Muskoka Real Estate Market Update – June 2022
Many new Muskoka homes and cottages continue to come to market as sellers hope to still capitalize on the high values, but many buyers are pausing, wondering if the prices will fall. In saying that for the sought-out locations and for listings priced for the market, your property will sell! There are still plenty of buyers looking for a piece of Muskoka.
Unit sales for June reached 63 that’s 22% less compared to May at 81 sales. Comparing June YOY the unit sales have fallen by almost 50%. The average sale price for a home in Muskoka is now $706,063, that’s 9.6% lower than the previous month and approximately the same level as November 2021, and 3.1% higher than June 2021.
We remain in a balanced market with a ratio of 63 sales to 143 new listings = 44%. 35%-55% represents a balanced market.
Unit sales continue to decline, with a total of 49 cottage sales in June 2022, compared to 64 in the previous month. That’s a decline of 23% MOM. Comparing June 2022 at 49 sales to June 2021 at 90 sales, that’s over 45% fewer sales.
The average sale price however comparing May to June only declined 3.5% and is still 28% higher than June 2021.
The market has slipped into a buyer market territory, but that’s mostly because of the lack of sales. The desire to purchase a cottage hasn’t changed, but many buyers are on pause to see if there are further reductions in price. For the right property at the right price, buyers are still purchasing.
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