Market Monday: Foster City Real Estate Market Update for September 2023

Welcome to the latest Foster City real estate market update for September 2023! Each month, we provide a snapshot of the market's key indicators, including the number of sales, number of listings, median listing price, and media sale price. In today’s Market Monday blog post, we will focus on the data for September 2023, so you can make informed decisions about buying, selling, or investing in Foster City real estate.

Number of Sales:
In September 2023, the Foster City real estate market saw a total of eight sales, a 33% decrease compared to the previous month, indicating that August sales were likely the peak for 2023. Year over year, sales were the same in September 2022 as they were in September 2023, both of which are right above the two year average of seven sales per month.

Number of Listings:
Foster City had 14 active listings in September 2023, representing an 8% increase month over month but a 36% decline year over year. Inventory steadily declined from July 2022 to March 2023 and remained depressed all year due to the low number of new listings.

Median Listing Price:
The median listing price for homes in Foster City in September 2023 was $2,333,444, a 1% decrease from the previous month. Year over year, the median list price is up 4%, but year to date, the median list price is 6% lower. 

Median Sale Price:
For September 2023, the median sales price of homes in Foster City was $2,182,500, a 15% decrease compared to the previous month. The large month to month decline comes after a 12% increase the previous month. These swings are more common with a lower number of sales. 

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 homes are priced appropriately on average. In September, the median sold price was 7% above median list price, and the average seller received 100% of list price.

As we wrap up our Foster City real estate market update for September 2023, it's essential to remember that the local market evolves and shifts. We hope that keeping an eye on these key indicators each month helps you to 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!