Boise Real Estate Trends To Watch For
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.
As indicated by industry sources, and revealed in a Reuters report yet to be released, January median home prices did follow the previous downward direction.
With January posting a 19.8% rate of at least one price reduction per home for sale, February’s slightly lower number of 19.5% has some significance to homeowners and industry spectators.
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.
The median list price of homes fell 1.4% in February from January, to $205,000, which is down 6.8% from the median listing price in February 2009, sources said.
The median days on the Boise real estate market changed about four days, from 109 days in January to about 105 days in February sources indicated. However, Augusts days on market numbers were only 90 days on average.
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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