Shadow Lake Real Estate ~ Market Value Update
Whether you are an owner of a cottage who is considering selling, or a prospective buyer, it is important to be as informed as possible on local market conditions. In my previous career as a managing director at a major Canadian financial institution, I developed a deep appreciation for the importance of sound analytics, and have applied these concepts to glean insights on broader market trends as well as individual property valuation. In an effort to promote greater transparency and efficiency in our local markets, I am pleased to provide monthly in-season statistics and commentary on each of the major lakes in our service area. If you are interested in a more precise valuation of your property, please contact me at (705) 438-3000 or email me and I would be happy to provide a value estimate at no cost.
~ David Donais, Sales Representative/Owner
Shadow Lake Market Value Update ~ May 18, 2018
- Since April 30, there have been six new listings and no additional sales on the lake. On a year-to-date basis (Jan. 1/18 – May 18/18), total sales volume on the lake is $1.7 million, in line with the $1.6 million in sales for the same period last year.
Shadow Lake Market Value Update ~ April 30, 2018
- The commentary below encompasses Shadow Lake, as well as Silver Lake, and the Gull River near Norland and above Coboconk.
- In contrast to other lakes in our region including Sturgeon and Balsam lakes, market activity on Shadow Lake is higher so far in 2018 compared to the same period last year. Since Jan. 1, 2018 there have been eight new listings and four sales. Last year during the same period there were five new listings and two sales. Consistent with last year, most new listings and sales have occurred on the Gull River, where winter ice cover is not an issue.
- The average sale price to assessed value ratio for the four sales in 2018 was 1.54, compared to the 1.40 ratio realized in 2017 (see summary below). Although the number of data points is insufficient to be definitive, this early evidence supports the theory that prices are holding up from last year. Anecdotal evidence from our buyer agents also indicates that there is a significant number of buyers wishing to purchase on Shadow Lake.
2017 Shadow Lake Summary
- The average sale price was $521,000 in 2017, up 21% from 2016.
- 15 properties were sold in 2017, down from the record high of 24 in 2016.
- Events in the GTA housing market influenced market dynamics on Shadow Lake (and all of the western Kawarthas) in 2017. The spring market was especially frothy, with large numbers of buyers competing for relatively few listings.
- Cottage buyer interest receded somewhat after the imposition of the foreign buyer tax in the GTA. Mid-priced cottages (up to $600,000) continued to sell quickly, however, while sales of higher priced properties slowed considerably.
- Listings on Shadow Lake were especially scarce due to the extended period of high water levels that stretched into early summer. The number of listings on the main body of Shadow Lake remained well below normal levels for the remainder of the season.
- In addition to the 21% year-over-year increase in average sale price, the trend to higher market values on Shadow Lake was supported by another metric we track closely – the Sale Price to Assessed Value Ratio. In 2017, the average ratio for all sales on Shadow Lake was 1.40, a 28% increase from the 1.09 ratio realized in 2016.
- Kawartha Waterfront Realty listed and sold the two highest priced properties on Shadow Lake in 2017. One of these sales in October 2017 set a record high sale price for Shadow Lake.
Read Other Kawartha Lakes Market Value Updates