Tech is back — and tiptoeing along behind it, at least by some measures, is the San Francisco-area real estate market.
Local media and numerous agents contacted by Inman News report that a revival in hiring within the broadly defined technology sector is giving new life — or is expected to give it — to housing in numerous parts of the Bay Area.
"While San Francisco isn’t Silicon Valley, it’s not that far (of) a commute, and we have our fair share of new and exciting startup companies here as well," said Luba Muzichenko, a San Francisco agent.
"Tech jobs are on the rise, and with the increase in high-paying jobs, we are seeing more and more younger, first-time homebuyers."
Indeed, technology-based industry — which drove Bay Area home prices to fabled levels during the headiest days of the housing boom — seems to have found its legs. At the end of 2010, San Francisco had an estimated 30,700 tech jobs, compared with the 32,800 at the peak of its tech boom in 2001, according to an analysis by real estate firm Jones Lang LaSalle.