Foster City 2011 Statistics

It really seemed to me for most of last year that the market was slower in Foster City than it was in some of the neighboring communities. Oddly enough, there was more activity in 2011 but prices wne down. I felt like 2010 was a good year but last year seemed slower to me. Anyway…in the years post-downturn we had 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. 2011 brought us 125 sales…we’re heading in the right direction at least!

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. 2011 averaged 55 days on the market. Honestly, all these numbers are really good compared to lots of areas in Northern California. 55 is great, it’s just slightly slower than the year before.

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 in 2010 that number rose to $1,030,981. Here’s the bad news…in 2011 we finished at $981,169. That’s actually a pretty significant decline and brings the total reduction in value since 2007 when the bad news started to 15%. Having said that, 15% isn’t bad at all compared to most places.

Comments

  1. Should the drop continue, and it probably will given how the economy is still in the toilet, we might see bigger dropps over the next few years I suppose. What are the foreclosure numbers like year over year?

  2. Jim Minkey says:

    Actually it’s not as big anchor as you might think. Of the 125 closed single family escrows only 7 of them were foreclosures. It wasn’t like values fell propelled by foreclosures.

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