Muskoka Real Estate Market Update February 2024



March 12, 2024

Muskoka Real Estate Market Update – February 2024

The overall Muskoka Real Estate market (residential and waterfront combined) average and median sale prices are down slightly YOY for the first two months of 2024. However, the total dollar volume is up 12%. We are still in the slowest time of year for sales, with 95 units sold January-February 2024 compared to 81 units sold January-February 2023.  With so little data and limited sales, the average and median sale prices are not meaningful. As we approach the spring, listings and sales will increase substantially. With the warmer weather as of late and relatively little snow through the winter, I think we will be in for an early season this year.

Average Sale Price – January-February 2023, $845,148 vs January-February 2024, $812,515; Down 4%.

Median Sale Price – January-February 2023, $730,000 vs. January-February 2024, $665,000; Down 9.7%.

Total Unit Sales – January-February 2023, 81 vs January-February 2024, 95; Up 14 units

Muskoka Cottage Real Estate Market

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price by Year (2014-2023)

Muskoka Waterfront continues to be a sound investment. Over the last 10 years (2014-2023), we’ve seen an annual growth rate of approximately 8.3% year-over-year, which shows an initial investment more than doubling in that time. For example, a $1,000,000 Cottage purchase in 2014 would be valued at approximately $2,219,650.34 in 2023. Of course, many variables affect Muskoka Waterfront values, one being COVID-19, which saw a higher-than-normal increase over 2020-2021.

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

Average Sale Price – February 2024 – $1,383,166

Down 70% month over month (information not meaningful – too few listings)
Down 1.4% compared to February 2023

Median Sale Price – February 2024 – $1,450,000

Down 82% month over month (information not meaningful – too few listings)
Up 17% compared to February 2023

Unit sales for February 2024 totalled 13. That’s 5 units more than the previous month and up 5 units compared to February 2023.

The cottage market typically starts in the Spring with the majority of sales through May and June. Keep an eye on our stats, the Spring market may come sooner than usual this year. With nearly all the Muskoka snow melted, and interest rates holding there is optimism in the air.

MUSKOKA WATERFRONT MARKET – Days on Market (DOM) and Sale to List Price Ratio

The average days to sell a cottage in Muskoka for February 2024 was 54; an increase of 8 days from January 2023.

Up slightly compared to February 2023, with a 92% difference between selling and listing prices.

Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price by Year (2014-2023)

Muskoka Residential market continues to be a sound investment as well. Over the last 10 years (2014-2023), we’ve seen an annual growth rate of approximately 10.3% year-over-year. This shows an initial investment having significantly more than doubled over the last 10 years. For example, a $500,000 home purchase in 2014 could be approximately $1,332,677.69 in 2023. Of course, many variables affect Muskoka’s residential values, one being COVID-19, which saw a higher-than-normal increase over 2020-2021.

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

Average Sale Price – February 2024 – $713,395

Up 0.2% month over month
Down 0.6% compared to February 2023

Median Sale Price – February 2024 – $670,000

Up 6% month over month
Up 3.4% compared to February 2023

Unit sales for February 2024 totalled 46. That’s 18 more sales than the previous month and 8 more than February 2023.

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in February 2024 was 46; a decrease of 5 days from the previous month. In February 2023, selling a home in Muskoka took an average of 34 days.

The percentage difference between selling and listing prices is 97.2%, only a half percent increase from the previous month.

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

Check us out at the Spring Cottage Life Show March 21-24 at the Toronto International Centre. Stop by and see us at Booth #1033. We’d love to discuss Muskoka Real Estate. 

John Aben 705-788-4770, or john@abenteam.com
Mark Aben 705-788-4388, or mark@abenteam.com

To view the 2022 Year in Review blog, click HERE.

 

Statistics sourced from The Lakelands Association of Realtors®