Foster City Real Estate Market Update September 2011 – Moderate Sales

Most of San Mateo County is experiencing a bump in home sales in 2011, but some of the mid-Peninsula cities, such as Belmont, Foster City, and Redwood Shores have had noticeable declines.

In September 2011, 9 homes closed escrow in Foster City. Through the first nine months of the year, there have been 86 homes sold, down 8 percent from the prior year. However, sales have picked up in recent months. From June through September, there have actually been more sales in 2011 than the same period in 2010.

Inventory of for sale homes in Foster City at the end of September was 29, which is the essentially the same as of September 2010. Most areas of San Mateo County that we track have had a decline in the number of homes actively for sale. Even with flat inventory and sales slightly down, the months supply of inventory has only increased from an average of 2.4 months in 2010 to 3.1 months in 2011. Three months tracks even with the average for the entire county.

Prices appear to be flat with average and median prices around the $950,000 to $1 million level. The price per square foot has averaged about $460 in 2011, down from $475 in 2010, but well within normal fluctuation.

Sellers are continuing to get pretty close to their asking price for Foster City real estate. The sale price divided by list price has averaged 98% in 2011, meaning that homes sold for 98% of their asking price. While this statistic is not perfect -- it doesn't take into account homes that were price reduced and then immediately sold -- it is relevant in that we know that when homes do sell they sell pretty close to the asking price. Determining the correct asking price can be tricky, but it helps to have a Realtor that is closely following the local markets.

By The Numbers - Foster City September 2011

See below for all of our other latest real estate market updates for September 2011:

San Mateo County Belmont Burlingame and neighborhoods (Burlingame Grove, Burlingame Hills, Burlingame Village, Easton Addition, Mills Estates, Ray Park, Terrace) Hillsborough and neighborhoods (Upper Hillsborough, Tobin Clark Estate, Lower Hillsborough) Redwood City Redwood Shores San Carlos San Mateo