Muskoka Real Estate Market Update – May 2023
The Muskoka Cottage (waterfront) market has seen the most new listings in the last 4 years for the month of May, with 191 new listings. Median sale price for May 2023 has fallen 9.6% over April 2023 but has seen a slight increase of 2.5% over May 2022. May 2023 Median Sale price = $1,300,000, May 2022 = $1,268,500. With 65 unit sales in May 2023 and a sale to list ratio of 34% we are very close to a Balanced market (Balanced market 35%-55% Sold to List Ratio). This list to sale ratio is very similar to May 2019, with a 35% list to sale. Although it looks like the unit sales and listings are trending back to 2019 the price still remains considerably higher, with an 84% higher average sale price, May 2019-May 2023.
The Muskoka Residential (non-waterfront) market shifts into a Balanced Market. With 159 new listings in May and 80 unit sales = 50% ratio. What’s interesting is, the average and median sale price from April to May takes a significant increase of 11.9% and 22.6% respectively. The Median sale price for May is up 2.9% from the peak of the Covid market in April 2022. Highest median price to date. April 2022 Residential median sale price = $750,000, May 2023 median sale price = $772,000
The total dollar volume for Cottage and Residential YTD is down 35%. Jan-May 2022 = $608,749,022 compared to Jan-May 2023 = $450,023,729.