Market
Market
Muskoka Real Estate Update | January 2024
The Lakelands Association of Realtors® released its January 2024 statistics and as we suspected it wasn't pretty. Keep in mind that the first quarter is generally very slow for both home and cottage sales so we won't get an accurate picture until the summer selling season begins. As well, the property sales volumes in Muskoka are so low that many statistics will be of limited value. That being said, the downward trends seen earlier seem to be accelerating. As you can see by the graph on the right which covers most of cottage country, sales are at a multi year low in the lower price ranges. Luxury cottages on the other hand are holding or even gaining for waterfront north of $3,000,000.
There were only 23 waterfront properties sold in January for the whole real estate board which covers a huge area of cottage country. This is 23.3% lower than last year ad 45% lower than the 10 year average. The median waterfront price came in at $899,000.
Cottages Under $3,000,000
We decided to chart most of Ontario's cottage region instead of focusing strictly on Muskoka so buyers and sellers can get a better view of the overall market conditions. The number of days to sell waterfront has also gone up significantly as you can see in the chart below. The trends seem to be similar in most areas throughout the province. We offer lake specific and area specific analysis as well, just contact us.
Cottages Over $3,000,000
Cottage Median Days on Market
On the non-waterfront side, there were 194 single family homes sold in January on the Lakelands Board, down 6.3% from last year and 24.9% lower than the 10 year average. The benchmark price fell 6.1% to $651,200. Once again, volumes were so low that they may be statistically insignificant. Listing numbers were up significantly for both homes and cottages.
As the summer selling season gets closer and we have more data to work with we will publish an updated outlook for the Muskoka and Parry Sound regions. The unofficial start is The Spring Cottage Life Show in Toronto, it will be fascinating to see the market sentiment.
If you have any questions don't hesitate to reach out to us, you can find our contact page here.
Lakelands Waterfront & Non Waterfront Property
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
