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Waterfront and Residential Non-Waterfront Sales Activity Slow Down in Muskoka and Orillia

Waterfront and Residential non-waterfront sales activity recorded through the MLS® system of Muskoka Haliburton Orillia – The Lakelands Association of REALTORS® numbered 111 units in November 2017. This was down 28.8% from last November’s record high for the month.

On a year-to-date basis, residential non-waterfront sales were running 3.9% below the first 11 months of 2016 but remained above all other years going back to 2003.

Sales of waterfront properties came in 64.9% below last November. On a year-to-date basis, waterfront sales were down 17.2% from the first 11 months of 2016. Both the waterfront and non-waterfront sales figures for November 2017 stood in below the five and 10-year averages for the month of November.

“While activity always slows down at this time of year, sales in November 2017 were quieter than normal,” said Mike Stahls, President of Muskoka Haliburton Orillia – The Lakelands Association of REALTORS®. “Even so, because of how strong the market was earlier this year, particularly the residential non-waterfront segment, 2017 will still be one of the best years on record for sales in the region.”

The median price for residential non-waterfront property sales was a record $340,000 in November 2017, an increase of 30.8% from November 2016. The median price for waterfront sales was $460,000 in November 2017, rising 12.2% from November 2016.

The dollar value of all residential non-waterfront sales in November 2017 totalled $38.2 million, falling 18.2% from November 2016. This was however the second highest dollar volume of any November on record. The total value of waterfront sales was $21.6 million, down 62.3% from November 2016.

Smart buyers see the Waterfront and Residential non-waterfront sales activity slow down as an opportunity to negotiate better pricing for the available properties.