The market nationwide is
improving and Bishop is no exception. To be able to tell if the market is
improving, we look not just at what happened month to month but year over year.
Comparing the first quarter of 2013 with the first quarter last year shows some
similarities and differences.
Both quarters were the same
with 26 homes, town-homes and condos sold within 20 miles of Bishop. So how come
the market is improving but the sales are the same? In 2012 the sales of
distressed properties—short sales or bank-owned—made up 38.5% of the sales, but
it dropped in 2013 to 23%, so that was a big improvement. Decreased sales of
distressed properties are a great sign the market is turning around. In
addition, the days on market—number of days it took to sell a home—was 4.5
months. This year it took about 2.5 months to sell a home, which is a definite
improvement. Another good sign is the average price of homes. Last year, the
average sales price was $248,000 and the average price this year was $288,000,
which is a big increase. While it’s tempting to think it’s due to prices
increasing, it’s partly due to fewer distressed property sales.
~
Another green shoot in the
market is interest rates which are hovering at record-low rates. Buyers
certainly have more buying power thanks to the rates.
If you’d like to know where
to be positioned in this market, please call us at (760) 873-4161 or email us
at randi@mysierrahomes.com
or dawong1@tellis.org
so we can build a strategy to get you results. We’d be happy to assist you.
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