SILICON VALLEY (KCBS) – There’s more evidence that the Bay Area housing market is finally on the road to recovery as property values are surging across the region.
In the second quarter, home values jumped an average of 2.5 percent across the Bay Area, that according to online real estate site Zillow.
KCBS’ Matt Bigler Reports:
In San Francisco, property values were up 3.9 percent. Alameda County saw a jump of 2.75 percent and home values increased by 3.79 percent in Santa Clara County.
Barbara Lymberis with the Santa Clara County Association of Realtors said one of the reasons for the jump is the low inventory of homes for sale.
“There’s just nothing out there and people are overbidding almost as if it were back in the 2002-2005 market. It’s actually really incredible,” she said. “But that’s what happens when you’ve got a much greater demand than there is supply.”
Lymberis said multiple offers are once again the norm. As property values go up, sellers are more likely to put their homes back on the market, which should ultimately help with the low inventory.
(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)