Seasonal Holiday Slow Down Underway!
Finally getting some much-needed rain in our area and hoping it will provide some relief from the drought and not too much havoc on our streets and drains. As we get closer to the holiday season, starting to see a familiar steep drop in the number of new listings while median list and sales prices have increased.
Foster City Overall Numbers
The volume of real estate sold in all of Foster City in October increased 34.2% on a year-over-year basis, although decreasing by 23.4% on a month-over-month basis. The number of active listings followed the typical seasonal pattern and shrank by 29.7%, keeping inventory levels very tight at 0.8 months vs. ~6.0 months needed for a balanced market.
Will do the Audubon area single family home numbers before I continue…
Housing Statistics for Audubon Area (single family homes)
|August 2015||September 2015||October 2015|
|# of New Listings||8||9||3|
|Lowest Priced New Listing||$1,200,000||$1,100,000||$1,288,000|
|Highest Priced New Listing||$1,598,000||$1,798,888||$1,688,000|
|Median Price of New Listings||$1,394,000||$1,425,000||$1,538,000|
|# of Closed Sales||3||7||4|
|Average Days on Market (Closed Sales)||14||20||16|
|Lowest Priced Closed Sale||$1,190,000||$1,050,000||$1,295,000|
|Highest Priced Closed Sale||$1,458,000||$1,688,000||$1,575,000|
|Median Closed Sale Price||$1,400,000||$1,351,000||$1,462,500|
So what does this all mean? Truth be told, the number of data points is relatively small, so numbers can fluctuate easily depending on one or two homes that are much higher or much lower than the average. What I CAN say for certain is I am seeing homeowners gaining confidence in getting that higher price due to our supply demand imbalance, thus listing and selling their homes for more. Even as many homeowners start to “batten down” for the holidays, buyers are still out there and actively looking for a place to buy. For a homeowner who can handle some marketing during the holidays, it’s actually not a bad idea to go on the market during a time of dramatically reduced competition (as of 11/18 only 4 active homes on market in Audubon area, with 8 total in all of Foster City) and yet continuing strong demand.
Happy Thanksgiving! Here’s another friendly reminder that property taxes were due on November 1st and will be delinquent if not paid by December 10th.
As your local 8z REALTOR and market expert, it is my pleasure to bring you this monthly update for Foster City’s Audubon neighborhood. Tune in each month for updated information about one of life’s biggest investments: your home.
*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.
Call me if you need any assistance in Foster City or elsewhere in the Peninsula area. I’d be more than happy to discuss the current market’s activity, show homes from the current inventory and help you with any of your real estate needs in the community. You can always reach me at 650.307.3391 or firstname.lastname@example.org.