Market

Market

Lake Manitouwabing Real Estate | 2023 Review

Lake Manitouwabing near Parry Sound

Lake Manitouwabing had 16 cottage sales in 2023 on the Lakelands Real Estate Board, up from in just 9 in 2022. They ranged in price from $442,000 to $2,775,000 with the average price for the year coming in at $1,145,250.

The Parry Sound real estate market peaked in late 2021 and Manitouwabing was no exception. In December of 2021 the 12 month rolling average price on the lake was $1,377,710 and by December of this year it had slipped to $1,192,053, a decline of about 14%. Keep in mind that when sales numbers are low a few sales on either side can skew the results. That being said, the trend appears clear.

Only 2 vacant waterfront lots were sold this year on the lake with an average price of $338,500. As you can see in the chart below, which includes homes, cottages and vacant waterfront properties, sales numbers are well below the 5 year average.

Lake Manitouwabing cottage

Manitouwabing Sales Volumes

Chart of Lake Manitouwabing cottage sales

Manitouwabing Average Selling Price

Chart of Lake Manitouwabing average sale price

.As the year progressed it became evident that many of the properties for sale on Manitouwabing were priced well above the market. About 40% of the cottages that sold had price drops prior to selling. The 12 month rolling average coming in at 94.7% of the original listing price in December, down from 104% in 2022. This is a significant spread of almost 10% from asking price to final selling price in two years.

There were 49 new listings on Manitouwabing this year including cottages, lake homes and vacant lots. Average days on market was 45 which is just below the average for waterfront in the Parry Sound region. There were 5 months supply of properties at the end of the year, up from 4.1 the year before, well below the regional average of 6.9 months.

Questions? Just contact us, we can provide up-to-date statistics for any of Parry Sounds lakes.

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