Muskoka Real Estate Market Update November 2022



December 5, 2022

Muskoka Real Estate Market Update – November 2022

The Muskoka real estate market remains balanced in the second half of 2022. However, the dollar volume and number of unit sales are off significantly — $ volume is down 31.5%, and unit sales are down 37.2% for January – November YOY. The average sale price, however, is up 9% for January – November YOY. This increase is the result of the market’s peak in early 2022. In November, however, the average sale price is down 36.5% from the peak in April this year and down 13.5% for November compared to October. The median price of a single-family property is down almost 6.5% and 25.3% from the peak earlier in the year. Looking at either average or median sale prices, the decline in the market this year is fairly significant.

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Muskoka Residential Real Estate Market

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MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

The Muskoka residential market average sale price is down for November compared to October, but the median price remains relatively stable. The Muskoka residential market remains balanced. Today’s average and median sale prices are more in line with values of mid-2021.

Average Sale Price – November 2022 – $616,665
Dn 13%
month over month
Dn 11.3%
compared to October 2021

Median Sale Price – November 2022 – $626,500
Dn 2.4% month over month
Dn 2.2%
compared to October 2021

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MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in November 2022 was 69, an increase of 30 days from the previous month. In November 2021, selling a home in Muskoka took an average of 33 days.

The percentage difference between selling and listing prices is now at 90.2%. That’s 3.5% lower than the previous month.

Muskoka Cottage Real Estate Market

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MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

A Muskoka cottage market average and median sale prices align with mid-2021 numbers.

Average Sale Price – November 2022 – $1,388,250
Dn 5.3%
month over month
Up 13.4%
compared to November 2021

Median Sale Price – November 2022 – $962,500
Up 20.8% month over month
Up 25%
compared to November 2021

Unit sales for November 2022 totaled 22. That’s 45% fewer sales than the previous month. Winter is coming, and now many buyers are focusing on the Holiday Season and have put their search on hold until the new year once more product is available.

The cottage market is slowly ending for Muskoka, with 40 units sold and only 62 new listings; typical in the fall, with the weather turning, fewer cottages are coming to market. The end of October and November is when most cottages will come off the market, leaving very little inventory until the spring.

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MUSKOKA WATERFRONT MARKET – DOM and Sale to List Price Ratio

The average days to sell a cottage in Muskoka for November 2022 was 69, an increase of 30 days from the previous month. This results from the long-listed properties selling and fewer new listings coming to market with the arrival of winter.

The percentage difference between selling and listing prices is now at 90.2%. The days of competing offers are far more seldom, and buyers now can mostly have conditions such as inspections and finance. However, there are lakes that, if the property checks the boxes for exposure, size of frontage, and slope of the land, you will get multiple offers if priced well. There’s still a high demand for such properties, and buyers are now more selective.

If you want to see different statistics, or numbers more relatable to your situation, send me a message.

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