Thank you for taking the time to learn more about the real estate market in Muskoka and area. It’s my job to provide you with the right information for you to make an informed decision. The following charts will give you a quick look into the 2009 Muskoka Real Estate Market but don't hesitate to contact me if you would like more details.
The market sales volume has increased 14% over 2008 and all indications are to expect continued growth for 2010. The market didn't really pick-up until June '09 as consumer confidence started to return after the market crash in September. This doesn't mean that prices are rising, this will be shown later.
We have two different markets in Muskoka; single family residential and recreational properties. The recreational properties took the biggest hit in sales volume as a large amount of the discretionary spending was removed and everyone went into a holding pattern to see how Canada fairs thru this recession. As confidence grew and the thoughts that this reduction in pricing wouldn't last, it seemed the ideal time to purchase the waterfront cottage. The recreational market grew as the year progressed, Lake of Bays had their best July ever in 2009. The residential market didn't declined as much because there's always a need for consumers to buy and sell their homes, either to re-locate, down-sizing, etc.
I divided the recreational properties into three areas; Muskoka Lakes, Lake of Bays and Almaguin. These areas predominately sell recreational properties as opposed to residential. The Muskoka Lakes area has the highest average sale price, that's mostly because of the three large lakes that consume the majority of the real estate transactions. Almaguin, because of it's location north of Huntsville is still less desirable due to the distance you must travel from our main real estate investors in the GTA.
Above shows the larger lakes in our region and the average price for a recreational property. Interesting how the second largest lake in the area, Lake of Bays has the second lowest average recreational property price. These numbers reflect cottage/home prices only, lots are not calculated in numbers.
Lake Muskoka being the largest lake in the area has always had the most unit sales and had a 44% increase in unit sales for 2009. All the major lakes seem to be getting closer to the levels of 2007, further proof that the demand is there and price increases shouldn't be far behind.
As you can see above the Muskoka Lakes, Lake of Bays have primarily recreational property sales, where Huntsville, Bracebridge and Gravenhurst have primarily residential sales. Almaguin seems to have a fairly high balance of both, this supports the increasing trend for people travelling a bit further north to get more home or cottage for the dollar.
Looking at the residential market where Bracebridge and Gravenhurst have seen their first decrease in average price in the past 10 years, (Bracebridge down 6%, Gravenhurst down 9%). Huntsville had a marginal increase of 2%, basically flat. What has changed are the days on market as you can see below.
Residential properties in 2008 had an average time on market of 86 days, now in 2009 the average is 125 days, that's an increase of over 31%. This stat can be a bit deceiving when it comes to recreation properties because many waterfront properties are not listed during the winter months.
When dealing in real estate, why not work with company that has the highest percentage of market share.