Muskoka Real Estate Market Update Sept 2022



October 7, 2022

Muskoka Real Estate Market Update – September 2022

The 2022 Muskoka Real Estate Market remains balanced for September. This means the number of homes on the market equals the demand or number of buyers looking. The residential market remains flat with an increase of .4% and 1.5% in the average and median sale price for a Muskoka home. The Muskoka cottage market realized an increase in both average and median sale prices at 24.8% and 34.8%, respectively. Appears that the higher-priced cottages are moving more than the lower. Over 23% fewer sales in September compared to August 2022. The cottage market is typically slowing as we enter fall.

The number of days on the market is slowly rising. Muskoka homes are taking an average of 38 days to sell in September and cottages taking on average 41 days to sell. The sale-to-listing price ratio for a Muskoka home is 97.2%, and a Muskoka cottage is 95.3% both representing a narrower gap than in August 2022.

Overall, this balanced market is better for the buyers, but the sellers have maintained a healthy value for their home or cottage in Muskoka, still above pre-pandemic values and more in line with 2021 values.

Muskoka Residential Real Estate Market

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MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

Average Sale Price – September 2022 – $687,935
Up .4%
month over month
Up 4.9%
compared to September 2021

Median Sale Price – September 2022 – $609,000
Up 1.5% month over month
Up 1.8%
compared to September 2021

We remain in a balanced market with a ratio of 55 sales to 102 new listings = 54%. 35%-55% represents a balanced market.

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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 September 2022 was 38, an increase of 7 days, or 22.6% from the previous month. In September 2021, it took an average of 22 days to sell a home in Muskoka.

The percentage difference between selling and listing prices is now at 96.5%. That’s .9% lower than the previous month.

Muskoka Cottage Real Estate Market

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MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

Average Sale Price – September 2022 – $1,901,293
Up 24.8%
month over month
Down 11.1%
compared to September 2021

Median Sale Price – September 2022 – $1,375,000
Up 34.8% month over month
Up 12.9%
compared to September 2021

Unit sales for September 2022 totaled 45. That’s 23.7% down from the previous month. Comparing September YOY; 80 sales in September 2021, that’s a decrease of 43.8%, compared to September 2022.

The cottage market has remained balanced, with 45 units sold compared to 109 new listings, representing a ratio of 41%.

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MUSKOKA WATERFRONT MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a cottage in Muskoka for September 2022 was 41, an increase of 6 days from the previous month.

The percentage difference between selling and listing prices is now at 95.3%. 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. Although the sale-to-list ratio is low, at 95.3% it remains a balanced market.

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