Muskoka Real Estate | May 2023 Update
The Lakeland Real Estate Board published the May 2023 statistics and there were no surprises for any local Realtors® who keep a close eye on the market. As we have been monitoring web traffic on our sites it's obvious that there are far less people searching for properties than in the height of the pandemic. Many of the new listings appear to be properties purchased in the last 3 years or re-lists from last year at a lower price point. Great if you're a buyer, not so good for sellers. The switch from a Sellers to Buyers market appears to be gaining traction on both the cottage and home sides of the market. Waterfront sales on Lake Joseph, Muskoka and Rosseau appear to be moving albeit at a much slower pace and it will take a few more months to find the new price balance on luxury properties.
Muskoka Cottage Sales
Waterfront real estate in Muskoka was down 7.8% in May and 23.8% year-to-date. This includes cottages and vacant waterfront lots in the entire "Lakelands North" area.
The total value of all waterfront sales totalled just over $341,300.00 down 29.9% compared to last year. May itself saw a reduction in the value by 4.4%
As with houses, days on market increased significantly to 22, double the same time in 2022 when there were only an average of 11 days from listing to firm sale.
So far this year the median price of cottages and vacant waterfront dropped by 12.9% compared to last year. Keep in mind that it's still 62% higher than 2020, a significant increase by any measure in 3 years.
Muskoka Home Sales
Residential sales were down 10.1% over May 2022 and year-to-date sales fell 29.2%. The total dollar value of all home sales was $249,792,208 down 5.8% from last year.
There were 852 active listings, a large increase of 57.2% over 2022 but still considerably less then pre-pandemic levels at which time there were about 60% more homes on the market.
The median price for homes in the "Lakelands North" region was $810,000.00 in May and $705,000.00 Y.T.D, a decline of 6% from last year. Of note, the year-to-date days on market number rose from 8 to 21, a significant increase that reflects the large increase in inventory and smaller buyer pool.
Areas covered by Lakelands North include Algonquin Highlands, The Archipelago, Bracebridge, Dysart et al, Georgian Bay Township, Gravenhurst, Highlands East, Huntsville, Lake of Bays, Minden, Muskoka Lakes, Parry Sound. These waterfront statistics cover all these region's lakes and rivers including Lake Cecebe, Lake Vernon, the Muskoka River, Lake Manitouwabing real estate and more. We have individual property sales numbers on our listing pages for individual lakes.
Muskoka Waterfront Real Estate
Muskoka Residential Real Estate
BOARD & ASSOCIATION INFORMATION
The Lakelands Association of REALTORS® represents more than 1,550 REALTORS®. There are several major geographical areas within the Association's boundaries, including parts of Severn and Georgian Bay Townships; Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, and portions of the Municipality of Meaford, Grey Highlands. As well as Towns of Midland and Penetanguishene, the Townships of Tay, and Tiny. In the heart of Canada's Cottage Country; Parry Sound, Muskoka, Haliburton, Orillia, Gravenhurst, Bracebridge, Muskoka Lakes, Huntsville, and Lake of Bays. Most within our geographical area are located less than a two-hour drive north of Toronto. Each offering a unique blend of properties ranging from residential homes to smaller towns and the rural areas in-between, as well as a mix of waterfront homes/cottages on the many rivers and lakes that range from the smaller entry-level properties to the prestigious.