Hot zip codes in Bay Area housing

May 5, 2009 7:50:26 AM PDT
Real estate experts in the Bay Area are seeing signs the home buying market may be turning around. And what they've been seeing are a bunch of hot zip codes -- that's where homes are selling for above asking price.

MOST POPULAR: Video, stories and more
SIGN-UP: Get breaking news sent to you from ABC7 News

For real estate agent Bryant McFadyen -- business is hot.

This Daly City house that might have gone for somewhere in the low $400,000 range a while back is now listed at almost $500,000 and McFadyen is hoping for the best.

"Actually this home has been surrounded by foreclosures. We held it on the market waiting for them to clear -- that's happened and now we're getting a lot more activity. As a matter of fact I'm showing it three times today," said Bryant McFadyen, Zip real estate agent

The house is in what is known as a hot zip code; from January to March of this year, the average house in Daly City, zip code 94015, sold for ten percent above asking price, that's the second highest percentage jump in the nation.

Also in the top ten nationwide for hot zip codes - San Leandro and Vallejo, with East San Jose not all that far behind -- that's according to the folks at Emeryville's ZipRealty -- which tracks hot and cold markets across the country.

"In our latest housing report, which looks at how much over/under the asking price homes are going for -- the range is from 87 percent to 110 percent. So every area, every zip code has its own market dynamics," Leslie Tyler, Zip V.P. marketing.

For the woman selling this home, the higher home value could make a huge difference in her quality of life.

"A pretty sizeable chunk of getaway money to get out of here because I need money to put my furnishings up and I can't work any longer -- so I'll have to subsist for a while," said Gita Sturtevant, Daly City resident.

McFadyen says in the Bay Area it's difficult to talk about an overall trend because of the micro-real estate climates.

"There are ten areas just in Daly City alone, so when you speak of the real estate market, in general it's kind of misleading. You have to get specific information about the area that you are interested in," said McFadyen.

Tyler and McFadyen agree, no one can see the exact future of Bay Area real estate prices anymore than you can see a view on a foggy morning. But there are some things like hot zip codes that have some people thinking warm thoughts.

       Today's latest headlines | ABC7 News on your phone
Follow us on Twitter | Fan us on Facebook | Get our free widget


Load Comments