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
- 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.