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!

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!