Muskoka Real Estate Market Update January 2024



February 29, 2024

Muskoka Real Estate Market Update – January 2024

Welcome to another new year in the Muskoka Real Estate market.

The overall Muskoka Real Estate market (residential and waterfront combined) Average and Median sale prices are down YOY for January. However, remember that January is generally one of the slowest months for sales in Muskoka, with only 36 units sold compared to 35 in January 2023; of these 36 sales, 7 were under $500,000 compared to only 2 under $500,000 in January 2023. With so little data and limited sales, the average and median sale prices for January are not meaningful.   

Average Sale Price – January 2023, $850,335 vs January 2024, $733,100, down 15.9%.

Median Sale Price – January 2023, $762,500 vs. November 2023, $632,950, down 20.4%.

Total Unit Sales – January 2023, 35 vs Jan 2024, 36; up 1 unit

Muskoka Cottage Real Estate Market

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

Average Sale Price – January 2024 – $809,488

Down 200% month over month (information not meaningful – too few listings)
Down 34.5% compared to January 2023

Median Sale Price – January 2024 – $795,000

Down 183% month over month (information not meaningful – too few listings)
Down 18.5% compared to January 2023

Unit sales for January 2024 totalled 8. That’s 1 unit more than the previous month but down 4 units compared to January 2023.

The cottage market typically starts in the Spring with the majority of sales through May and June.

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

The average days to sell a cottage in Muskoka for January 2024 was 67, a decrease of 4 days from December 2023.

The percentage difference between selling and listing prices is now at 92%. Very similar to January 2023, with a 93% difference between selling and listing prices.

Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

Average Sale Price – January 2024 – $711,275

Up 5.2% month over month
Down 1.1% compared to January 2023

Median Sale Price – January 2024 – $632,950

Up 2% month over month
Down 9.8% compared to January 2023

Unit sales for January 2024 totalled 28. That’s 75% more sales than the previous month and 21% more than January 2023.

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in January 2024 was 51, an increase of 7 days from the previous month. In January 2023, selling a home in Muskoka took an average of 48 days.

The percentage difference between selling and listing prices is 96.7%, an increase of 3.8% from the previous month.

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

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®