94401, 94402, 94403

Like the single family homes in San Mateo, the price spread is wide.  First we’re going to look at what’s happening with the condos and townhouses sitting in zips 94401, 94402, and 94403.  Then we’ll talk about 94404 the area across 101 and next to Foster City.  Last week there were 104 properties for sale ranging from a low price of $199,000 (yes, that’s the price) to a high price of $3,990,000.  Obviously there’s a huge difference between the two!  The median sized place has 2 bedrooms and 2 baths, is around 1100 square feet and about 28 years old.

Median Prices

The median price was $549,000 for this little 2  bedroom home.  As you can clearly see we’re past the bottom of the market in price.  If you wanted to time it, you needed to buy during Q1 of this year.  Too bad for the buyer and a little better for the seller.

How Long Has it Been on The Market?

One of the key questions I’m asked by buyers is “how long has this been on the market?” It’s a great question because it helps to figure out price and whether to offer at asking or below.  The Days on the Market or DOM has been rising lately.  Why?  Who knows.  it could be fear on the part of buyers with all of the gloom and doom we hear from our news sources about the real estate market.  They’re wrong about it.  If you are seriously thinking about buying your first home, and it’s to be a condo, don’t wait.  Congress has given you a gift of a tax credit for first time home buyers in 2008.

Lots to Choose From!

If you’re thinking about downsizing from a large home into one of the many luxury condos skirting downtown, this is a great time to do it.  When we talk about the number of homes for sale we refer to them as “inventory” and right now it’s pretty good, although lower than the peak a year ago, there’s much to choose from.

Buyer’s Market or Seller’s Market?

It is a strong Buyer’s Market for condos or townhouses in San Mateo.  right now the Market Action Index sits at 20.  that’s better than it has been for most of this year, and it is rising, which is great news for sellers.  The orange line sits at 30, the divider between Buyers and Sellers.  We hit bottom around March of this year and have moved up wards since.

94404

What is it about this zip code that people like?  The proximity to the bay perhaps?  This part of San Mateo is mostly condos sitting in Mariner’s Isle, Edgewater Isle and Harbortown.  Although they are built townhouse style, they are condos none the less.  There are townhouses that do sit right along the bay with docks below and wonderful views that sell for significantly more that what we are seeing on the market today.  The least expensive condo was listed last week at $499,000 and the most expensive was $665,000.  The median size is just under 2 bedrooms and 2 baths at 1100 square feet in size.  These are generally about 25 years old.

Median Price

The median price of an area changes with the number of homes for sale and prices on them at any one time.  As you can see it’s been all over the place but right now it is $612,495.

How Long Has it Been For Sale?

Last week the average number of days on the market that a property sat was at 72, and moving up. As you can clearly see this is substantially less than it was earlier this year.  We are really in a normal real estate market today and this allows you, as a buyer, the opportunity to really look around and consider your future home.

How Many Are There For Sale?

I love charts that look this this one!  Look at the dramatic drop in the inventory of condos for sale in the 94404 zip!  Wow, that’s impressive because there are only 6 to look at and choose from if this is the area you want to be in.  This part of San Mateo is great to live in.  It’s easy to get to 101 or 92 and the waterfront is a lovely place to run or walk.  The complexes there all have major water features within their interior designs,too.

Buyers?  Sellers?

All real estate is local and within San Mateo, this area is sitting at the number 22 in this week’s Market Action Index that Altos Research produces for us weekly.  This places the area as a Cool Buyer’s Market and as you can see it has been moving up wards for some time now.

Overall, this is a great time to buy a condo or townhouse in San Mateo.  The market is getting stronger and although not at bottom, it’s still offering great buys.  There is money out there to lend and the First Time Home Buyer’s Tax Credit to use if that fits your description.  What are you waiting for?

If you would like to have more of this kind of data, just sign up on the form to the right.  Have questions about what is here?  Get in touch with me and I’m here to answer them for you.

Foster City, as a planned community, has single family homes, townhouses and Condos circling the city.  [There are loads of apartments, too, but we're only talking what's for sale here.] The single family home market is so different from the condo market it’s like being in two different cities.  I’ll talk first about single family homes, then the condos.  Last week we saw 34 homes for sale compared to today with 28.  The Median price was $1,166,000.  The Average price was $1,190,095.  If you could find it, the least expensive home was listed for $865,000. Today there’s one for $868,000 – a steal for Foster City.  Prices have been trending up, but the price per square foot has moved down, along with the average days on the market.  Inventory was up last week, and my guess is that Altos Research’s report for this week will show it down.

The Market Action Index for single family homes in Foster City sits at 21, and it’s moved up a wee bit.  The delineator between a Buyer’s and Seller’s Market is that Red Line, sitting at 30 making this a Cool Buyer’s Market.  Prices have changed little of the past few weeks but they are trending up again from the low during first quarter of the year.

Let’s move on to what the real estate community calls our Class II, or Townhouses and Condos.

Last week, the number of townhouses and condos for sale in Foster City was 43.  This week we see 31, with 18 pending.  Yes the number doesn’t match because some went pending earlier.  The Median Price was $649,000, the Average List Price was $663,990 and prices ranged from a low of $329,888 to a high of $1,299,000.  Prices are trending down and so are the average number of days on the market.

The townhouse/condo market is a Cold Buyer’s Market sitting at 19 and trending down.  That red line is pretty far above where this market sits right now.  There are some great buys in the condo area.  Townhouses are selling fast, though, so we’re seeing almost two different things take place in Foster City in this market.

Finally, let’s look at the Median Price for Class II Properties in Foster city and you can see they’re up since the first of the year but overall, prices have been flat.  The grest schools in Foster City make these properties enticing for small families, and when some of the townhouses that have been on the market are bigger than single family homes, it’s no wonder they sell quickly.

Altos Research does a great job of providing this data for us.  You can get it from us, too.  Just fill in the little box below the rotating charts and voila, you’ll find them in your mailbox.  Or, call me and I’ll send one.