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Muskoka Real Estate Market - September 2013


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Blog by John & Bonnie Fincham, Brokers | November 12th, 2013


The Canadian Real Estate Association released their third quarter market report for 2013 in the Muskoka Area, here are a few highlights for homes and cottages that were for sale and sold on the MLS system.

 

Huntsville Residential Real Estate

      -Residential sales were 51 units, down 16% from last year

      - There was 11.3 months of inventory on hand, up from 10.2 months in 2012

      - Days on market dropped to 54 from 58

      - The median price for Huntsville homes was up 5% year over year to $225,000

Almaguin Highlands Residential Real Estate, including Magnetawan

-               -  Home sales were down 5% to 36 units

-               - There was 12.2 months of inventory well below 31.2 months last year

-               - Days on market was 62.5, 22.5 days less than 2012

-               - Median price for Almaguin homes was $129,500, down 14%

Bracebridge Residential Real Estate

-               - Sales were up 24 % over last year

-               - Inventory on hand was 10.2 months, down from 10.9 months

-              -  The days on market was 58.5, up 5.5 days over last year

-              -  The median home price for Bracebridge rose 11% to $247,350

Muskoka Lakes Cottage Real Estate

-               - 104 cottage properties sold, 20% higher than 2012

-               - Inventory was 13.5 months, up from 109 months

-               - Days on market was 70.5, down 11.5 days last year

-              -  Median price for cottages in Muskoka Lakes was $612,500, down 22% over last year

Almaguin Cottage Real Estate, including Magnetawan

-               - 39 cottage properties were sold, down 9% over 2012

-               - Inventory was 12.2 months, down from 14.8 months

-              -  Days on market dropped to 67 from 87

-              -  Median price for cottage property was $205,000, down 14% from 2012

Lake of Bays Cottage Real Estate

-               - 42 cottages were sold, the same as last year

-               - Inventory was 7.8  months, down from 8.8 in 2012

-               - Days on market was 67, up 22 from 2012

-               - Median price for Lake of Bays cottage property was $386,250, down 6% over 2012

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Overall Muskoka Cottage Real Estate Market

The number of months of inventory stood at 9.2 at the end of the third quarter of 2013, up from 8.8 months recorded a year earlier.  Number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity. Regardless of a more balanced market, buyers spent less time shopping around in the third quarter of 2013.

By John Fincham