Muskoka Real Estate Market Update May 2023



June 16, 2023

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.

Muskoka Cottage Real Estate Market

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

The Muskoka cottage market median sale prices for May 2023 show a slight decrease of 9.6% over April of 2023, as average sale price decreases 18%..

Average Sale Price – May 2023 – $1,962,213
Dn 18% month over month
Dn 11% compared to May 2022

Median Sale Price – May 2023 – $1,300,000
Dn 9.6% month over month
Up 2.5% compared to May 2022

Unit sales for May 2023 totaled 65. That’s 36 more sales than the previous month. 

May historically sees the most new listings for the year and this May is no exception. Although the average sale price has dipped, the median price is holding with an increase of 2.5% year over year.

Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

The Muskoka residential market average and median sale price takes a jump  May 2022-May 2023. The average sale price for May 2023 is Up 11.9% month over month. Median sale price took a significant increase of 22.6% month over month.

Average Sale Price – May 2023 – $817,217
Up 11.9% month over month
Up 4.6% compared to May 2022

Median Sale Price – May 2023 – $772,000
Up 22.6% month over month
Up 5.7% compared to May 2022

MUSKOKA WATERFRONT MARKET – DOM and Sale to List Price Ratio

The average days to sell a cottage in Muskoka for May 2023 was 35, an increase of 2 days from the previous month.

The percentage difference between selling and listing prices remains very similar with only a 0.1% decrease over April. No big surprises for May, average price has dropped but with an increase in median price there is  still optimism about the market, we continue being busy pricing and preparing properties for sale. 

We are always hear 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 35, 8 days more than the previous month. In May 2022, selling a home in Muskoka took an average of 11 days.

The percentage difference between selling and listing prices increased slightly to 98.2%. Only 0.5% difference from April 2023.

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