By Jake Rasmusson, CA Broker Lic#01401464
In the Bishop, CA real estate market, a comparison between July 2023 and July 2022 reveals a mix of trends and changes:
Total Properties Sold: The number of properties sold in July 2023 was 125, down from the 145 properties sold in July 2022. This represents a decrease of 20 properties or about a 14% decline. The total dollar volume of property sold in July 2023 was $49,319,593, which is lower than the $55,284,007 recorded in July 2022. This reflects a decrease of approximately $5,964,414 or around a 11% reduction in total dollar volume sold in the Bishop area. Both the number of properties sold, and the dollar volume of property sold in the area can be directly linked to the number of homes available, which is also down 21% from the previous year. With fewer options available, particularly in the middle and lower price ranges, fewer buyers are able to complete a purchase causing a statistical decline in the real estate market.
The median sales price in July 2023 was $515,000, showing a decrease from the median price of $565,000 in July 2022. This accounts for a reduction of $50,000 or about a 9% drop. Homes sold in July 2023 spent a median of 10 days on the market, compared to the 11 days on the market in July 2022. This indicates a slight improvement in market speed, with homes selling about 9% faster. Interest Rates: Interest rates have seen a slight increase, with rates reaching 6.81% in July 2023, compared to 6.78% in July 2022. This reflects a marginal uptick of 0.03 percentage points. The current rise in interest rates have caused some sellers, especially in higher price ranges, to reconsider selling and purchasing a new property. This lowers the available homes for sale and has lowered the median sales price. The lower inventory has also caused the current properties which are listed for sale to sell quicker.
Overall, while there have been some declines in various metrics like the number of properties sold, dollar volume, and median sales price, there are also areas of relative stability, such as the marginal increase in interest rates and the slightly improved median days on market. These changes suggest a continued buyer demand with the supply falling as well. As properties begin to come available market statistics will rise as well.
Jake Rasmuson is a 1999 graduate of Bishop Union High School, and has a Master’s of Science Real Estate degree from the University of San Diego. He is the Broker Owner of Bishop Real Estate Rasmuson & Associates.
