Muskoka Real Estate Market Update – November 2023

The Muskoka Real Estate Market (residential and waterfront combined) Average and Median sale prices have increased for November YOY.

Average Sale Price, November 2022, $877,817 vs November 2023, $963,992, up 9.8%.

Median Sale Price, November 2022, $672,000 vs. November 2023, $778,000, up 15.8%.

Looking at the Average Sale Price and Median Sale Price from Jan to Nov, comparing YOY, the average sale price is slightly higher, and the median sale price is slightly lower; it is relatively consistent.

Average Sale Price, Jan – Nov 2022, $1,183,462 vs Jan – Nov 2023, $1,205,895; up 1.9%

Median Sale Price, Jan – Nov 2022, $810,000 vs Jan – Nov 2023, $806,000; down .5%

However, the Total $ Volume and Total Unit Sales have decreased comparing Jan to Nov, YOY

Total $ Volume, Jan – Nov 2022, $1,285,239,593 vs $ Volume, Jan – Nov 2023, $1,178,159,054; down 8.3% YOY.

Total Unit Sales, Jan – Nov 2022, 1,086 vs Jan – Nov 2023, 977; down 10%

Muskoka Cottage Real Estate Market

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

Average Sale Price – November 2023 – $1,320,913
Dn 26% month over month
Dn 4.9% compared to November 2022

Median Sale Price – November 2023 – $1,025,000
Dn 2.4% month over month
Dn 11.9% compared to November 2022

Unit sales for November 2023 totalled 26. That’s 16.1% fewer sales than the previous month but up 18.1% compared to November 2022. 

The cottage market is ending for Muskoka in 2023, with 26 units sold and only 34 new listings; this is typical in late fall, with fewer cottages coming to market with the weather turning. We continue to see cottage listings expire and come off the market for November, leaving little inventory until the busiest time of year in the spring.

MUSKOKA WATERFRONT MARKET – Days on Market (DOM) and Sale to List Price Ratio

The average days to sell a cottage in Muskoka for November 2023 was 85, an increase of 39 days from the previous month.

The percentage difference between selling and listing prices is now at 91.1%. We continue to see this year trending similar to 2022 as we approach the end of the year with properties being on the market for a longer time and possibly willing to accept a lower offer on their property.

Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

Average Sale Price – November 2023 – $706,215
Dn 2.4% month over month
Up 14% compared to November 2022

Median Sale Price – November 2023 – $615,000
Dn 6.8% month over month
Dn 1.8% compared to November 2022

Unit sales for November 2023 totalled 36. That’s 25% fewer sales than the previous month and 16.3% fewer sales compared to November 2022. 

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in November 2023 was 48, an increase of 1 day from the previous month. In November 2022, selling a home in Muskoka took an average of 42 days.

The percentage difference between selling and listing prices is 94.5%, remaining unchanged from the previous month.

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

MUSKOKA REAL ESTATE – YEAR IN REVIEW

Please watch this January for the Aben Team year-in-review for the Muskoka Market—an in-depth look including specific lakes and areas.

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

To view the 2022 Year in Review blog, click HERE.