Muskoka Real Estate Market Update – June 2023

The Muskoka Cottage Market (waterfront) shifts into a balanced market with 155 new listings and 66 sales creating a sales-to-list ratio of 42.5% (Balanced market 35%-55% Sold-to-List Ratio). Median sale price for June 2023 has fallen 5.3% over May 2023 but the average sale price increases 4.9%. Increase in average sale price attributed to 3 sales over $10,000,000 for the Month of June. The Median Sale Price for June 2023 = $1,234,000, May 2023  = $1,150,000. Although the median price has dipped month over month, both Average and Median sale prices are up 7.3% and 2.1% respectively from June 2022 and we are in a stronger balanced market, as opposed to a Buyers market in June 2022.

The Muskoka Residential (non-waterfront) market remains a Balanced Market. With 152 new listings in June and 63 sales, creating a sales-to-list ratio of 41%. The average and median sale price from May to June has decreased 15.3% and 13.7% respectively. Keep in mind we saw a spike in the Average and Median price for  May in Muskoka real estate. The average sale price is essentially unchanged (0.3% increase) year-over-year. The Average sale price for June 2022 is $706,063, Average sale price for June 2023 is $708,406. 

The total dollar volume for Cottage and Residential YTD  is down 19.7%. Jan-June 2022 = $753,084,911 compared to Jan-June 2023 = $629,267,233.

Muskoka Cottage Real Estate Market

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

The Muskoka cottage market median sale prices for June 2023 show a decrease of 5.3% over May of 2023, the average sale price decreases by 4.9%.

Average Sale Price – June 2023 – $2,057,897
Up 4.9% month over month
Dn 2.1% compared to June 2022

Median Sale Price – June 2023 – $1,234,000
Dn 5.3% month over month
Up 7.3% compared to June 2022

Unit sales for June 2023 totaled 66. That’s 1 more sales than the previous month. 

June historically sees the second most new listings for the year and this June is no exception. Although pricing has dipped month-over-month, year-over-year both Median and Average prices have increased.

Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

The Muskoka residential market average and median sale price sees a decrease month-over-month. The average sale price for June 2023 is Down 15.3% and the median is Down 13.7%

Average Sale Price – June 2023 – $708,406
Dn 15.3% month over month
Up 0.3% compared to June 2022

Median Sale Price – June 2023 – $679,000
Up 13.7% month over month
Up 6.9% compared to June 2022

MUSKOKA WATERFRONT MARKET – DOM and Sale to List Price Ratio

The average days to sell a cottage in Muskoka for May 2023 was 32, a decrease of 3 days from month-over-month.

The percentage difference between selling and listing prices remains very similar with only a 0.5% increase month-over-month. No big surprises for June, with a decrease in listings over May and similar unit sales we are in a more balanced market.

We are always here to help, if you want to see different statistics, or numbers more relatable to your situation, ie. specific lakes send us a message. We are more than happy to help!

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in May 2023 was 39, 4 days more month-over-month. In June 2022, selling a home in Muskoka took an average of 18 days.

The percentage difference between selling and listing prices decreased slightly to 97.8%. Only a 0.4% difference month-over-month.

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