Muskoka Real Estate Market | April 2022
Muskoka Market Trends
The Lakelands Real Estate Board just released their market report for April. Trends, as expected, were much lower sales numbers in all categories including waterfront and residential properties.
Non-Waterfront Property Sales
- A total of 530 units sold in April, 5% above the 5 year average but down 34% from 2021.
- Non-waterfront house sales totaled 1,819 properties over the first four months of the year, down 25.1% from the same period in 2021.
Waterfront Property Sales
- Sales of waterfront properties numbered 104 units in April 2022. This was 58.7% lower than from the same period last year keeping in mind 2021 was record setting.
- Waterfront sales, including lake and riverfront properties, were 17.5% under the five-year average and 22.3% below the 10-year average for April.
- January through the end of April saw 322 waterfront properties sold including cottages and vacant lots, 50.1% lower than 2021. This includes properties sold on Kahshe Lake.
According to Chuck Murney in the latest post from the Lakelands Board,
“Sales for both waterfront and non-waterfront properties came in well below last year’s record levels and were hovering around the average for this time of year, with activity for non-waterfront homes faring slightly better between the two. Supply levels are still at historical lows, which means that if we see a continued moderation in sales activity there is ample room for the market to absorb a welcome increase in available listings. Prices are still trending near all-time highs but have begun to show signs of topping out.”
The benchmark price for single-family homes was $761,600, a gain of 21.4% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $656,900, up by 23.8% compared to a year earlier, while the benchmark apartment price was $594,400, a large increase of 34.8% from year-ago levels.
- The median price for waterfront property sales in April 2022 was $1,202,500, up by 26.4% from April 2021.
- The more comprehensive year-to-date waterfront median price was $1,175,000, up 30.6% from the first four months of 2021.
- The total dollar value house sales in April 2022 was $458 million, 20.7% lower than April 2021.
- The total dollar value of all waterfront sales in April 2022 was $162.7 million, a drop of 43.1% from a year ago.
Of note, if you use the The MLS® Home Price Index, the overall MLS® HPI composite benchmark price was $745,500 in April 2022, up by 21.4% compared to April 2021. It will be very interesting to see if the prices hold up in the coming months with higher interest rates and a shaky stock market particularly in hot micro markets like Lake of Bays real estate.