Bayfield Real Estate Market Update: June 2023

Overview of Sales Trends

Bayfield sales have been slow for the most part this year. However, yearly sales so far are up slightly compared to last year. June wasn’t an exception to this trend. The three single-family home sales in June marked the monthly high point of the year.

Details of Home Sales

Each of the three homes sold includes:

• 93355 Rowley Rd: A small cabin on 10 acres.

• 134 S 10th St.: A modest rambler on a 1/3 of an acre lot.

• 34955 County Hwy J: This property is particularly interesting due to its sale pace after a change in listing firm and a significant price decrease.

  
  

The property on County J was initially listed last May for $479,900. It underwent a series of price drops before the listing expired in early May. Shortly after, it returned to the market for approximately $25,000 less, at $399,000. Remarkably, it sold rapidly—in just three days. Although it didn’t sell for the asking price, it came close at $397,000. It seems the price was finally right.

Market Prices in June

June marked the only month this year where the average and median sales prices dipped below $300,000, recording $253,000 and $295,000, respectively. However, it’s essential to take this data with a grain of salt. The small cabin on Rowley Rd sold for only $67,000, which significantly impacted the averages.

Commercial Sales

In the commercial sector, the Lighthouse gift shop at the end of Rittenhouse, a property with dock access and lake frontage, sold for $1.5 million. This sale highlights the ongoing interest in commercial properties in the area.

Island Sales Activity

On the island, a condo in downtown La Pointe sold for $219,000 and was on the market for a quick five days. It’s been a slow year for sales on the island, especially when compared to the series of high-end sales that marked 2024. However, listings have increased over the last two months. As summer closes and we head into fall, we can expect sales to pick up in this direction.

Future Outlook

As we look ahead, the Bayfield real estate market may see changes. The increase in listings could lead to more sales as the season transitions. It’s crucial for potential buyers and sellers to stay informed about market trends.

In summary, while June showed some positive signs with three home sales, the overall market remains cautious. The fluctuations in prices and the impact of commercial sales will be interesting to watch as we move forward.

For those interested in the Bayfield area, it’s essential to keep an eye on these trends. The real estate market can change quickly, and being informed is key to making the best decisions.