What Do The Figures Reveal About Boise Real Estate?

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.

Although the median home price was reportedly lower in January according to a Reuters informational source, in a yet unreleased report.

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.

Home sellers reduced prices by a median 6.7% in February, down from 6.8% in January.

This tendency is not new to the Boise real estate market either, because it has been the trend over each of the last 12 months in a row. 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 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. Losing whatever equity you may have in a market headed downward is not a fun lesson to learn and can be avoided by anticipating where the price point in the market will be, and getting there ahead of it.

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. It has been reported consistently for the past 2 years that we are in a “buyers market”, but the best homes always go fast, so know what you are looking for ahead of time.

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