Foster City’s Market Update

Foster City, like the others I’ve reported about this week is also now a Cool Buyer’s Market. The Median price for homes on the market last week was $1,264,444.  Foster City has top rated schools with three elementary schools and one intermediate school.

Like Hillsborough, there is no high school in the city so the kids can select from any of the San Mateo Union High School District high schools, and they generally pick either Hillsdale, Aragon, or San Mateo.  And like Hillsborough, Foster City shares a zip code with another community, 94404 in San Mateo.

There were only 16 houses for sale last week.  The average days on the market is 59 but only 25% of those for sale have seen price reductions.  Our reports from Altos Research are only reflecting single family homes, not condos or townhouses as there were more than 40 of those for sale last week in Foster City.

Prices for homes have been hovering around the current levels for a while and the Market Action Index is a
good leading indicator for the durability of this trend.

The local conditions are currently in the Buyer’s Market zone (below 30), though not strongly.  The
90-day Market Action Index stands this week at 25 so buyers should expect to find a reasonable level of selection in homes.  Keep in mind, though, that as we approach the holiday season, generally we see
fewer homes for sale.

Foster City is one of the earliest planned communities in the country.  It sits on the bay with many
homes featuring waterfront lots.  Living in Foster City affords one an easy commute to San Francisco, Silicon Valley, SFO and the East Bay.