The Rick Wearing & Sandra Parrott Team
The Rick Wearing & Sandra Parrott Team - Real Estate...Real experience, integrity, commitment & results!™
The Rick Wearing &
Sandra Parrott Team
Rick Wearing,
BA, MVA-Residential, Broker
Sandra Parrott,
L.L.B Sales Representative
Phone: (705) 788-3535
Fax: (705) 788-0207
Toll Free: (866) 844-2697

Muskoka Home Prices Anticipated to Rise in 2017

Now that we have left 2016 behind, there is a new year to look forward to. Looking at the latest residential real estate data released by The Lakelands Association of Realtors®, 2017 is anticipated to bring a continued rise in home prices across the Muskoka Region. Real estate depends much on location, location, location, as we all know. The Muskoka-Haliburton-Orillia region, is one location in high demand, and its popularity is expected to continue to grow.

According to the latest market report for the region as a whole, November 2016 saw record sales of both waterfront and non-waterfront properties. Waterfront property sales in the region hit a new milestone for the month, with 111 sales. This is the first time there have been more than 100 waterfront homes sold in November. In year-to-date comparisons, waterfront property sales went up a record 12.6%, while non-waterfront sales increased by 11.6% compared with the year prior. A total 156 properties were sold across the region, 3.3% more than in November, 2015.
While this is great news for anyone selling their cottage or home, buyers can anticipate a bit of a challenge when it comes to finding properties to choose from at the start of the new year. The increased sales activity to meet the demand for homes around the Muskoka-Haliburton-Orillia region, has led to a smaller inventory of listed properties. This in turn is resulting in higher home prices. Median home prices for the region in November went up to $410,000, or an increase of 0.6% for waterfront properties, and to $260,000 for non-waterfront listings, 10.6% higher than a year ago.
Looking at specific Muskoka data, waterfront properties are more in demand than non-waterfront homes. 79 cottages were sold in November 2016, compared to 55 the year before. This is a 43.6% increase in the number of waterfront homes and cottages sold. Median prices also went up by 9.3% to $399,000. Non-waterfront properties saw a bit of a slowdown, but are still selling well. The numbers reflect more of a holding pattern, with 71 units sold for the month, 4 less than the year prior, and median prices went down to $239,000, a small drop of 1.6%.

Muskoka-Haliburton-Orillia Median Home Prices

 
 
 
 













You can also see the demand for homes in the Muskoka-Haliburton-Orillia region when you look at the average days on the market. There has been a significant drop in the number of days, down from just over 50 to 35 days (just over one month) for non-waterfront homes. Waterfront properties are moving significantly faster than a year ago, as well. In November 2015, the average days on the market for waterfront properties was just over 120 days. In November 2016, the average number of days dropped to 70, almost 2 months quicker.
As real estate in this region continues to be in demand, properties will sell quickly and at higher prices, reflecting a strong Seller’s market. Buyers can also benefit from a competitive market. When working with a Realtor who understands the region and what’s available, you have an ‘inside partner’ who can help you prepare for when you find your ideal property. If you are in the market for a cottage, home or condo in Huntsville, connect with the care and expertise of the Rick Wearing and Sandra Parrott Team; we’re here to work for you. Please call us at 705-788-3535 or email at info@WearingParrottTeam.com today!

**These are general comments and statistics regarding current market values and conditions. Property values do vary from one property to the next depending on many varied factors. If you would like specific information about the Current Market Value of your Huntsville, Lake of Bays or Almaguin properly please do not hesitate to contact us. We would be happy to share our expertise with you! ​

**This information is taken from sources deemed to be reliable. The Wearing Parrott Team does not guarantee accuracy; we recommend information be validated independently.
 


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