Muskoka Real Estate Market Update – October 2022

As we enter the 4th quarter of 2022, the market has been fairly balanced for the past quarter in Muskoka. However, dollar volume and number of unit sales are off significantly — $ volume is down 31.28%, and unit sales are down 37.4% YOY. The average sale price, however, is up 9.7% YOY comparing 2022 to 2021 YTD. This increase is the result of the market’s peak in early 2022. October, however, is down 15.4% from the peak in April of this year.

From September to October 2022, the market was up 3.1% for a Muskoka home and down almost 23% for a cottage. The average sale price for a cottage is at the same level as in July and August this year.

The New Listings to Sales Ratio for a home and cottage in Muskoka is higher for October compared to September at 62% and 65%, respectively. This is due to the fewer listings to market in October compared to September, and the demand still being relatively high.

Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

Average Sale Price – October 2022 – $709,371
Up 3.1% month over month
Dn 3.3% compared to October 2021

Median Sale Price – October 2022 – $642,000
Up 5.4% month over month
Dn 1.4% compared to October 2021

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in October 2022 was 42, an increase of 4 days from the previous month. In October 2021, selling a home in Muskoka took an average of 32 days.

The percentage difference between selling and listing prices is now at 93.7%. That’s 2.1% lower than the previous month.

Muskoka Cottage Real Estate Market

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

Average Sale Price – October 2022 – $1,465,818
Dn 22.9% month over month
Dn 4.7% compared to October 2021

Median Sale Price – October 2022 – $962,500
Dn 30% month over month
Dn 18.8% compared to October 2021

Unit sales for October 2022 totaled 40. That’s 13% fewer sales than the previous month. Comparing October YOY at 61 sales in October 2021 represents a decrease of 34.4%, compared to October 2022.

The cottage market is slowly coming to an end for Muskoka, with 40 units sold and with 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.

MUSKOKA WATERFRONT MARKET – DOM and Sale to List Price Ratio

The average days to sell a cottage in Muskoka for October 2022 was 39, a decrease of 2 days from the previous month.

The percentage difference between selling and listing prices is now at 93.7%. 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