Peaks & Valleys

It’s the quintessential descriptive term for the Foster City market this year…peaks and valleys! Lot’s of homes sell, and then nothing sells. It’s been a kooky little cycle to say the least. Right now the inventory of single family homes is down to 20 with a total of 17 pending sales…a pretty good ratio. Of the 17 pending sales 12 of them have sold since the first of August. Maybe it’s just a function of August being a typical vacation month, but not much new has come onto the market in the last two weeks.

It’s interesting to note that, while homes have sold recently, there also have been several sellers who have decided to withdraw their homes from the market rather than take less than they want for their homes. This is important to note because it again demonstrates that Foster City is not a community where short sales and foreclosures are having an impact upon prices. If a seller doesn’t think they can get the kind of money they want they’ll take the house off the market and wait before they’ll reduce it.

If I were to highlight anything in Foster City right now it would be 160 Barkentine listed by Bob Lahl of Re/Max Today for $989,000. It’s a really nicely maintained 4 bedroom, 2 bath rancher in a really good location and it’s priced right.

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