Yesterday I was asked when I was going to report on Foster City. I’m pleased to give you a picture of what’s going on now. There aren’t a lot of homes for sale in Foster City right now, only 16 single family homes are on the market this week. Altos Research’s data was for last week, with 19 homes for sale. Housing prices have jumped since January of 2008, and this is simple economics here with supply and demand. Foster City really does sit in the middle of the Peninsula making it easy to commute north to the City, south to the Valley or into the east bay. It was the first planned community in California.
Foster City is still considered a Cold! Buyer’s Market by Altos Research. They define the Market Action Index as illustrating the balance between supply and demand using a statistical function of the current rate of sale versus current inventory.
The red line sits at 30, the dividing line where the Buyer’s Market morphs into a Seller’s Market. Foster City currently is at 18 and slowly moving upward. It’s been this way for several weeks so this appears to be a trend. There are several months of housing inventory for sale but we’re seeing more sales taking place.
There are currently 11 homes pending sale and as I mentioned above, only 16 on the market. There is definitely more demand growing for Foster City with its great weather, outstanding schools, and central commute location.
If things keep moving like this, prices will keeping moving upwards. My guess is that we’re past the bottom of the market. If you were trying to time it, well, you missed it.
Do you want more data like this? I’ve got the full report for Foster City. Just ask for it. We get one every week from Altos Research and likewise for every one of the 7 cities we cover closely.