Last week Foster City had 31 houses for sale ranging in price between $868,000 and $2,275,000. These houses are obviously quite different. We haven’t seen a single family house for sale in the $800,000’s for quite some time and this is a small house (1280 square feet) on a small lot, but, this is a house in Foster City where the schools are tops and the commute is easy. The most expensive homes in Foster City sit on the water with lovely views, boat docks. Last week we saw 8 houses absorbed, meaning either sold or off the market for other reasons.
Days on the Market
The average Days on the Market (DOM) is 53 and that’s higher than it has been lately but if you look at the chart above you can see days on market have been everywhere this year. Altos Research indicated that we’re seeing a rising trend in DOM, price per square foot and inventory over the quarter year.
Prices generally have remained on the high end although not as high as in 2007, the prices are still up there. What makes Foster City so appealing and desired by families is that it’s a planned community with parks everywhere, a wonderful path that runs around the bayside of the city, great schools, moderate weather and an easy commute north towards San Francisco, south towards the Silicon Valley or across the San Mateo/Hayward Bridge to the east bay.
How’s the Inventory?
This summer is one of the best we’ve seen in several years for a good selection of homes for sale. If you are interested in buying here, this is a great time to make an offer.
What does the Market Action Index Mean?
The pricing of residential houses is a function of supply and demand, and the market conditions can be characterized by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’s Market zone for a long period, prices are likely in for a downward correction. The red line, sitting at the number 30, delineates a buyer’s market from a seller’s market. We’ve been in a Cool! Buyer’s Market for about a year and hit bottom the first quarter of 2008 and we’ve been bouncing a little above that bottom since. Currently Foster City is sitting at the number 20 which is pretty much where most of our communities sit today. Not a truly depressed market and not a hot market. It’s really more of a normal market allowing for time for a buyer to look at and consider the homes on the market rather than how it was in the past hot market with multiple offers and no time to really be sure you were making the right choice.
If you would like to receive a full report on Foster City just sign up for it to the right. Have questions? Let me know and I am here to answer them.