April 2006 RETURN TO HOME PAGE FEEDBACK

The Noe Valley real estate market resumed its dynamic activity in February, as buyers snapped up 10 houses--eight of them for more than $1 million.

The post-winter rebound contrasted with January sales, when only four detached houses changed hands. Five residential properties sold in February the previous year.

The average sales price in February was more than $1.4 million, according to Zephyr Real Estate, which supplies the Noe Valley Voice with monthly data about residential sales in the neighborhood.

Eager buyers wasted little time in consummating the deal, picking up their keys in less than three weeks after seeing the "For Sale" sign appear on the door. Neither did shoppers keep a clamp on their wallets, although statistics showed that buyers on average paid only 99 percent of the seller's asking price.

Two of the 10 sales were indeed below the asking price, said Zephyr general manager Randall Kostick, and those homes skewed the average. One property sold for 20 percent below the list price, and another was 3 percent lower. The eight others, however, sold for up to a 9 percent premium.

Buyers paid $2.1 million for the most expensive detached home, a 3,700-square-foot, two-bedroom, 11/2-bath detached home in the 3800 block of 22nd Street between Noe and Castro streets.

Three condominiums sold in February, the same total as in the previous month and in February of last year. Condo buyers paid an average 13 percent premium and closed escrow in just 19 days.

A four-bedroom, 31/2-bath unit in the 4800 block of 25th Street, between Grand View Avenue and Fountain Street, commanded the highest price. The condo sold for $1,280,000.

Noe Valley Home Sales*

	Total Sales	Low Price ($)	High Price ($)	Average Price ($)	Average Days on Market	Sale Price as % of List Price
Single-family homes
February 2006	10	$827,500	$2,100,000	$1,415,650	20	99%
January 2006	4	$850,000	$1,175,000	$972,500	65	99%
February 2005	5	$880,000	$1,355,000	$1,103,300	15	124%
Condominiums
February 2006	3	$640,000	$1,280,000	$1,050,000	19	113%
January 2006	3	$350,000	$1,310,000	$874,333	48	100%
February 2005	3	$575,000	$931,000	$785,333	20	120%
2 to 4 unit buildings
February 2006	3	$1,150,000	$2,156,000	$1,592,167	53	103%
January 2006	3	$1,300,000	$1,635,000	$1,445,000	46	103%
February 2005	2	$1,305,000	$1,500,000	$1,402,500	23	104%
5+ unit buildings
February 2006	1	$1,500,000	$1,500,000	$1,500,000	118	95%
January 2006	0	-	-	-	-	-
February 2005	0	-	-	-	-	-

*Sales figures include all Noe Valley home sales completed during the month. In this survey, Noe Valley is defined as the area bordered by Grand View, 22nd, Guerrero, and 30th streets. The Voice thanks Zephyr Real Estate (www.zephyrsf.com) for supplying the data.

A Snapshot of Noe Valley Rents**

Type of Unit	Number in Sample	Range of Rents, March 2006	Average Rent, March 2006	Average Rent, One Year Ago
Studio	4	$1000-$1100	$1075	$1200
1 bedroom	19	$1300-$2500	$1609	$1616
2 bedrooms	20	$1750-$3500	$2358	$1946
3 bedrooms	7	$2600-$4800	$3671	$2871
4+ bedrooms	1	$6000	$6000	$5600

**These rent averages are based on a sample of 51 Noe Valley rental listings appearing on www.craigslist.com February 27 - March 16, 2006.