Market Monday: Foster City Real Estate Market Update for August 2024

Welcome to the latest Foster City real estate market update for August 2024! Each month, we provide a snapshot of the market's key market indicators, including the number of sales, number of listings, median listing price, and median sale price. In this blog post, we will focus on the data for August, so you can make informed decisions about buying, selling, or investing in Foster City real estate.

Number of Sales:
In August 2024, the Foster City real estate market saw a total of 12 sales, rising significantly from the prior month, up 71%. Year over year, home sales were the same. We expected sales to begin slowing, which is the seasonal norm. Inventory fell sharply in August, which is a good indicator that sales will decline in the coming months.

Number of Listings:
The total number of listings in Foster City for August was eight, 33% lower than the previous month. New listings rose from January to July 2024, but far more homes could come to the market. Inventory and new listings fell month over month, which is a good indicator that sales will decline as we make our way into fall.

Median Listing Price:
The median listing price for homes in Foster City in August 2024 was $2,050,000, which was the same as last month. Year over year, the median list price was down 13%.

Median Sale Price:
For August 2024, the median sales price of homes in Foster City was $2,302,500, an 8% increase from the previous month. Year over year, the median sale price was 11% lower. As you can see the median sold price has been higher than the median list price for the past four months, and in August, was 12% higher.

Comparing the median sale price to the median listing price provides insight into the negotiation power of buyers and sellers in the current market. If the median sales price is consistently lower than the median listing price, it indicates that buyers generally have more room for negotiation. Conversely, if the median sales price is higher than the median listing price, sellers likely have more leverage in the negotiation process. Comparing the sale price to list price, we can tell that demand outpaces supply in Foster City. Even though sales tend to slow in the second half of the year, inventory is so low that we expect buyers to pay more than list price on average.

As we wrap up our Foster City real estate market update for August, it's essential to remember that the local market is ever changing. Keeping an eye on these key indicators each month helps you make informed decisions about buying, selling, or investing in Foster City real estate.

If you have any questions about the current state of the market or need assistance with your real estate needs, please don't hesitate to contact our team of local experts. We're here to help you navigate the Foster City real estate market with certainty!