Real Estate Market
Real Estate Market
Muskoka Real Estate – September 2023 Update
In September 2023, the residential non-waterfront real estate market in the picturesque Muskoka region remained steady, with 354 units sold through the MLS® System. This figure mirrored the sales volume recorded during the same period in 2022.
However, it's worth noting that residential non-waterfront sales were 32.7% below the five-year average and 33% below the ten-year average for the month of September. On a year-to-date basis, there were 3,456 units sold over the first nine months of the year, representing a 7.8% decrease compared to the same period in 2022.
In contrast, waterfront property sales experienced a notable surge, with 138 units sold in September 2023, marking a substantial 22.1% increase from the previous year. Nonetheless, waterfront sales still lagged behind historical averages, standing at 29.4% below the five-year average and 32.7% below the ten-year average for September. On a year-to-date basis, 940 waterfront properties changed hands, reflecting a 5.1% decrease compared to 2022.
Home Prices Drop Slightly
For a more accurate representation of price trends, the MLS® Home Price Index (HPI) is relied upon. In September 2023, the composite benchmark price, reflecting overall market trends, stood at $717,200, marking a slight 0.9% reduction compared to the previous year.
Breaking it down by property type, the benchmark price for single-family homes was $746,200, down 0.4% year-over-year. Townhouse/row units, on the other hand, saw their benchmark price decline by 9.6% to $582,000, while apartments experienced a modest 3.3% increase, bringing the benchmark price to $474,500 compared to the previous year.
In terms of median prices, residential non-waterfront property sales in September 2023 recorded a median price of $627,739, marking a minor 2.1% decrease from September 2022. The year-to-date median price for residential non-waterfront properties was $680,000, representing a moderate 6.8% decrease from the first nine months of 2022.
Waterfront Prices Softning
For waterfront properties, the median price in September 2023 was $938,000, indicating a substantial 10.7% decrease from the previous year. The year-to-date waterfront median price stood at $950,000, showing a moderate 7.8% decrease from the first nine months of 2022.
In terms of the total dollar value of sales, residential non-waterfront properties in September 2023 accounted for $250.7 million, a slight 2.3% decrease compared to the same month in 2022. Meanwhile, the total dollar value of waterfront sales for the same period in 2023 amounted to $177.8 million, marking a notable gain of 15.6% from the previous year."
¹ Lakelands West: The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, Wasaga Beach ² Lakelands Central: Midland, Orillia, Oro-Medonte, Penetanguishene, Ramara, Severn, Springwater, Tay, Tiny ³ Lakelands North: Algonquin Highlands, The Archipelago, Bracebridge, Dysart et al, Georgian Bay Township, Gravenhurst, Highlands East, Huntsville, Lake of Bays, Minden, Muskoka Lakes, Parry Sound