Foster City Market Update 6.20.08

Foster City Single Family Homes 6.20.08

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.

Foster City Market Action Index 6.20.08

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.

Foster City Median Price 6.20.08

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

Foster City Condos 6.20.08

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.

Foster City Condo Market Action Index 6.20.08

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.

Foster City Condo Median Prices 6.20.08

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.

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