Foster City 2010 Statistics

Confusion reigns? I’m not so sure that’s true, in my mind at least, about what the real estate market did in 2010. Some things make sense…some don’t. In many ways we’re seeing a significant resurgence in the market from the past few years though. For example we have the following:

In 2007 there were 100 single family transactions in Foster City, 95 in 2008 and 100 again in 2009. In 2010 we had 112!

The average days on market for homes changed too. This usually is an important bellweather that demonstrates how the market is doing. In 2007 the average DOM was 32, it was 49 in 2008 and it was a whopping 65 in 2009. In 2010 it dropped to 42. That’s a significant sign of a warmer market. That’s good news if you’re a seller.

Now how about the actual numbers. If we’re comparing average sale prices we look sort of bad compared to the good old days. In 2007 the average sale price in Foster City was $1,157,960. In 2008 that price was $1,112, 816. In 2009 it had fallen to $1,020,717 and that total had reflected a drop of 8.3% from FC’s historic high.

Interestingly, the 2010 average sale price was $1,030,981!! This increase is interesting and encouraging, but particularly interesting in light of the fact that the high sale was $1,400,000. Why is that interesting you ask? Because previous highs were so much higher. In 2008 it was $1,645,000 and there were also 10 other sales over $1,400,000! In 2009 the high sale was $1,599,000 and there were 4 other sales over $1,400,000.

The question then becomes…did the high end of the market slide precipitously or were there just fewer high end homes marketed in 2010 and thus the comps got skewed? I kind of think it’s a little of both. Certainly, the case can be made that the middle and lower ends of the market did very well…and actually grew this year. The highest list price was $1,499,000 so the case could be made that huge value erosion didn’t really happen.

Whatever the case may be, I think it’s abundantly clear that Foster City’s real estate market is alive and well. A drop of less than 8% since the Mortgage Meltdown is remarkable to say the least. Once again…we live in one of the most amazing and dynamic market places in the world. That isn’t going to change.

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