Muskoka Real Estate Market Update July 2023



August 15, 2023

Muskoka Real Estate Market Update – July 2023

The Muskoka Cottage Market (waterfront) for July sees the least amount of Sales in the last 10 years during the Summer months (May-September) with only 44 sales and dips back into a Buyers market with 135 new listings creating a sales-to-list ratio of 33% (Balanced market 35%-55% Sold-to-List Ratio). Median sale price for July 2023 bumps up 4% over June 2023 but the average sale price decreases 7%. The Median Sale Price for July 2023 = $1,283,500, June 2023  = $1,234,000. Although the average sale price has dipped month over month, both Average and Median sale prices are up 24% and 15% respectively from July 2022. The new listing and unit sales ratio is similar to July 2022.

The Muskoka Residential (non-waterfront) market turns into a Buyers market for the first time since before the Pandemic. With 162 new listings in June and 54 sales, creating a sales-to-list ratio of 33%. However the average and median sale price from June to July remains virtually unchanged with a half percent increase and half percent decrease respectively. The average sale price has decreased 7.5% year-over-year. The Average sale price for July 2022 was $765,438.

Average sale price for July 2023 is $711,843.

Muskoka Cottage Real Estate Market

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

The Muskoka cottage market median sale prices for July 2023 show an increase of 4% over June of 2023, the average sale price decreases by 8.6%.

Average Sale Price – July 2023 – $1,894,412
Dn 8.6% month over month
Up 24% compared to July 2022

Median Sale Price – July 2023 – $1,283,500
Up 4% month over month
Up 15% compared to July 2022

Unit sales for July 2023 totalled 44. That’s 22 less sales than the previous month and accounts for the lowest unit Sales for the Summer Months (May-September) in the last 10 years.

MUSKOKA WATERFRONT MARKET – DOM and Sale to List Price Ratio

The average days to sell a cottage in Muskoka for July 2023 is 51, an increase of 19 (or 59%) days month-over-month.

The percentage difference between selling to listing price remains very similar with only a 0.9% increase month-over-month. The Muskoka waterfront market has been in a Buyers market before during the pandemic (April & June 2022, Feb-May 2023) but with the lowest unit sales in a decade during the Summer months it will be interesting to see if August bounces back with an increase in unit sales.

Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

The Muskoka residential market average and median sale price remains virtually unchanged month-over-month. The average sale price for July 2023 is Up 0.4% and the median is Down 0.6%

Average Sale Price – July 2023 – $711,843
Up 0.4% month over month
Dn 7.5% compared to July 2022

Median Sale Price – July 2023 – $679,000
Dn 0.6% month over month
Dn 6.7% compared to July 2022

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in July 2023 was 38, only 1 day less month-over-month. In June 2023, selling a home in Muskoka took an average of 39 days.

The percentage difference between selling to listing prices is virtually unchanged, only a 0.8% difference month-over-month. July percentage selling to list price 97%.

The Muskoka residential market is a buyers market for the first time in years but with the average and median sale prices remaining virtually unchanged month-over-month it appears values are holding, although with the increase in inventory this may not last long, and we may see some decreases in pricing for the future.

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