October market spotlights: Huntsville & Lake of Bays Area | Kim O’Grady of Chestnut Park

Both our waterfront and off-water markets experienced a decrease in average sale price, along with an increase in both new listings and sales. Average days on market were down from last year.

Why should we also pay attention to the ‘Median’ sale price?

The definition of median is “in the middle”. With respect to real estate, this means that half of homes are listed above this price, and half are below.  Compared to “average sale price” which is the sum of all sales (dollar volume) divided by the number of sales, the median could be considered a better indicator of the typical home in our area. For example, the average list price could be higher one month given the number of sales over one million off-water, which is not typical for our current market, compared to another month where the were no sales over one million, resulting in a lower average sale price. A couple of million dollar sales in a given month can skew the data and therefore would not necessarily be an accurate reflection of market trends.

Here’s why knowing the median price, and overall price trends are helpful to you

If Median price is trending down, this means  that sellers are dropping their prices in response to a softening market, also known as a “buyer market”, where there is more inventory than there are sales, with advantage to the Buyers.  If Median price is trending up, the market is hot, also known as a “seller market”, homes move quickly, giving the advantage to the sellers.

Waterfront real estate sales activity :

Compared to October 2018:
Increase in sales
Decrease of 8% in Ave. Sale $
Fewer days on market
3% increase in list to sale price

Minimum: $290,000 (2019)  | $325,500 (2018)
Maximum: $2,400,000 (2019)  | $2,700,000 (2018)
Median: $715,000 (2019) |  $622,250 (2018)

Residential real estate sales activity off-water: 

Compared to October 2018:
Slightly more in sales
Decrease of 4% in Ave. Sale $
Slight decrease in days on market
Slight decrease in sale to list price

Minimum: $143,000 (2019) | $100,000 (2018)
Maximum: $765,000 (2019) | $935,000 (2018)
Median:  $363,000 (2019) | $325,000 (2018)

In both market sectors, median price was higher compared to 2018, demonstrating that Huntsville’s sale prices continue to increase and remain in favour of the Sellers.
The median price in both market areas were also higher in September:
Waterfront Residential ~ $762,500 (2019) | $617,500 (2018)
Off-Water Residential ~ $362,000 (2019) | $342,500 (2018)

If you would like Market Spotlights emailed to you directly monthly, please follow link: https://hereinmuskoka.com/request-local-market-report/

Data is collected from The Lakelands Real Estate Board for single-family detached residences, both on and off water in the Huntsville and Lake of Bays area. 

Please stop by Chestnut Park Real Estate’s newest downtown location at 59 Main Street East, Huntsville.

Kim is a full time Broker with Chestnut Park Real Estate Limited Brokerage, servicing the Huntsville and the Lake of Bays area. Kim spent many of her childhood years at a cottage located on Peninsula Lake, Huntsville. After completing her Bachelors Degree at the University of Guelph, Kim decided to leave her city roots and move to Huntsville and make it her permanent home. Before she began her career in real estate, Kim co-owned and operated a successful local fitness business for eight years. After selling her part in the business she decided that it was time to pursue her other passion, Real Estate. She consequently brings an appreciation for relationships built with clients, knowledge and experience to her understanding of real estate.
When she’s not working, Kim enjoys spending time with her family, friends and her pup Harley. She also enjoys cooking, entertaining, reading, Pilates, Yoga and of course getting on the water whenever she can. In the summertime she soaks up the Muskoka lifestyle with golf, boating, dock time and bbq’s while in the winter she’s snowboarding or taking fresh winter walks.
Kim knows that her honest, open communication with her clients, as well as her knowledge of the Muskoka area and lifestyle, is the key to success for everyone involved. She effortlessly fosters trust, reliability, and professionalism. Kim accomplishes what you expect, and more so, what you deserve.
You can follow Kim on Facebook and Instagram. Click on her website here.
Kim can be reached by email at [email protected] or by phone at 705-788-4894