Muskoka Real Estate Market Update – March 2023
The Cottage market (waterfront) is starting strong, with median sale price for March matching the peak market high of April 2022. March 2023 Median Sale price = $1,535,000, April 2022 (peak of market) = $1,587,875. It appears the Cottage Luxury Market isn’t slowing down. The cottage market (waterfront) is currently a buyer’s market however is inching towards a balanced market, with an influx of 69 new listings in March and 22 unit sales. The average sale price for March is up almost 30%, with 22 sales. April will be a telling month, we suspect a significant increase in the number of listings and sold properties as we enter into one of the busiest months of the Year.
The Muskoka real estate market remains balanced for Residential (non-waterfront) however, dipping closer to a Buyer’s Market, with 126 new listings in March and 50 unit sales = 39% ratio. Anything between 35-55 is a balanced market. The average sale price remains relatively level for 2023 with a minimal decrease of 7% in March over February 2023 (slower time of year for sales, may be too few sales to accurately determine average sale price). More in line with the values of 2021. March 2021 Residential (non-waterfront) average sale price = $666,795, March 2023 average sale price = $670,601
The total dollar volume for residential (both non-waterfront and waterfront combined) YTD is down 71% for the same period last year.
Jan-Mar 2022 = $249,370,468 compared to Jan-Mar 2023 = $145,990,617.
