Boise Real Estate Trends To Watch For
Written by Gavin J. King   
Friday, 12 March 2010 08:43
Homeowners in the Boise area are not cutting their home prices as much as they were in previous months, according to Zillow.com's February market information, which is a good sign.
by GavinJ.King


Homeowners in the Boise area are not cutting their home prices as much as they were in previous months, according to Zillow.com's February market information, which is a good sign.

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.

Nearly one in five homes, or 19.5%, listed for sale on the Zillow website had at least one price reduction as of the end of February, down from 19.8% in January, sources said.

Asking prices dropped by an average of 6.8% in January to an average reduction of 6.7% in February.

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.

Over the course of a year, home prices fell from February to February 6.8%, and reported a decline from the previous month of 1.4% to $205,000 sources indicate.

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. In other words, if your home has not sold in the first 3 months, approximately, you may need to revisit your sales price and examine the comparable properties on the Boise real estate market. 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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