Foster City 2008 Statistics

The year end numbers are in…and they actually turned out pretty well! Once again the numbers reflect a healthy environment in Foster City and they certainly run contrary to the perception portrayed in the media when it comes to home value analysis. I have to admit that I’ve gone over these time and again because even I fall victim to the numbers offered, almost constantly in the media. If you would like to dig through these numbers yourselves, feel free. Dig away:

2007 FC Single Family DataPDF

2008 FC Single Family DataPDF

Here it is in a nutshell…

In 2007 100  Single Family Homes sold. In 2008 95 Single Family Homes sold (-5%).

In 2007 the average sale price of a single family home in Foster City was $1,157,960, in 2008 it was $1,112,816 (-3.89%)

Here’s another good one. Average days on the market in 2007=32. Average days on the market in 2008=49 (+34.6%) I don’t know, 17 extra days doesn’t seem all that bad to me.

OK, just for fun, let’s compare it to 2006! In that year there was 138 Single Family Homes sold and the average sales price was $1,148,303…so in that case we’re only down 3.0% if you compare 2008 to 2006.

In all fairness, 2008 was, in reality, January 1 thru September 15 (when the stock market tanked and the economic wheels came off). If the rest of the year included a normal 4th quarter we would have had better numbers in 2008 than in 2007. As it was only 18 single family homes sold after 9/15/08 and 11 of them sold before November 1st. Only 2 of those 18 houses sold were priced over $1,300,000…that’s a little alarming. What we have currently is a standoff between buyers and sellers.

The two biggest issues facing Foster City real estate values in 2009 are quite simply:

Consumer Confidence & Interest Rates…particularly for Jumbos.

If these two factors have some kind of resolution we could have a good year. For what it’s worth, I held open my listing on Bayview in San Carlos yesterday and had the biggest turnout I’ve had ever for that listing (at least 50 people…after 141 days on the market!) The market sure seemed to be coming out of it’s slumber to me…at least this week!


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