Q-1 North Muskoka Real Estate Report
The Lakelands Association of Realtors covers a broad geographic area that includes Parry Sound, Muskoka, Haliburton, and Orillia. Rather than commenting on the entire Board area, this market report and commentary focuses on the specific areas that we specialize in. Our geographic areas of expertise are Muskoka, Huntsville, Lake of Bays and Almaguin.
Low Inventory Levels
The following chart tells the picture of low inventory levels throughout the region. Given the lean inventory, it follows that sales have declined proportionately. The number of waterfront single family sales in the first quarter of 2018 dropped 37% with a paltry 64 completed sales, compared to the 101 units recorded sold in 2017. In the district of Lake of Bays, the number of waterfront sales declined 56% with 7 reported sales versus 16 in the first quarter of 2017. On Lake of Bays lake 4 sales were reported in the first quarter of 2017, however this year in the first quarter, there was only 1 waterfront sale. Cottage buyers are sending a message that if the right cottage comes on the market and it is priced appropriately they will move to an offer position. However, even with such low inventory levels, buyers of discretionary income purchases want to see the value in their purchase.
Average versus Median price
The second quarter will hopefully give us enough data to make comment on the median prices of sales of this waterfront market. We do not comment on average sale prices as averages can be dramatically skewed when very few sales are reported.
Royal LePage Lakes of Muskoka continues to be the real estate market leader in Muskoka in residential, recreational and Carriage Trade luxury property sales. Royal LePage is the Voice of Canadian Real Estate, publishing reports and surveys, and sharing insights and opinion to make us the most quoted real estate company in Canada. We are the go-to resource for influential reporters across all media channels nationally and have earned the valued position as one of the most rational, insightful and educational voices in the real estate industry. To view the Royal LePage 2018 Q1 National House Price survey click here.
For more detailed information on a specific area or lake, feel free to call or email us.