What’s Changed?

So every time I hold a place open in Foster City I hear somebody comment that the inventory is way up. Yay! Just look at it all…they exclaim. I used to do charts here identifying inventory in both single family houses and condo/townhouses in Foster City. I stopped doing it because there wasn’t any inventory to report on! Last time I did one was September of 2011. At that time there were 30 single family homes listed for sale and 18 pending sales. In condo/townhouses there were 38 active and 14 pending.  Today in this land of bounty and opportunity there’s 11 single family for sale and 9 pending. There’s also 18 condo/townhouse active and 16 pending. These are indeed higher numbers than a few months ago and maybe that is encouraging but the question is out there. What’s changed?

In the first few months of this year it seemed like every single property that came on the market got multiple offers and sold way over asking. Didn’t matter what it’s condition was. Now, buyers are not as willing to go for it on properties that seem risky in some way. I’d call that sanity. Consequently, when I look at active Foster City homes I see this…overpriced Eichlers, a house with a very high HOA, a small house in an iffy location with a high price and maybe 4 houses that I think will sell quickly. There aren’t any traditional rancher 3 or 4 bedroom places in Foster City on the market right now. When one comes up it’s going to get a lot of attention. Same sort of dynamic with condos/townhouses. There’s some very nice places out there…but more with an issue or two. This kind of market is really kind of challenging. It’s easy to get encouraged by the new inventory…but it sure seems like the choice houses still get multiple offers

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