Muskoka Market Conditions August 2023
Muskoka Market Conditions: The median residential sale price in the District of Muskoka increased by approximately 1.31 % during the 12 months previous to August 1, 2023 compared to the 12 months previous to August 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.
The aggregate median sale price for waterfront and non-waterfront property together has recently been increasing and was $681,250 as at August 1, 2023. (12 month rolling aggregate median price). Both waterfront and non-waterfront home prices have increased in the last month (July).
July 2023: National home sales continue to improve, rising 1.5% month-over-month as of last measure, according to the Canadian Real Estate Association (CREA), with sales up 4.7% compared to the same period last year. Market activity has picked up in recent months as homebuyers took advantage of the Bank of Canada’s temporary pause on interest rate hikes earlier this year, leading home sales to increase ahead of the Bank’s latest 0.25% rate hike in July.
New Listings increased 10.2 percent for Waterfront homes and 1.6 percent for Non-Waterfront homes. Sales decreased 20.5 percent for Waterfront homes but increased 27.3 percent for Non-Waterfront homes. Inventory increased 41.5 percent for Waterfront homes and 19.6 percent for Non-Waterfront homes.
Median Sales Price increased 15.2 percent to $980,000 for Waterfront homes and 1.7 percent to $660,000 for Non-Waterfront homes. Days on Market increased 34.5 percent for Waterfront homes and 46.2 percent for Non-Waterfront homes. Months Supply of Inventory increased 100.0 percent for Waterfront homes and 54.1 percent for Non-Waterfront homes.
Sellers appear to be taking note of the recent surge of buyer activity, with new listings climbing 5.9% month-over-month, according to CREA, building on the increases recorded in April and May. A new wave of listings has helped give prospective buyers additional options in their home search, but with only 3.1 months’ supply heading into July, low inventory levels continue to put upward pressure on home prices, with the Aggregate Composite Home Price Index (HPI) rising 2% month-over-month, a significant increase for a single month.
For more information about the Muskoka market contact A1 Accurate Appraisal, 3-200 Manitoba St., Suite 329, Bracebridge, ON, Canada, P1L 2E2
Phone: (705) 641-1789 Email: