The waterfront real estate market in the Muskoka area is shaping up to be a challange for buyers this year. Listing numbers are very low and quality cottages are hard to find, particularly on the more popular lakes like Rosseau, Skeleton, Ahmic, Joseph and Lake of Bays. When we look at our website analytics there are basicly the same number of people searching for real estate but the inventory is down by about 25%. This is leading to pricing pressures which, in my opinion, will lead to a further increase in average sale prices.
Vacant waterfront property is also hard to find on the larger lakes. There are currently a mere 9 MLS listings on the " Big 3 " which it a challange for people planning on building this year.
Muskoka waterfront market statistics
- - The number of cottages listed for sale in Muskoka so far this numbers around 159 versus 212 for the same time period last year.
- - Total number of cottages between $ 400,000 and $ 700,000 is currently just 52 units.
- - Total number of luxury waterfront real estate listing ( over $ 1,000,000 ) is just 56 units.
- - According to the Lakelands Board the median price for waterfront was $459,000 in February 2018, up 8% up February 2017.
- - Lake Joseph has only 3 vacant lots for sale, two of which are water access.
- - Lake Rosseau has only 1 vacant lot for sale
- - Lake Muskoka has only 5 vacant lots for sale, three of which are water access.
- - There were just 36 waterfront properties sold in February.
The lower number of sales relects the limited number of properties to purchase so this is not surprising at all. As the weather gets warmer I would anticipate that we will start to see more properties come on the market which may, if nothing else, give folks more choice. Speaking to many local Realtors I'm getting the same basic story; lots of buyers, very few properties to show them.
My advice to clients this spring is this. If you see a property that has potential be prepared to move fast. Get your ducks in a row well ahead of time with regards to things like financing so you're in a good position when the time comes to put in an offer.
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John & Bonnie Fincham, your local Muskoka real estate brokers.