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.
Only 19.5% of homes listed for sale on Zillows website had more than 1 price reduction by the end of February, which is slightly lower than January’s number of 19.8%, according to sources.
Even the average amount of price deduction decreased from month to month by around a tenth of a percentage point.
This trend is not a recent one either, given that Boise real estate listings have successively dropped for the past year or more. Zillow indicates that 33.2% of all homes listed in February suffered an 8.7% median price reduction from the previous month across the nation.
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 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. However, Augusts days on market numbers were only 90 days on average.
In February 2009 the median time on the Boise real estate market was 109 days on Zillow.
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. 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.
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 prepared and informed is part of being able to take advantage of this “buyers” market, and capturing the highest amount of value and equity your can doing so.
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