Muskoka Real Estate | April Update
In April 2023, the MLS® System recorded a total of 442 residential non-waterfront sales in the vibrant Lakelands region. However, this figure reflected a significant decline of 17.5% compared to the same period in 2022.
For the month of April, residential non-waterfront sales were 11.2% below the five-year average and 18% below the ten-year average. These figures indicate a departure from the typical market activity during this time of year.
Over the first four months of the year, the year-to-date residential non-waterfront sales stood at 1,270 units. This represented a substantial reduction of 30.5% compared to the same period in 2022, highlighting a notable downward trend.
Waterfront Real Estate
In terms of waterfront properties, the month of April 2023 saw 84 units sold, indicating a significant decline of 20% from the previous year. Moreover, waterfront sales were 30% below the five-year average and 36.5% below the ten-year average for the month of April.
When considering the year-to-date basis, the total waterfront sales for the first four months of the year amounted to 218 units, marking a substantial reduction of 32.9% compared to the same period in 2022.
To accurately track price trends, the MLS® Home Price Index (HPI) is considered more reliable than average or median price measures. In April 2023, the overall MLS® HPI composite benchmark price was recorded at $685,000, reflecting a substantial decrease of 16.5% compared to April 2022.
For single-family homes, the benchmark price was $708,800, marking a significant reduction of 17% on a year-over-year basis in April. Townhouse/row units experienced a substantial decline, with the benchmark price reaching $567,600, a decrease of 12% compared to the previous year. Similarly, the benchmark apartment price was $475,100, showing a decline of 8.5% from the levels observed a year ago.
The median price for residential non-waterfront property sales in April 2023 was $700,000, reflecting a decline of 6.7% from April 2022. Looking at the year-to-date figures, the more comprehensive median price for residential non-waterfront properties was $679,000, experiencing a significant drop of 15.1% from the first four months of 2022.
In the waterfront property segment, the median price for April 2023 was $973,500, indicating a sharp decrease of 19.2% compared to April 2022. Similarly, the more comprehensive median price for waterfront properties in the year-to-date period was $932,500, demonstrating a significant decline of 21.6% from the first four months of 2022.
In terms of the total dollar value, residential non-waterfront sales in April 2023 amounted to $342 million, marking a substantial decrease of 26%
These price fluctuations highlight the impact of changing market conditions and the importance of staying informed when making real estate decisions in the Lakelands region.
As the market continues to evolve, it is crucial to stay connected to our website for regular updates, market reports, and expert advice. Our team of professionals is here to assist you in navigating the dynamic real estate landscape of the Lakelands region. Contact us today to discuss your specific needs and explore the available opportunities in this ever-changing market.