May 2021 | Muskoka Market Insight
Another month of solid Real Estate trading in Muskoka & beyond, below are some highlights:
-We are operating on 2 Months of inventory total & 1 month inventory for detached residential in all of Muskoka & Parry Sound, still very much a seller’s market.
-Y/Y average sale prices have decreased in comparison to March, one of the hottest months on record.
-Average Days on Market are starting to rise consistently in all categories compared to the months in Q1
-Nationally, only ¼ of canadian markets are in a balanced territory, The rest are well above the norm.
-Off Water properties in Muskoka Lakes, Bracebridge and Gravenhurst saw the largest average sale price increase as well as the highest number of new listings in May.
What to expect:
June is a big month for Real Estate! New stress test measures were introduced on June 1st in hopes of “slowing the market”. However, in a recreational marketplace such as Muskoka, where the majority of property sales are investment/secondary properties, I don’t see these measures making a massive impact on this market, but time will tell.
As far as historical data goes, June typically sees the highest number of new listings, we are expecting a similar but maybe less dramatic wave of new listings this month as properties are accessible, cleaned up and the weather forecast looks perfect for cottage showings.