The preliminary number for February indicate that homeowners in the Boise metro area have stopped reducing the price of their homes in order to sell them, according to Zillow.com’s data source.
The median list price of homes, however, fell in January, sources said in a report, which was obtained by Reuters ahead of its scheduled release.
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. In the month of February alone, Zillow reported that 1/3 of home listed experienced a median price reduction of nearly 9%, which is significant.
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.
From January to February another important number dropped as well with the median days on market sliding from 109 to 105 in that period according to sources. August of the same year had posted a significant low for median days on market at 90.
The Boise real estate market has posted a median days on market number of 109 days for February.
For those who are trying to sell the property they own in the area, this means that inventory absorption is steady and price changes should be in keeping with it. Sellers in the Boise real estate market will simply have to use this information to help plan their price reductions ahead of the market, because getting caught behind a price reduction can eat up your equity quickly. 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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