Pueng Vongs, Y! SF Editor
While the rest of the country is mired in a housing slump, sales in the Bay Area high-tech hub couldn't be hotter, according to a report from Bloomberg News. This is even while sales in Northern California overall are down.
The report details surging prices in the South Bay, crazy traffic at open houses, and million dollar homes with multiple offers -- often above the asking price.
Read the full report.
The rush is fueled by new IPOs and anticipation of Facebook's offering next year. In fact, big money is already being made on the social media giant in private share sales pre-IPO.
The report states that the median price of single-family houses in Palo Alto, home of Facebook, increased 20 percent in May from the previous year to $1.63 million, the biggest jump since 2008, according to DataQuick. Bidding wars are common.
Other areas also seeing a sizable bump are Cupertino, which gained 12 percent last month from May 2010 to $1.08 million, and Saratoga, which spiked 4.7 percent to $1.62 million, according to DataQuick.
"The market seems to be returning to the crazy days and the question is whether or not it is a false recovery or a sustained recovery," says one home hunter.
The high-tech, young, newly-monied set favor owning a house and picket fence, says the report. One observer in Palo Alto says he estimates the average age of buyers has dropped from about 50 to the mid-30s.
The report also expects the hi-tech resurgence to spillover into more jobs.
Read more.
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