Tech drives Silicon Valley home prices to near record

Silicon Valley / San Jose Business Journal by Nathan Donato-Weinstein, Real Estate Reporter

Date: Wednesday, November 7, 2012, 6:31pm PST

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What does a "plain-looking" three-bedroom, two-bath home get you in Saratoga?

These days, $180,000 over asking price — and 36 bidders.

That nugget is courtesy of The Wall Street Journal, which found Silicon Valley residential real estate prices at near-record levels.

Citing data from research firm DataQuick, the paper says median prices per square foot were within 10 percent of the region's highest levels ever. WSJ singled out Los Altos, noting its median price per square foot was $810 in the third quarter. The figure puts the city 1.3 percent behind its 2008 peak, the paper said.

Why? By now, you know the drill: low available home inventory, IPO money and high-tech salaries, WSJ says.

As for that 1,352-square-foot Saratoga home? It went for $930,000 in just nine days.