Foster City Single Family Home Market Report
Last week the Median Price for a home for sale in Foster City was $1,190,000. The Average Price was $1,213,067. There were 25 homes for sale last week and only 3 were “absorbed” – meaning they were either sold, expired, withdrawn or canceled. The best buy, and the least expensive home is $860,000 (this is for a single family house on a corner lot, not for a townhouse)! The most expensive house is $2,100,000. Out of the 25 homes listed 44% have seen price reductions and about a quarter of the listings have been renewed. This is pretty common today as it’s hard to figure out how to price a home anywhere on the Peninsula with this fragile market.
What you’re seeing in Foster City for a Median Sized house is a 4 bedroom, 2 bath home about 38 years old. This house is on a 6000 foot lot, with a few homes on larger lots right now, and some with gorgeous waterfront settings. Since Foster City is a planned community, most of the lots are very similar in size so when we see a listing with a larger lot, it’s often quite special, and there are a couple for sale right now with larger lots.
Our research divides all of the houses on the market into quartiles. The number one quartile is the most expensive on down to the number four quartile being the least expensive group of houses. Quartile One has the largest homes and these are also often on the waterfront lots. Quartile Four has the smaller homes, and right now there are 7 of these available. They’re the Move-Up homes for families trying to get into the Foster City elementary schools. You can clearly see the average days these homes are on the market, and whether there have been sales or new listings within each quartile.
The Median Price for a home in Foster city has come down a little during the past couple of weeks. These homes have been on the market for about 103 days but price hasn’t been a real concern for seller’s. Prices for Foster City have remained around the same level for almost two years. This is where the quality of schools and proximity to jobs comes into play.
This index, the Market Action Index, is the best visual for showing what has been going on with the real estate market in Foster City. The delineation between a Buyer’s Market and a Seller’s Market is 30. Foster City is in a strong Buyer’s Market today sitting at 17. There is several months of inventory for sale giving the prospective buyer much to choose from. Foster City has been sitting around this number for over a year and some might consider this at the bottom of the market. Perhaps it is, perhaps it isn’t. My crystal ball says we’re bouncing along down there, but definitely not at bottom since that would be closer to the number zero. It also shows us that values have held nicely in Foster City for a long time. It’s a stable market.
This is a great time to buy a home in Foster City. There are some wonderful homes available, and the schools in Foster City are the best. We are finally getting some loan programs out there for the move-up buyer who wants a larger home, a better school, or a better commute. Many of the homes for sale in Foster City come with a Home Owner’s Association and monthly dues. These homes sit in communities with pools, tennis courts and other amenities for the homeowners.
It would be our pleasure to show you some of the great properties available today. Call us at 650-696-2820 for an appointment. Tomorrow I’ll go over the Foster City Condo and Townhouse market.