Manitouwabing Real Estate Market | 2022
The Historical Market
The always popular Lake Manitouwabing has, like most area lakes, been caught up in the strong real estate market that came into full swing in 2020. Its size, proximity to Parry Sound and the Ridge at Manitou Golf Course makes it one of the areas most sought after cottage areas. Here's a look at some historical data as well as an outlook for the coming year.
Of note, only 2 properties sold in 2019 for over $1,000,000.00. The vast majority of cottages fell into the $550,000 - $750,000.00 range.
In 2019 for example, there were 40 sales of waterfront cottages on the Lakelands Real Estate Board. Prices that year ranged from $225,000.00 to $ $1,750,000.00 with the median price being just under $600,000.00. Of note, only 2 properties sold for over $1,000,000.00 that year with the majority in the $550,000 - $750,000.00 range.
It's obviously the supply / demand equation coming into play in a big way but how long it will continue is anybody's guess. I've talked to many real estate agents and brokers this spring and it appears the supply side will continue to be very tight. It's the demand side that's tricky. On the negative side we have rising interest rates, tightening from the banks and record high prices. The flip side is a growing demographic wanting to retire to lakefront, strong demand from international buyers and the work-from-home trend. It will fascinating to watch as the summer buying season rolls out to see which way the market will go.
- Number of cottages sold down 45%
- Median price up an incredible 133%
- Transactions over $1,000,000.00 now account for over 70% of sales
In 2022 there were 11 sales including vacant waterfront & cottages. They ranged in price between $340,000 and $2,600,000. The continued lack of inventory played a role but demand seemed to soften towards the fall. Activity on our website for people searching Manitouwabing real estate slowed substantially as the year progressed.
If you're searching for a cottage on Manitouwabing just contact us and we can help by providing up-to-date market information, current listings and advice.
We have a page dedicated to current Lake Manitouwabing real estate listings here.
Selling? We know the area well and can give you a realistic listing price, provide reliable comparisons and a great marketing strategy.