Foster City 2012 Condo/Townhouse Statistics

Honestly, when it comes to analyzing statistics on condos and townhouses it’s really a pain in the butt…and it’s value is sort of dubious in many areas. The only real way to access true analysis in this area is to look only at the individual project and see how it did over a period of time. In Foster City you have projects that have done very well and others that have completely tanked and judging the whole category becomes problematic in that light. The problem is that I don’t have time to break each project down and post on them…so I’m still going to give you the total market numbers for whatever that’s worth. If you want to know trends for individual projects just let me know and I’d be happy to get you that info.

Two areas that are illustrative are average days on the market and total number of units sold. First the DOM:

2006…240

2007…165

2008…112

2009…140

2010…143

2011…144

2012…156

Pretty amazing that 2006 had 240 sales vs 2008 with 112. Last year was definitely on the upswing and surely could have had more if more folks had decided to sell. The inventory was abismal…exemplified by the average days on the market. In 2006 it was 41, 2007 was 40, 2008 was 55, 2009 was 70, 2010 was 50, 2011 was 72 and 2012 was back to 41. It certainly would have been far less without the short sales at the Islands and the Admiralty. Now how about the gross average sales prices:

2006…$661,993

2007…$694,026

2008…$635,839

2009…$577,267

2010…$577,150

2011…$512,192

2012…$551,001

Like in single family, 2012 was the only year (including 2006) that the average sale price was above the average list price. Much of the overall price erosion here since 2006 can be attributed to values tanking at Promontory Point and the Islands. Unless we get a ton more inventory 2013 is going to be another growth year for prices in Foster City.

Speak Your Mind

*