Foster City 2008 Condo/Townhouse Statistics

statistics

Since I’m yaking about Foster City statistics it’s probably not a bad idea to add to the discussion with what happened with condo/townhouses in 2008. This category has taken a bigger hit than single family homes but it’s still significantly better than the media’s representation of the marketplace. Just like yesterday’s post, all the actual numbers are available for your viewing pleasure by clicking on the links below:

2007 FC Condo/Townhouse DataPDF

2008 FC Condo/Townhouse DataPDF

 Again, in a nutshell…

In 2007 166  Condo/Townhouses sold, in 2008 103  Condo/Townhouses sold (-37.9%)

In 2007 the average sale price for condo/townhouses in Foster City was $692,140, in 2008 it was $637,436. (-7.9%)

Average days on the market in this category in 2007 were 42, whereas in 2008 it was 55.

Interestingly enough, a very large part of the 7.9% reduction in sales price is the result of the painfull lack of sales at Promontory Point, which had 5 sales in 2007 over $960,000. There was nothing like that in 2008 to bolster the upper end of this category. The number of units sold is a big one here and it’s sure going to be interesting to see what 2009 brings.

Just like with single family, the post September 15 market has been glacial. 20 units sold since 9/15/2008 and only 4 since November 1. Once again, consumer confidence is the biggest hurdle here as well, even though conforming interest rates being lower are going to help bring some attention to the market. It’s hard to imagine a year with 50 to 60 condo/townhouse sales and similar number for single family houses, but that’s what will happen if the 4th quarter trends continue. We’ll see!

Comments

  1. Thanks for posting these statistics as well as the raw data Jim. Real estate prices are sticky and hence I am not surprised by the fact that they are coming down slowly.

    Looking at the raw data you posted, while the year-over-year price of single family homes dropped just 3.89% in 2008, on average the homes that sold were larger. Hence using the price/sq foot data, prices dropped 6.9%. This brings the single family home decline more in line with the 7.9% decline in the price of condos/townhomes.

    It would be great if you could do a post about the legal differences between condos and townhomes as I am increasingly seeing realtors market condos as townhomes.

    Asif
    SINLetter.com

Speak Your Mind

*