Funds Blog

Boise Real Estate Tendencies To Watch For

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 percentage of homes on the Boise real estate market with price reductions has declined steadily for much of the past year. 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.

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. The greatest reduction in the median days on market category was in August which posted only a median of 90 days on market.

In February 2009 the median time on the Boise real estate market was 109 days on Zillow.

With demand at a low level those who are trying to sell their property in this area should plan accordingly and continue to adjust their prices to keep pace with it. The best way to use this information is to adjust your sales price if your home has not sold in the specified market window, and try to catch up to the new market price in the Boise real estate market. 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.

How this is helpful to Boise real estate buyers is that there is no rush and making calculated purchases at pivotal times is precisely how to ensure you have equity when you close on your home. 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.