Waterfront cottage sales for Q4 2014
Muskoka Lakes
A total of 54 waterfront properties traded hands in the fourth quarter of 2014, up 38.5 per cent on a year-over-year basis. This was the best fourth quarter on record.
On an annual basis there were 300 waterfront sales in 2014. This marked an increase of 18.1 per cent from 2013 and was also the best year on record.
There were 14.3 months of inventory at the end of the fourth quarter of 2014. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Waterfront properties sold a little more quickly in the fourth quarter of 2014 than they had in the fourth quarter of 2013. The median number of days on market was 104 in the fourth quarter, down seven days from a year earlier.
The median sale price of waterfront properties in the Muskoka Lakes area increased 25.0 per cent on a year-over-year basis to $600,000 in the fourth quarter of 2014.
Lake of Bays
Waterfront sales in the Lake of Bays area numbered 24 units in the fourth quarter of 2014, double levels from the same period in 2013.
On an annual basis waterfront sales totaled 111 units in 2014. This was up 1.8 per cent (two sales) from 2013.
The number of months of inventory stood at 11.7 at the end of the fourth quarter, down from 14.0 months recorded at the end of the fourth quarter of 2013. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Given a tighter market compared to the same time last year, waterfront properties sold more quickly than they had in the fourth quarter of 2013. The median number of days on market was 75 in the fourth quarter of 2014, down from 187 days in the previous fourth quarter.
The median sale price for waterfront properties increased 26 per cent to $412,000 in the fourth quarter of 2014.
