2020 Year in Review: Muskoka Residential Real Estate Market



January 7, 2021

Muskoka Residential Real Estate Market

*This analysis looks at residential non-waterfront data from January 1st 2020 to January 1st 2021 percentages are reflected over this time span*

 

Thank you for checking out the year in review in the Muskoka residential market! It was a record breaking year in the Muskoka real estate market. Decreased inventory of 13.9% for residential homes in Muskoka accelerated the market into the strongest sellers market in over 10 years. Average price for a home in Muskoka not on the water, has jumped from just over $400k in 2019, to $499,260, which is an increase of 18.9% YOY. Huntsville, Bracebridge and Gravenhurst individually have had their average sale prices increase 26.5%, 17.5%, & 22.3% respectively since the beginning of 2020. The majority of the residential sales were in Huntsville with 49% market share, Bracebridge and Gravenhurst both at 26% market share. Average days to sell in 2020 has dropped 17.8% from 45 days to 37 days and the homes are on average selling at 99.8% of the listing price in 2020! If you are thinking of selling a residential home, reach out to have your home listed, professionally staged,  professionally photographed and SOLD!

 

 

 

Would you want to miss out on this unprecedented time to sell Muskoka Real Estate?

 

For a free property evaluation find out How We Do It !

 

 

If considering selling or buying Muskoka Real Estate, reach out anytime.

 

John Aben, Broker — john@abenteam.com or call 705-788-4770.

Mark Aben, Broker — mark@abenteam.com or call 705-788-4388.

Email: info@abenteam.com

 

Data based on the following:
Bracebridge, Gravenhurst, Huntsville
Excludes cottage, vacant land, condo and commercial properties

What Type Of Market Are We In

Balance-30%

Number of Homes for Sale – Down 13.9% YOY

Number of Units Sold – Up 14.8% YOY

 

823 (number sold) ÷ 915 (number listed) = .90 (90%)

90% = Sellers Market

Sellers Market: The number of buyer’s wanting homes exceeds the supply or number of homes on the market.

 

14.8% increase YOY in the number of homes for sale. 2020 now has the lowest inventory levels in over 10 years. The decrease in supply of homes for sale in 2020 increased our sold to listed ratio from 67% to 90%. That has moved the market quickly toward a strong sellers market.

 

BUYERS MARKET (< 35%)
The supply of homes on the market exceeds demand.
BALANCED MARKET (35%-55%)
The number of homes on the market is equal to the demand or number of buyers.
SELLERS MARKET (> 55%)
The number of buyer’s wanting homes exceeds the supply or number of homes on the market.
Muskoka Residential Sold to Listed Ratio 90%

Average and Median Sale Price

muskoka-residential-price-increase

Average Sale Price – $499,260

Median Sale Price – $450,000

 

Percentage Increase in Average Sale Price

$404,824 (2019) to $499,260(2020) = Up 18.9%

 

Percentage Increase in Median Sale Price

$380,000 (2019) to $450,000 (2020) = Up 18.4%

 

In the past 10 years the residential average sale price has steadily increased year by year. Since 2010 the average price has increased over 115%.

All Muskoka Average and Median Residential Sale Price $499,260

Average Sale Price By Town

muskoka-residential-price-increase

Bracebridge

Average Sale Price – $477,107

 

Gravenhurst

Average Sale Price – $477,185

 

Huntsville

Average Sale Price – $525,683

 

Comparing Year Over Year

Bracebridge – Up 17.5%

Gravenhurst – Up 22.3%

Huntsville – Up 26.5%

 

 

2020 has yielded an influx of demand through the Muskoka region as lockdowns and COVID-19 impacts the larger communities around Ontario.

 

The demand for a Muskoka residential home has never been higher as appreciation for the spacious, clean, outdoor lifestyle grows in popularity throughout the population. In the larger towns of Muskoka (Huntsville, Bracebridge, Gravenhurst) gains made by the residential home owners have been significant.

 

As portrayed on the average sale price by town graph Huntsville residential homes are realizing on average 26.5% gain since January 2020. Bracebridge is seeing an average sale price increase of 17.5%, and Gravenhurst similar to Huntsville’s number appreciating on average 22.3% since January 2020.

 

For opinions of value and insights into any residential situation the Aben team is happy to have a conversation. The residential market has never been more active! The market is only limited by the number of listings available. Recently completed subdivisions have bolstered a bump in supply notching some additional listings and also some additional sales.

Residential Average Sale Price by Town Up 17% - 26.5%

Number of Homes Sold

muskoka-residential-real-estate-unit-sales-30%

Number of Homes Sold – 823

 

Percentage Increase in Number of Homes Sold

717 (2019) to 823 (2020) = Up 14.8%

 

The impacts from the pandemic has caused demand to surge in Muskoka sending values and units sold way up but also causing supply to dwindle creating a strong selling market for the residential side of the Muskoka real estate market.

2020 Residential Unit Sales 823

Number of Homes Sold by Price Range

muskoka-residential-real-estate-unit-sales-30%

49.7% fewer sales under $300,000

69.1% more sales between $500,000 and $600,000

224.1% increase in sales over $700,000

 

This chart is an excellent example that shows how values are increasing and more sales are being recorded at higher price points throughout the area over the past year

Residential Unit Sales by Price Range 19 - $1M + Sales

Number of Homes Sold by Town

muskoka-residential-real-estate-unit-sales-30%

Bracebridge

Number of Homes Sold – 210 (Up 2% YOY)

 

Gravenhurst

Number of Homes Sold – 210 (Up 39% YOY)

 

Huntsville

Number of Homes Sold – 403 (Up 12% YOY)

 

Huntsville continues to be the main destination for the residential home buyer holding 49% of the residential market share across the 3 main towns in Muskoka. Bracebridge and Gravenhurst both coming in with equal market shares in 2020 notching 210 sales each capturing 26% of the residential market.

Residential Unit Sales by Town - Huntsville 49%

Number of Homes Sold By Month

muskoka-residential-real-estate-unit-sales-30%

When to List?

The spring market is not necessarily the best time to list your property anymore. Strong sales start in April/May but persist into the fall months. Typically most sales appear in May and June but in saying that, you can list your property today as there are still a great number of buyers looking. Don’t delay with listing your property. Give us a call today to discuss the best strategy for your property.

Residential Unit Sales by Month Up 14.8% YOY

Average Days on Market

Calendar-31-30%

Days on Market  37

Average days on market decreased in 2020 from 17.7% from 45 days in 2019 to 37 days in 2020. Supply remains low despite an increase in unit sales of 14.8%. Demand for a home in Bracebridge, Gravenhurst or Huntsville remains at an all time high.

Residential Average Days on Market 37 Days

Sold Price to List / Original Price

Home-Percentage-30%

An increase in the sold to original list price is a good sign that further confirms the data we have presented in this post. Very strong sellers market with owners getting as close and often over the listing price. Well listed, staged and priced properties are generating a lot of demand and have been receiving multiple offers consistently in today’s market.

Sold to List Price – 99.8%

Sold to Original List Price – 99.1%

 

We are happy to have a conversation anytime to answer questions, provide more information or give personalized insights into your existing Muskoka properties and investments.

Residential Sold to Original List Price Ratio 99.1%
Data Source: The Lakelands Association of Realtors