Muskoka Real Estate Market Update – October 2023

As we enter the 4th quarter of 2023, the market has been relatively balanced in Muskoka for the past quarter. Remaining virtually unchanged YOY — $ volume is down only 1%, with Average and Median sale prices changing less than 2%. Unit sales saw the largest change YOY, with a decrease of 11%. 

From September to October 2023, the market was up 5.1% for a Muskoka home and down 4.6% for a cottage. The average sale price for a cottage is up 21.7% from October 2022.

The New Listings to Sales Ratio for a home and cottage in Muskoka has decreased slightly for October compared to September at 3.3% and 1.6%, respectively. These numbers align with October 2022 and indicate the market as we approach the winter months, the slower season.

Muskoka Cottage Real Estate Market

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

Average Sale Price – October 2023 – $1,785,129
Dn 4.6% month over month
Up 21.7% compared to October 2022

Median Sale Price – October 2023 – $1,050,000
Dn 23.8% month over month
Up 9% compared to October 2022

Unit sales for October 2023 totalled 31. That’s 51.6% fewer sales than the previous month. Comparing October YOY at 40 sales in October 2022 represents a 29% decrease compared to October 2022.

The cottage market is slowly ending for Muskoka, with 31 units sold and only 55 new listings; typically in the fall, fewer cottages are coming to market with the weather turning. We will likely see most cottages come off the market at the end of October and November, 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 2023 was 46, a decrease of 15 days from the previous month.

The percentage difference between selling and listing Muskoka real estate is now at 93.2%. We continue to see this year trending similar to 2022; it continues to be typical for buyers to have conditions such as inspections and finance on offers. With a balanced market, some give and take on price between sellers and buyers is common. However, as history shows, there are lakes where, if the property checks the boxes for exposure, privacy, size of frontage, and slope of the land, you can still get multiple offers if priced well. The buyers are out there, just being more selective and less rushed as in the last few years. 

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

Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

Average Sale Price – October 2023 – $723,213
Up 5.1% month over month
Up 1.9% compared to October 2022

Median Sale Price – October 2023 – $660,000
Up 2.7% month over month
Dn 2.8% compared to October 2022

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in October 2023 was 47, an increase of 4 days from the previous month. In October 2022, selling a home in Muskoka took an average of 42 days.

The percentage difference between selling and listing prices is now at 94.5%. That’s 3.3% lower than the previous month.

If you want to see different Muskoka real estate 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