Lake of Bays Cottages | Muskoka Homes

August 2024-Market Snapshot

LAKE OF BAYS

An overview for both buyers and sellers of waterfront properties in the township of Lake of Bays for August 2024 highlighting key metics and trends.


Trends

For Sellers:

Sales Activity and Listings:
Prices:
Days on Market:

For Buyers:

Increased Inventory and Choices:
Bargaining Power:

With the sale to list price ratio at 90.3%, buyers can likely negotiate lower prices than the listed amount. This ratio is a positive sign for buyers, as properties are selling for less than their asking price on average.

Time to Act:

The increase in median days on market to 66 days suggests that buyers are not under pressure to make quick decisions. This extended time frame allows for more due diligence and better negotiation opportunities.

Year-to-Date Trends:

 

HUNTSVILLE

An overview for both buyers and sellers of waterfront properties in Huntsville for August 2024 highlighting key metics and trends.

 

TRENDS

For Sellers:

Sales Activity:
Pricing Trends:
Sales to List Price Ratio:
Market Duration:
Year-to-Date Trends:

Advice for Sellers:

Advice for Buyers:

Competition:
Pricing Trends:
Negotiation Power:
Inventory Levels:

 

Year-to-Date Trends:

The year-to-date sales to new listings ratio is 22%*, which is low and shows that there is an excess of supply compared to demand. This imbalance favours buyers, giving them more options and more time to make decisions.

Year-to-date average prices have only dropped slightly by 3.5%, while median prices have remained relatively steady, down 2.9%. This could signal a window of opportunity for buyers to purchase before prices stabilize or rise again.

Advice for Buyers:

Summary:

 

Sellers: Be prepared for a slower market, with longer listing durations and potentially lower offers. Flexibility on price and terms may be necessary to close deals.

Buyers: You are in a strong position with more options, lower prices, and more negotiating power. Now may be an opportune time to buy waterfront properties in Huntsville.

In conclusion, sellers in North Muskoka—Huntsville/Lake of Bays may face challenges in achieving high sale prices quickly, as the market appears to be favouring buyers with more inventory, lower prices, and longer sales cycles. For buyers, this could be an opportune time to enter the market, as they have more choices, negotiating power, and time to make purchasing decisions.

If you’re considering selling your property or searching for the perfect waterfront retreat, I’m here to provide expert guidance tailored to your needs. Let’s navigate this evolving market together. Reach out to my team today, and let’s discuss your options to ensure a successful sale or purchase.

 

 

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