Featured ListingsSEARCH FOR MORE LISTINGS
The residential and recreational market in Almaguin Highlands continues to improve with 30.3% increase in unit sales for a home and an increase of 31.1% for a cottage property.
Although there has been a significant increase in unit sales the average sale price is not experiencing the same type of growth. A home in the Almaguin Highlands is now on average $173,783.67, that’s 5.8% higher than 2015. A cottage on average is $320,584.25, that’s an increase of only 1.1% over 2015. Quite surprised with unit sales increasing over 31% that the average price didn’t follow suit.
Vacant land sales for non-waterfront properties has shown significant growth over the previous two years with 44.7% growth for 2016 over 2015. Vacant land waterfront sales up 35.4%. Both types of vacant land have reached the highs of 2004 and should stimulate more new construction for the coming year.
The driving force behind these increases in my opinion can be attributed to the rising prices further south in Muskoka. The average price for a home in Muskoka is now $287,047.65 compared to Almaguin Highlands at $173,783.67 and a cottage property in Muskoka will cost you on average $873,748.81, compared to $320,584.25 in Almaguin Highlands. The Muskoka cottage price does however include the big lakes, where it’s common place to have a cottage sell for $2,000,000 compared to Almaguin Highlands where there has only been one sale over $1,000,000 in 2016.
Vacant land waterfront decrease YOY, 4.9%, while the non-waterfront vacant land increased 7.5%.
The days on market have decreased slightly and the sellers are now getting closer to their asking price with an average selling price of approximately 5% below the listing price.
The recreational market is just creeping into a seller’s market with a list to sold ratio of 58.4%. This means that 58.4% of the properties listed in 2016 sold. The inventory remained fairly consistent YOY with just over 400 cottage properties listed, but a significant increase in the number sold from 179 cottages in 2015, to 237 cottages in 2016.
The residential market increased more substantially into a seller’s market with a list to sold ratio of 68.1%. This means that 68.1% of the properties listed in 2016 sold. The inventory remained fairly consistent as well YOY with 436 homes listed, but again significant increase in the number sold from 223 cottages in 2015, to 297 cottages in 2016.
When is the best time to sell your cottage? The graph below shows most cottages coming to market in two waves, first wave is in March, in preparation for the Spring Cottage Life Show which kicks off the cottage selling season. Then again in May, as weather improves and after the sellers have had time to visit the cottage after the winter. Most sales occur in May because the ice leaves later in April and buyers now have an opportunity to see the shoreline and also so the new cottage owners can get a full summer of enjoyment at the cottage.
Residentially the months for most sales and listings are the same, but more consistent throughout the year.
Cottage sales has seen a significant rise across all price ranges, but more so in the higher end range of $400,000 - $500,000, experiencing an increase of 121% for 2016 over 2015.
The residential market has seen for the first time, two sales in excess of $500,000 and as well significant growth across all price ranges.
My prediction for 2017 is continued growth for the residential and recreational market in Almaguin Highlands, especially if Muskoka experiences continued growth. Higher prices in Muskoka, makes Almaguin Highlands more affordable and attractive to many buyers with average home prices over 39% less in Almaguin Highlands and a reasonable 30 minutes further north for the most part.
Sellers will need to keep their prices in check for recreational properties, in order for this growth to continue. Average days on market are still over 100, so it still takes some time to sell.
The kick-off to the recreational market begins with the spring Cottage Life Show at the Toronto International Centre, March 31-April 1, 2017. This is a great opportunity to interview agents whether you are buying or selling Almaguin Highlands Real Estate.
If you are selling – here are some questions you may want to ask:
What is your experience and education?
What is your marketing strategy?
What is the price range of most of the homes you have sold?
What sets you apart from other agents? How many homes or cottages did you sell last year? What’s your sale to list ratio?
What’s your average days on market?
Is this your full-time job?
What designations or certifications do you hold?
If you are buying, you need to work with an agent familiar with the Almaguin Highlands market.
Whether you are buying or selling in Almaguin Highlands you need someone with experience, an agent that makes real estate their full time profession. When searching be sure to work with an agent who is knowledgeable and has a proven track record. The Aben Team has the expertise – earning the prestigious 2015 National Chairman’s Club Award, which represents the top 1% sales of Royal LePage agents in Canada.
Let Us Help You Find a Property
To gain access to 1000's of properties and receive automatic updates of the newest listings that meet your search criteria, please fill in the following: