Muskoka Real Estate Market Update
Blog by Susan Brown | November 18th, 2014
The numbers continue to improve in the sale of residential non-waterfront, and waterfront properties in Muskoka, Haliburton and Orillia for the month of October. Sales increased by 24.3 percent from the same period last year, with a total of 179 housing units sold in October 2014.
A vast improvement in the sale of waterfront properties
In fact, sales figures for waterfront properties in Muskoka and the Almaguin region are at the highest that they have ever been in the past ten years, with over 841 properties sold until October 2014, according to The Lakelands Association of REALTORS®
Since August 2014, there has been a consistent improvement in sales compared to last year, which is good news for sellers selling waterfront properties in Muskoka and Lake of Bays, as the sales activity in the area continues to be strong.
Waterfront properties located in South Muskoka are also doing well and waterfront properties are selling quickly. The total value of properties sold reached $81.2 million, a whopping 53.9 percent increase in sales compared to last year’s market performance
Median Price Report
The median price of non-waterfront homes as of October 2014 is at $228,000 – a slight increase of 2.5% from last year’s median price. The median price of waterfront homes on the other hand, have significantly increased to up to 16.4 percent from October 2013’s median price of $339,250. As of October 2014, median prices have reached $395,000– an increase of $55,750 in just a year.
What drove the increase in real estate prices in Muskoka?
The vibrant local recreational market is seen to be one of the factors that have affected the continuous increase in real estate prices in Muskoka. A lot of sellers have been utilizing the appealing outdoor facets of the region in their marketing strategies, and based on the numbers, it’s been working pretty well – the increase in median price has not negatively affected sales, especially when it comes to waterfront properties in the area.