Last week Foster City California had 33 single family houses for sale and saw none go into escrow. This number of listings is a reduction from recent weeks, but the number of days it’s taking to sell a home or DOM (days on market) has increased to 107. The Average Priced house was $1,069,159. The least expensive house for sale was $798,000 and the most expensive house was $1,550,000. Interesting enough, the most expensive house is also a Short Sale. There are only 3 short sales in all of Foster City right now. But wait, there will likely be more later this year if that rocks your boat and will get you out to buy.
One of the best ways to see the picture of a local market is by dividing it into quartiles by price. You can immediately get an idea of which price point is selling and which is not. The houses taking the least amount of time, in fact almost a normal amount of time, to sell are the Third Quartile with the Median Price of $954,500. This is the “move up” house. These houses are between 3 and 5 bedrooms on 5000+ foot lots and allow the buyer to send their children to the top rated Foster City Elementary Schools. The bottom quartile is the next most active followed by the top two tiers. If you want to live on the water, and many people do in Foster City, you’ll be in the top two quartiles.
Another way to see how the market is doing is looking at pricing trends. We are back to 2005 prices. If you bought between 2005 and 2008 you’ve lost equity but don’t fret about that unless you have an Alt-A loan, or need to sell because what goes down will come back up but it will take a while. So if you love your house, what does it matter if the equity is less today. It’s what the equity is the day you need to sell it that will matter.
What matters is how the market is today and Foster City has moved upwards and is now a Warm Buyer’s Market and moving towards an equal market for buyers and sellers. This is GREAT NEWS! The Market Action Index places Foster City at 25. That line sitting at 30 is the divide between a Buyer’s Market and a Seller’s Market. We haven’t seen this in well over a year. What it means to the seller is the market is stabilizing. What it means to the buyer is the bottom was a long time ago. You missed it so stop asking when it will hit. You can clearly see it in the chart above as the last time Foster City hit bottom was perhaps in February.
If you’re interested in buying in Foster City as a First Time Home Buyer come to a seminar I’ll be participating in on Tuesday, September 15th. It will be held in the Lagoon Room of the Foster City Park & Rec Department on Shell Blvd. between 6:15PM and 8:15PM. It’s FREE. You do need to register and can do so here. If the 15th isn’t a good day for you we’ll be offering this a couple of other dates. Remember to say you came from the Wilkas Group.