are online if you want to purchase a cottage now. The average sale price for February is up almost 29%, but with only 8 sales, there is insufficient data to make this number meaningful.

The total dollar volume for residential (both non-waterfront and waterfront combined) YTD is down 47% for the same period last year.
Jan-Feb 2022 = $130,047,708 compared to Jan-Feb 2023 = $68,128,468.

Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

The Muskoka residential market average and median sale price have been fairly consistent month over month for the past 6 months. The Muskoka residential market remains balanced. The average sale price for February 2023 is down 17.7% from February 2022. Keep in mind that the beginning of 2022 was the peak of the residential market.

Average Sale Price – February 2023 – $718,118
Dn .2% month over month
Dn 17.7% compared to February 2022

Median Sale Price – February 2022 – $648,000
Dn 6.8% month over month
Dn 16.3% compared to February 2022

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in February 2023 was 34, that’s 14 days faster than the previous month. In February 2022, selling a home in Muskoka took an average of 14 days, again this was the peak of the market.

The percentage difference between selling and listing prices is now at 99.1%. That’s 2% higher than the previous month. This is partially attributed to an aggressively priced new development in Huntsville, where properties were selling at the listing price.

Muskoka Cottage Real Estate Market

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

A Muskoka cottage market average and median sale prices align with mid-2021 numbers.

Average Sale Price – February 2023 – $1,403,100
Up 28.8% month over month
Dn 14.6% compared to February 2022

Median Sale Price – November 2022 – $1,236,250
Up 31.2% month over month
Dn 7.4% compared to February 2022

Unit sales for February 2023 totaled 8. That’s 4 fewer sales than the previous month. Winter is typically a slow cottage-selling season.

We will continue to see more cottages coming to market month over month. March is a big month as the Cottage Life Show at the Internation Centre, Mississauga is the kick-off to the cottage-selling season. We have a booth representing both our offices: Huntsville, and Port Carling. Be sure to drop by for an espresso.

MUSKOKA WATERFRONT MARKET – DOM and Sale to List Price Ratio

The average days to sell a cottage in Muskoka for February 2023 was 46, a decrease of 19 days from the previous month.

The percentage difference between selling and listing prices is now at 92%. 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.

If you want to see different 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