Muskoka Market Conditions: The median residential sale price in the District of Muskoka increased by approximately 12.2 % during the 12 months previous to October 1, 2023 compared to the 12 months previous to October 1, 2022. Sales of vacant land and/or commercial property were not included in the data source.
Area included in source data: District of Muskoka, residential waterfront and residential non-waterfront improved sales only. (Source: Lakelands Association of Realtors MLS data)
Disclaimer: The above data was provided for personal use only and was obtained from sources considered reliable and was not verified. It is up to the reader of this information is to determine the suitability and use of the information. Any and all liability to the reader is expressly denied.
September 2023: Canada home sales slid for the second month in a row, falling 4.1% month-over-month, according to the Canadian Real Estate Association (CREA), as higher borrowing costs continue to impact market activity. Economists predicted that sales would soften following the Bank of Canada’s rate hikes this summer, which raised the benchmark interest rate to 5%, a 22-year high, pushing some prospective buyers back to the sidelines, while remaining buyers face significantly higher monthly payments.
New Listings increased 30.9 percent for Waterfront homes and 17.0 percent for Non-Waterfront homes. Sales increased 16.8 percent for Waterfront homes but decreased 5.5 percent for Non-Waterfront homes. Inventory increased 59.7 percent for Waterfront homes and 26.8 percent for Non-Waterfront homes.
Median Sales Price decreased 2.7 percent to $860,000 for Waterfront homes and 2.4 percent to $610,000 for Non-Waterfront homes. Days on Market increased 25.6 percent for Waterfront homes and 13.5 percent for Non-Waterfront homes. Months Supply of Inventory increased 91.1 percent for Waterfront homes and 50.0 percent for Non-Waterfront homes.
As sales slow, new listings continue to rise, climbing 0.8% month-over-month, according to CREA. New listings are up a cumulative 24% since March, after reaching a two-decade low at the beginning of the year. Although buyers may have additional options in their home search, inventory remains low by historical standards, with only 3.4 months’ supply heading into September. Supply and demand imbalances have put upward pressure on sales prices, which have continued to rise nationally, with the MLS Home Price Index (HPI) increasing 0.4% as of last measure.
More info here: https://a1accurateappraisal.com/2023-10-1-newsletter-muskoka-home-sales-real-estate-trends/
Waterfront price trends here: https://a1accurateappraisal.com/new-waterfront-home-prices-muskoka-on-ca-data-updated-monthly/
