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The percentage of Boise home sellers who cut their asking price declined again in February and sellers made slightly smaller reductions in prices, real estate website Zillow.com said on Wednesday.
Although the median home price was reportedly lower in January according to a Reuters informational source, in a yet unreleased report.
The overall trend of median home values shows that January’s price reduction rate was at 19.8%, while February’s was just a little lower coming in at 19.5%, according to sources.
Home sellers reduced prices by a median 6.7% in February, down from 6.8% in January.
The Boise real estate market has posted this trend consistently over each of the past twelve months, showing a boon for buyers. The February home sales numbers did not look too hot either, considering Zillow reports that an 8.7% price drop was shown over 33% of listed homes.
With a median decrease in prices between January and February of 1.4%, and yearly decrease in February at 6.8%, median home prices rest at $205,000 currently.
The Boise real estate statistics continue to improve with the median day on market dropping from 109 in January to 105 days in February sources reported. The greatest reduction in the median days on market category was in August which posted only a median of 90 days on market.
The average number of days on market for Boise real estate in February was 109, according to Zillow.
What this means for many property owners is that the inventory is being absorbed at predictable rates that would allow for price changes accordingly. Many Boise real estate sellers will have to use this information to plan on reducing their prices to keep pace with the market as it continues to show a slow pace this winter sales season. If this is not taken into account you may find yourself in the unfavorable situation of trying to catch up on a declining market and use up all of your equity.
This allows Boise real estate buyers the time to carefully consider exactly what they want and to patiently plan exactly how they are going to get a home that meets all their needs. Being in a “buyer” market is not necessarily a good thing if you are not well educated on market tendencies, and cannot capitalize on the best value when it comes along.
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