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

Welcome to the latest Foster City real estate market update for March 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 March, so you can make informed decisions about buying, selling, or investing in Foster City real estate.

Number of Sales:
In March 2024, the Foster City real estate market saw a total of four sales, doubling from the previous month but four fewer than in March 2023. We expected sales to increase meaningfully in March, which is the normal seasonal trend. Sales will likely continue to climb for the next three months.

Number of Listings:
The total number of listings in Foster City for March was 10, which was the same as the previous month. New listings rose throughout Q1 2024, but far more homes could come to the market. We expect inventory to continue growing as we enter spring. In Foster City, demand far outpaces supply so more inventory quickly translates to more sales.

Median Listing Price:
The median listing price for homes in Foster City in March 2024 was $2,043,000, a 2% decrease month over month. Year over year, the median list price was down 18%. 

Median Sale Price:
For March 2024, the median sales price of homes in Foster City was $2,157,188, a 14% increase from the previous month. Year over year, however, the median sale price was 21% lower. As you can see the median list price and median sale prices in March were fairly similar.

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 the market is getting more competitive for buyers and buyers are paying more than list price. The average seller received 105% of the list price in March.

As we wrap up our Foster City real estate market update for March, 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!