Bayfield real estate has held steady in 2014, despite strong headwinds affecting the town’s economy.
Through September, 49 Bayfield in-town homes sold, a 22 percent jump from 40 during the same period in 2013. The median price fell to $245,000, down almost 7 percent from $262,750, according to Durango Area Association of Realtors data.
For Bayfield country homes, transactions fell to 82, down from 87 a year earlier. The median price also slipped, to $248,500, down 6 percent from $265,000.
“It’s not gangbusters, but it is steady,” said Isaac Fleener, owner of Bayfield Realty.
Fleener said agents in Bayfield are hoping the trend continues “on the same pace we were this year.”
Bayfield homes are spending less time on the market. Bayfield in-town homes spent an average of 90 days on market – about three months – before selling, down from 111 a year earlier, according to third-quarter results.
Bayfield country homes spent an average of 147 days on market, down from 148 days a year earlier.
Inventory remains scarce, Fleener said.
“We still have low inventory,” he said. “In town, there’s not a ton of houses for sale in Bayfield.”
Bayfield remains relatively affordable compared with Durango. Homes in Bayfield sold for about $125,000 less than in Durango during the third quarter.
“You can still buy a lot more house here than in Durango or Three Springs,” Fleener said. “I think this will remain an option for families and the working class.”
Homes in Forest Lakes, a development between Bayfield and Vallecito, remain a good deal for buyers, he said.
“There’s definitely some good deals in some of the outlying areas of Bayfield, like Forest Lakes,” Fleener said. “You can get a whole lot more house there for the money than anywhere else in the county.”
Lots to build new homes are limited. One subdivision that has been a source of new homes, Mesa Meadows, is nearly built out.
“There’s not a lot of options left for builders,” Fleener said.
The real estate market in Bayfield is showing some resilience despite a steep downturn in drilling for natural gas. Natural gas production fell 9 percent in 2013 in La Plata County, continuing a years-long trend. Oil production also slid.
The fall in natural gas prices has virtually idled new drilling. Bayfield’s location close to coal-bed methane wells in the southeast portion of the county has made the town a popular place to live for industry workers.
cslothower@durangoherald.com
