The housing market on the east side of La Plata County is moving briskly right now, according to Realtor Victor Schultheiss with the Wells Group.
"The market is very good in the Bayfield-Ignacio area, Vallecito Lake, a very good time for sellers to put their home on the market; and a good time for buyers because of low interest rates," he said.
Some sellers have seen multiple offers on their homes. "The biggest thing is that many buyers, by the time they make an offer, the home is already under contract," Schultheiss said. Buyers "need to be pre-qualified (for mortgages) and react very quickly if they see a house they want."
Home prices in Bayfield and the county in general were up in the first quarter of 2015 compared to the first quarter last year, according to the Durango Area Association of Realtors. The data reflects Multiple Listing Service (MLS) activity.
The median home price in Bayfield was $275,000, up from $245,000 last year. But only five homes sold, compared to 10 last year.
Bayfield area rural home prices also were up this year with a median price of $251,500 compared to $234,500 last year. Sixteen rural homes sold in the first quarter, down from 27 last year.
The Bayfield and Bayfield area prices continue to be well below those in and around Durango.
County-wide, the Association of Realtors reports the median home price hit a new high of $342,500 in the first quarter this year, higher than the market high in 2006 of $340,000, and up from $302,949 for the first quarter last year. The number of homes sold county-wide was up just over 12 percent - 186 versus 166 last year.
The new high county-wide median price is attributed to increasing home prices in Durango, where inventory levels are very tight, according to the Association of Realtors. The first quarter median in Durango hit $425,000, up from $365,000 last year. "Single family homes that are priced under $500,000 are receiving heavy showing activity when they come on the market, and often will receive multiple offers," the Association reported in April.
"The tight inventory in-town has most likely led to the huge increase in number of homes sold in Durango Rural, where home sales were up 35.6 percent."
The Durango-area median price was $380,000, up from $350,000 last year. Durango in-town and area condo and townhome prices and number of sales also increased, possibly reflecting the tight inventory for single family homes in Durango.
Durango mountain home and condo prices had huge increases. Only one mountain home sold in the first quarter, but it was for $2.4 million. Last year four homes sold with a median price of $772,000.
The median price for Durango mountain condos hit $400,000 with 17 sales this year, up from $171,250 with 16 sales last year.
Residential land sales in the county have been increasing, suggesting that more buyers are looking for alternatives to homes available for sale and are considering building, according to the association. Fifty-two parcels sold in the first quarter this year with a median price of $127,450, compared to 40 parcels last year and 29 in 2013. But in 2012, there were 168 parcels sold.
