Foster City 2010 Condo/Townhouse Statistics

How about the other side of the market? Condos/Towhouses? Sort of a similar scenario to what we saw with houses on Tuesday.

In 2008 108 units sold in Foster City. Interestingly, and also inexplicably, 144 units sold in 2009. In 2010 we had 135 sales in this category.

I had done this type of analysis last year at this time and when I looked at the raw numbers today I realized that I made a mistake grabbing all the data from the MLS last year when it came to the 2009 average sale price. The real numbers are as follows. In 2008 the average sale price $637,436. That number fell in 2009 to an average of $574,746. That amounts to about 9.8% reduction in values over that year. In 2010 the average sale price was $580,148. Like houses, a slight improvement.

I’ve said this before here, but losing the comps that used to be provided by Promontory Point in Foster City have certainly had an effect on these averages. When you have one community that typically provided comps at or over 1 million dollars and now have them in the 700k range is going to lower the bar considerably when you look at averages. That doesn’t necessarily mean that all projects throughout Foster City have dropped that significantly.

Average days on the market have gottne better too. In 2008 we were at 56 DOM. In 2009 we jumped up to 70 DOM…but in 2010 that number went back down to 50 DOM. The best in quite awhile.

All this, I think, continues to make the point that Foster City real estate is a very strong product. What will 2011 bring? That’s the fun part…watching it all unfold!

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