Parry Sound Real Estate Market Spring 2014
Blog by John & Bonnie Fincham, Brokers | June 16th, 2014
The Parry Sound Real Estate Board released their statistics for May and as excpected, the numbers were somewhat muted. The primary reason I suspect is the weather. We still had ice on the lakes until late into the spring, Bonnie and saw chunks floating on Ahmic Lake a few weeks ago. It was hard to get enthusiastic about buying a cottage when there is still snow on the ground so I anticipate some pent up demand to begin working it's way into the market now. So far this year the number of properties sold is 149, down from 180 last year for a drop of 17%. This represents cottages, homes and vacant land sold on the Parry Sound Board including vacant waterfront. From a dollar perspective, a total of $41,188,446 of sales have taken place only down 4% from 2013 which would seem to indicate that higher price real estate is starting to move better.
Magnetawan Area Cottage Market Up Sharply
We have found that the waterfront real estate market in our area of Muskoka to be very strong this spring. Demand for all levels of recreational properties has been good, from entry level cottages on smaller lakes and rivers to higher end estates on large lakes such as Ahmic, Cecebe, Horn and Neighick. Selling prices are generally coming in close to or in rare cases, over asking and inventory levels are stable creating a relatively balanced market. Sales in Magnetawan for spring 2014 are more than double 2013 levels which, if the trend continues, could be the best market in years.
Location and Pricing Key to Cottage Sales
I attribute much of the gains in North Muskoka real estate to the pricing of South Muskoka. Folks are discovering that they can purchase quality waterfront on large lake systems for substantially less in the Almaguin / Magnetawan area than southern areas of the district and still be under three hours drive from Toronto. The same factors apply in the Parry Sound area where there are great lakes like Otter, Whitefish and Clear with cottages you can purchase for substantially less then south Muskoka. Property tax also tends to be much lower so the ongoing costs can be less.