2019 Bishop Real Estate statistics

In 2019, home prices in the Eastern Sierra continued the trend set the previous year, with a

10% rise in the median price from $345,000  to $385,000. This brings growth in the Bishop area

median home price over the last four years to 33%.  While prices are up, the number of homes sold and the dollar volume sold in the Eastern Sierra is down slightly over the previous year.

National and statewide sales prices of existing single-family homes have been on an incline for

the past several years. Locally, home prices peaked in 2006 and then steadily declined through

  1. Over the past seven years we have seen stabilization and recovery.

Other statistics important to consider are interest rates, the number of distressed sales, and the

supply of homes on the market. Interest rates, currently just over 7.75% for a 30-year loan, have

remained near historic lows over the past 12 months, providing very inexpensive financing and

increased purchasing power. In addition to benefiting more first-time buyers, those buyers

wishing to “move up” may have the ability to qualify for a larger mortgage without increasing

their monthly payment.

The number of distressed sales in the Bishop market have all but vanished with only 2 total in 2019. A distressed sale includes any home that is either a foreclosure or a short sale

where the seller is selling the home for less than the debts against the property. Fewer distressed

sales is a positive aspect for the real estate market because such properties tend to sell for a

much lower price than a traditional offering and can bring down prices in an area.

Inventory available for sale remains extremely low. At the end of December there were only 41

homes on the market, down from 63 homes available in August. There is currently a 3.9-month

supply of homes priced between $300,000 and $400,000. This means that if no new homes

came on the market, the existing inventory would be sold in just over a month. Generally, any

inventory below six months is considered a sellers’ market. Eighty percent of all homes

sold in 2019 fetched $500,000 or below. The number of higher-end home sales or those above $500,000 remained similar to the year prior. Twenty-six homes above $500,000 closed in 2018 and 32 in 2019.

Interest rates continue to remain at historic lows, if you are considering a purchase or refinance this will save you over the life of the loan.  Low inventory will continue to keep prices at an incline in the lower and mid-price ranges through the rest of 2020.