Muskoka Cottage Real Estate Market | Summer 2018
Muskoka cottage market continues to be very strong with steady demand for waterfront properties in all price ranges. the challange is lack of good product available. The number of lakefront listings is very low in all areas but is most pronounced within the southern Muskoka and Parry Sound areas in the $500,00 to $800,000 range. Statistic released by The Lakelands Real Estate Board for June, 2018 reveal some interesting facts;
- The median price for waterfront property sales in June 2018 was $550,000, up 8.1% from June 2017
- The value of all waterfront sales including cottages, lakefront homes and vacant waterfront lots in June 2018 was $164.3 million, decreasing by 11.6% from the record for the month set in 2017.
- On a year-to-date basis, waterfront sales totalled 730 units over the first six months of the year. This was a decline of 31.5% from the same period in 2017.
As you can see by these numbers, the lack of inventory is having a direct effect on sales. The total number of waterfront MLS listings including properties that are conditionally sold is sitting around 635 units for Muskoka and 540 for Parry Sound. That’s a vast area to have under 1200 listings.
Lake Rosseau, Lake Muskoka and Lake Joseph are without doubt the most popular area cottaging areas of Ontario. It can be very useful to gauge the heath of the recreational property market.
Here’s some interesting statistics on the “Big Three” ;
There’s been about 15 lakefront properies sold on Joe so far this year as compared to 28 for the same time period in 2017. This represents a decline of 46%. Current listings total 37 units with prices ranging from $1,995,000 to $12,900,000. Keep in mind that there’s always private sales that aren’t reflected in the MLS data.
Units sold on Rosseau to the end of July 2018 total 18 properties which is the same number last year. There’s currently 44 waterfront listings on the lake and prices range from $759,000 to a high of $8,495,000.
On other popular lakes such as Lake of Bays, Ahmic, Mary and Peninsula we are seeing simular numbers. As the summer selling season winds down my feeling is that the tread will continue. Traffic on our website is steady so the demand continues on pace.