Last week Foster City had 64 Class 2 properties for sale. What’s a Class 2, you ask? That’s our MLS’s speak for Condos and Townhouses, or Common Interest properties. Inventory is up, prices are level and average days on the market is down. The Average List Price was $630,599. The least expensive unit was at $300,000 and the most expensive $1,295,000. Both of these were condos.
Foster City, a planned community, offers a nice selection of condos that were built to be condos and not converted from apartments as well as townhouse communities with pools and other amenities. If you can’t afford a house but want good schools, this is the way to get them.
Our research company divides the real estate market into Quartiles from most expensive to least expensive. It’s a way to look at apples to apples rather than trying to compare everything for sale that week. It’s also no surprise that each Quartile has it’s own median price, square footage, bedrooms and age. Last week we only saw 5 properties sold and none in the highest Quartile. That Quartile 1 is often made up of townhouses rather than condos — with the exception of Promontory Point which is the highest priced condominium development in Foster City that offers luxurious and large apartments.
We get a good picture of the real estate market by looking at two things, the first is the Median Price and the second is the Market Action Index. The Median Price for the Foster City Class 2 properties last week was $614,999 and this median property was likely a 2 bedroom, 2 bathroom 33 year old condo/townhouse around 1370 square feet. Prices have remained pretty stable for a long time now, so don’t expect fire sales even it there is a lot to choose from.
This is the second chart that gives us a good picture of the real estate market in Foster City, the Market Action Index. One of the big things I am asked regularly is if we are at the bottom of the market and if you look at the two charts above, you see that yes, likely we’re there at least concerning whether we’re still in a Buyer’s Market and that is determined by the number of properties available to choose from. Yes, we’ve bounced along in the Buyer’s Market divide for some time. Will it go lower? Who knows. Interest rates are so unbelievable right now, it’s almost like buying for no interest at all! So, why wait?
if you would like more information about Foster City and the townhouses and condos for sale give us a call or email us. We’re here to serve you in all of your real estate needs.
great blog you have here