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.

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. 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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