Last week the condo market in Foster City CA had 43 properties listed for sale with an Average Price of $601,502. It’s taking an average of 122 days to sell one, which is going up from previous weeks. Prices have come down a little as has the number of condos for sale. Our MLS doesn’t differentiate between a townhouse sitting on it’s own piece of land (a PUD, Planned Unit Development) and a condo, so these reports also include townhouses. Townhouses should be reported as single family houses but unfortunately they’re grouped into these reports. These townhouses are always in the top tiers of price in Foster City.
Since Foster City is a planned community and every townhouse or condo was built to be just that. There are no apartment conversions in Foster City so if you buy a condo here you will have a unit that is larger than most of the others you’ll likely find in surrounding communities. When you look at the division of the market, into the Quartiles, the top Quartile is make up of townhouses. Quartile two might have townhouses and it might include large condos. The third Quartile offers condo and small townhouses and the bottom Quartile shows the average condo. This chart gives you a nice picture of how the market is doing in each price level.
Another way you can get a picture of a real estate market is to look at price trends. Prices have stabilized and remained pretty steady over the past year. When you decide to live in Foster City you know you will get value for your home and the equity will hold pretty steady. The Market Action Index shows what’s happening in the market and like the single family houses in Foster City, we’re in a balanced market. If you hoped to grab a deal, you’re just way too late. The market sank earlier this year and we’re seeing a nice recovery now. There is a good supply of condos and townhouses to choose from and these offer a more affordable way to get to Foster City schools. Foster City has wonderful parks, the bayside path to walk or ride your bike allowing for outdoor living almost all year round, perfect weather and easy commutes to bio-tech companies in South San Francisco or down to Silicon Valley.
We’re here to show you some great homes. If you’re a First Time Buyer, come to a First Time Buyer’s Seminar on Tuesday, September 15th between 6:15 – 8:15PM in the Park & Rec’s Lagoon Room. There’s free parking, lots of good information for you, and all you need to do is register here. Come and learn how you might qualify for the $8000 First Time Buyer’s Tax Credit and participate in the Bay Area Million Dollar Challenge we have to try and help 125 first time buyers this year.