Real Estate Sales in Muskoka – 2012 in Review

As a busy Realtor in Muskoka I often get asked “what is the market doing?”  I always do my best to give an honest answer to this poignant question. I realise that the customer, client or friend asking may make a decision based on what I say.

When asked an open question like this one, a real estate sales person is being given a lot of wriggle room! For instance they could say “it is great” and mean, it is great for me, knowing that many of their colleagues are having a horrible year. The reverse could also be true.

Journalists can be selective in what data they use and when. For instance, we often hear about all the multiple offers happening in Toronto. We’re told the market is hot and property will sell quickly over asking price. However when I look at the TREB (Toronto Real Estate Board) statistics, a very small percentage of homes actually sell over asking price and many homes are sitting on the market for more than 30 days before selling.  Not a lie but not the whole truth.

Most major banks and the CMHC (Canada Mortgage and Housing) release reports and predictions several times each year. These are great tools but understandably, they tend to be very general.  Rarely do they include specific projections for Muskoka or for any small Ontario communities.

So here is my report on what has been happening in this area. It is drawn from the sales data of the Muskoka and Haliburton Association of Realtors mls system. Private sales are not included.

So here is my report on what has been happening in this area. It is drawn from the sales data of the Muskoka and Haliburton Association of Realtors mls system. Private sales are not included.

TotalSales2012

As you can see from this first chart the overall number of units sold in our whole region is up a small amount from last year to 1849 although it is still below the pre-recession high of 2222 units.

TotalResidentialSales2012

Residential homes sold showed a different trend with the overall total number of units sold in 2012 declining a little. This could possibly reflect some of the changes in Mortgage Rules that were put into place. Interest rates remain low but the length of time a mortgage can be amortized was reduced resulting in many first time buyers having to wait a little longer to accumulate the increased down payment necessary.

TotalRecreationalSales2012

The picture is a little more encouraging when you look at no the Recreational sales.  This segment of our marketplace seems to be gaining back its pre-recession momentum.

If you would like more detailed information about your particular part of Muskoka, including value trends, I have data on each of the communities.  I would be delighted to share it with you.  Please feel free to contact me at karenacton@royallepage.ca

Keeping you informed is important to me!

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