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.