Foster City 2011 Condo/Townhouse Statistics

How about the other side of the market? Condos/Townhouses? 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 and in 2010 we had 135 sales in this category.

In 2011 we had 152 units sell, obviously the bes since the bust.

How about the average values in FC, 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 for that year. The problem in 2011, again like houses was the fact that the average dollar amount was down to $509,175. That amounts to about a 20% drop in FC values since the top. This is also somewhat confusing since the high end has pretty much dissolved at Promontory Point and we don’t have $1 million plus comps to add into these figures. The truth is hat some projects did well and others tanked and brought the overall values down for this report. Island J is a great example.

No too surprisingly, the average days on market rose again 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. In 2011 we went up to 72 DOM.

2012 is going to be very, very interesting! With the low levels of inventory right now it’s very hard to gauge how it’ll be since it’s pretty active right now. Lets root for a good year.

Comments

  1. You bum! I can’t believe I actually wasted time trying to figure out the association between the graph and the post before I figured out — there isn’t one!

  2. Jim Minkey says:

    🙂

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