Bayfield was a real estate hot spot in the second quarter of 2016, according to the Durango Area Association of Realtors. Their quarterly report reflects sales through the Multiple Listing Service.
Home sales in Bayfield increased 40 percent from the second quarter last year, from 20 sales to 28; and the median price increased just over 16 percent, from $273,500 up to $317,500.
Bayfield rural home sales mainly reflect Forest Lakes activity, according to the DAAR report. The number of second quarter sales was down 18 percent, from 50 last year to 41 this year, but the median price was up almost 11 percent, from $273,000 last year to $303,000 this year.
Realtor Dave Fields, who lives in Bayfield, commented, "I think Bayfield in-town homes and rural, specifically Forest Lakes, reflect the market in Durango. People are looking for affordability, so this is the place to go."
In Durango, the number of single-family home sales and the median price were both down. The number of sales fell 16.3 percent from 98 to 82, and the median price decreased from $440,000 last year to $424,687 this year.
The market was up for condos and townhomes in Durango. The number of sales increased 8.7 percent, from 103 to 112, and the median price increased just over 9 percent, from $279,000 to $304,250.
The median price also increased for Durango area rural homes, from $399,950 last year to $410,000 this year. There were 173 sales in this group, down one from last year.
"I tell people you can save $7,000 to $10,000 (on a home) for each mile you drive east of Durango," Fields said.
"What worries me is there are very few finished lots ready to build on (in Bayfield). That will be big."
He agreed that sales in Durango are down because there aren't homes available that people can afford. "I actually thought we'd see this (shift to Bayfield) last year, but we're seeing it more this year. I think the last of finished lots will affect sales in Bayfield by the end of the year."
Buyers who can't afford Durango are also pushing up prices in Forest Lakes, Fields said. He said his office, Coldwell Banker Heritage House, had 53 sales in Forest Lakes last year. "I think we'll be above that by the time this (year) is over. We have 17 pending sales in Forest Lakes now. I'm closing on one Friday. There are only 29 active listings in Forest Lakes."
Forest Lakes and the Bayfield rural area are lower dollar markets, he said. His office has had only one sale in Forest Lakes at or above $400,000. "The same with Bayfield rural. The $400,000 and above, there's over two years of inventory, so that's a tough market. Sixty percent of sales in Forest Lakes are $300,000 or less."
Durango mountain homes tend to have the highest prices and lowest number of sales. The median price increased 28 percent, from $498,000 last year to $637,500 this year. Nine homes sold in the second quarter this year versus five last year.
Sales of Durango mountain condos has been fairly steady, in the low to mid 30s, for the second quarter, but median prices have increased substantially. The median price was up 38.5 percent for the second quarter this year, from $148,000 last year to $205,000 this year.
County-wide including in-town and rural homes, the median price was unchanged from the second quarter last year at $350,000. The number of sales decreased from 515 last year to 503 this year, mainly reflecting fewer single family home sales in Durango and the Bayfield rural area.
The median price for undeveloped rural residential land, one to 10 acres, was $92,500 this year, up from $77,900 last year.
