I live in the San Francisco Bay Area. An area known throughout the world for the high cost of living, especially in our real estate prices. When realtors drive prospective buyers around who are moving to this area from somewhere else in the country, they commonly bring a box of tissues as the buyer inevitably breaks down into tears for fear they'll never be able to afford anything like what they can get where they come from.
When the economy melted in 2008, we also suffered declining values for our homes. If the adage is that all real estate is local, then this will prove it. I remember thinking I'd get X amount for selling my home in 2007. When I had to sell it in 2009, I ended up getting X minus about 15%. Ouch.
I looks like I should have waited. I received a post card from a realtor who lives in my old neighborhood in Mountain View California. This is a city north of San Jose, south of San Francisco, adjacent to Palo Alto and is the headquarter city for Google, Intuit, Microsoft's Bay Area campus, Facebook (formerly) and LinkedIn (formerly). Among others. You can image home prices haven't stayed down.
This is a nothing home. It even looks that way. And no, the selling price is not a type-o. And it's not unusual. I have clients who have sold their homes recently with over 10 offers, most for cash and no contingencies. This is definitely a return to a seller's market.
Since the Bay Area is a leading indicator, look for these type of upward pressure in price in your neighborhood in the near future.