What do the Third Quarter Stats on Lake of Bays show us for 2020?
Covid-19 has had an impact on the waterfront sales on Lake of Bays. Properties are selling within days of listing, often in multiple bids. Buyers are compromising their wants to ensure their need for a safe place (away from the dense population of the city) with reasonable internet can be met. Properties we have seen year after year remain on the market, have now sold. Inventory is limited, buyers are still plentiful. Typical slower periods through the summer, were not. It remains to be seen what will happen after Thanksgiving as the number of Covid-19 cases in Ontario have risen over the past couple weeks.
How has The Market and Covid-19 Impacted Contractors?
Not only has real estate been busy, but Buyers and Cottage Owners are preparing for a winter in Muskoka. In speaking with local contractors, we have learned that they are flat out as they prepare cottages which have not typically been used year-round for the upcoming winter. Instead of regular closing jobs, they are helping cottage owners to prepare for the winter here and it’s not just the Canadian snowbirds who are driving the change. Families whose children can now learn online, and parents who can work from home are making the choice to stay in Lake of Bays. The bottom line here is, if this antidotal information is correct, our stores, shops and restaurants could benefit from a larger population base this winter as long as our covid numbers remain low and people continue to feel safe.
Often, we are asked what will happen next year. I wish we had a crystal ball. The next couple of months will be interesting to watch, both from a real estate perspective and from a health perspective.
Lake of Bays Waterfront, Third Quarter Stats.
Below are charts highlighting the Third Quarter stats for Waterfront on Lake of Bays. You can clearly see the impact that Covid-19 has had- more sales, higher sale prices. All numbers presented below are taken in whole from The Lakelands Association of Realtors, and represent residential, freehold homes with waterfront on Lake of Bays, Muskoka.
Thinking of Selling?
Yes, this is a good time to sell. The market continues to be “hot” with Realtors sitting with Buyers who are still anxious to buy. For the most part, waterfront properties listed are still going to multiple offers, achieving over ask, and in only a few days. Give The Parker Team a call, and let us help you navigate the sale of your home or cottage.