Jobs driving boost for SF Bay Area's luxury property market

US: Last year was a bumper year for residential real estate in the San Francisco Bay Area in California, according to real estate reports. Industry insiders say that job growth in San Mateo, San Francisco and Marin counties combined with a limited inventory of homes for sale spurred on this exceptional growth during 2012 in the Bay Area.

Last year saw $117.5 million paid for a luxury mansion in Woodside, the most expensive US home ever, according to a report on the San Francisco Chronicle. In the nine-county Bay Area, 11,041 properties changed hands in 2012 with sales prices above $1 million, up 29 percent from 2011, according to real estate service DataQuick of San Diego. Pacific Union International said they have a “very positive outlook for Bay Area residential real estate in 2013.”

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