Muskoka Market Conditions January 6, 2024
The median sale price fluctuated during 2023 and reached a high of $744,000 in May, 2023 and a low of $598,000 in December of 2023. The median price data included single family, townhouse, condo and semi-detached dwellings with waterfront.
Area included in source data for Muskoka home sales: District of Muskoka, residential 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
Muskoka Home Sales
December 2023
National home sales remained mostly stable this period, falling 0.9% month-over-month and 0.9% year-over-year, according to the Canadian Real Estate Association (CREA), as higher borrowing costs continue to impact potential buyers and cause many current homeowners to put their selling plans on hold. Home sales have fallen by about 13% since June, when the Bank of Canada resumed its series of interest rate hikes. Sales are expected to remain cooler through the winter months, with many markets now in the midst of a correction amid higher borrowing costs and historically low affordability.
New Listings increased 29.1 percent for Waterfront homes and 24.7 percent for Non-Waterfront homes. Sales decreased 24.1 percent for Waterfront homes and 19.6 percent for Non-Waterfront homes. Inventory increased 55.6 percent for Waterfront homes and 45.7 percent for Non-Waterfront homes.
Median Sales Price increased 16.5 percent to $757,250 for Waterfront homes but decreased 4.1 percent to $618,000 for Non-Waterfront homes. Days on Market increased 42.9 percent for Waterfront homes but decreased 3.8 percent for Non-Waterfront homes. Months Supply of Inventory increased 64.0 percent for Waterfront homes and 59.3 percent for Non-Waterfront homes.
With home sales down, prices have continued to soften nationwide, falling 1.1% month-over-month as of last report, the largest decline since September 2022, although prices were still up 0.6% year-over-year, according to CREA. Economists are projecting sales prices will continue to soften in parts of Canada until the Bank of Canada begins cutting interest rates, which many expect will occur in 2024, depending on inflation. Meanwhile, the number of new listings declined for the second month in a row, dropping 1.8% from the previous month, for a 4.2 months’ supply heading into December.
For more information about the Muskoka home sales contact A1 Accurate Appraisal, 3-200 Manitoba St., Suite 329, Bracebridge, ON, Canada, P1L 2E2
Phone: (705) 641-1789 Email: please use the contact form here: https://a1accurateappraisal.com/contact-us-secure-page-shawn-oconnor-aaci/
More info here: https://a1accurateappraisal.com/monthly-price-ticker-muskoka-real-estate-market-conditions-waterfront-vs-non-waterfront/
