Home Prices Hit Pre-Recession Levels In Many Bay Area Cities
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SAN FRANCISCO (KPIX 5) — Real estate website Zillow released a report Monday night that shows home prices in dozens of Bay Area cities have hit pre-recession levels. Experts said prices are likely to keep going up for the foreseeable future.
Zillow said 49 Bay Area cities have already reached pre-recession prices or will very soon.
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“Yeah, it’s really hot right now,” East Bay broker Ray Marquez of J. Rockliff Realtors told KPIX 5.
“In the $800 (thousand) to $1.2 (million), we’re still seeing a lot of multiple offers happening. And even in the $2 million and above we’re seeing cash offers.”
The priciest cities are no surprise. Woodside, Portola Valley, Hillsborough, and Los Altos Hills will see some of the biggest increases, to well above $3 million in 2015.
Atherton, where the median home price is already at $4.5 million, is expected to hit $4.7 million next year.
Homes in Danville are at a median of $993,000, just 7 percent off their pre-recession peak. One home for sale received eight offers on its first day on the market.
In other Bay Area cities: Zillow said San Jose’s median is expected to top $700,000 and in Pleasanton, $861,000. San Francisco’s median is inching ever closer to $1 million, while the median price in Sunnyvale is expected to top the seven-figure mark this time next year.
Marquez said houses are still going fast. “That’s what I mean, typical days on market is definitely two weeks or below,” he said.