April 2008 RETURN TO HOME PAGE FEEDBACK

Noe Valley's real estate market began to emerge from the winter doldrums in February as buyers purchased eight residential properties, often paying more than the asking price to live in one of the city's most desirable neighborhoods.

The single-family home tally was just one more than in January 2008 and matched the total that had changed hands a year earlier, according to Zephyr Real Estate, which provides monthly sales data to the Voice. Though their numbers were few, February's crew showed a fervor that was reminiscent of past hot markets.

Eager buyers bid up homes an average 7 percent higher than the original price--which pushed the typical cost of a Noe Valley property over the $1.5 million mark. And it took a relatively quick five weeks, from the time a home went on the market, to close the deal.

Randall Kostick, Zephyr's general sales manager, said real estate activity traditionally tends to slow down during the winter holiday season and starts to pick up in February. "It just took a little longer [this year]," he said, noting that spring activity at open houses and new listings promised robust sales in March.

The February data showed that a large house with four bedrooms, 41/2 baths, and three-car parking was the most expensive single-family home sold in February. Buyers paid $2,450,000--4 percent more than the asking price--for the 3,890-square-foot property, located in the first block of Valley Street near Dolores Street.

Buyers paid $1.2 million for the costliest condominium, a two-bedroom, 11/2-bath unit in the 600 block of Elizabeth Street, between Castro and Diamond streets.

The condo was one of four sold during February, compared with one sale in January and six sales in February of last year. The average sales price was $883,000, and units typically closed escrow between six and seven weeks.

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 2008	8	$850,000	$2,450,000	$1,530,063	38	107%
January 2008	7	$935,000	$2,612,501	$1,636,214	52	103%
February 2007	8	$1,040,000	$2,725,000	$1,437,250	39	103%
Condominiums
February 2008	4	$609,000	$1,200,000	$882,750	41	100%
January 2008	1	$1,150,000	$1,150,000	$1,150,000	58	96%
February 2007	6	$475,000	$1,050,000	$810,000	47	103%
2 to 4 unit buildings
February 2008	1	$1,859,000	$1,859,000	$1,859,000	34	101%
January 2008	1	$1,935,000	$1,935,000	$1,935,000	29	102%
February 2007	4	$1,270,000	$1,960,000	$1,488,750	64	100%
5+ unit buildings
February 2008	1	$1,825,000	$1,825,000	$1,825,000	95	94%
January 2008	2	$1,415,000	$2,029,000	$1,722,000	110	96%
February 2007	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.

Noe Valley Rents**

Type of Unit	Number in Sample	Range of Rents, Feb-Mar 2008	Average Rent, Feb-Mar 2008	Average Rent, Feb-Mar 2007
Studio	5	$1300-$1800	$1555	$1200
1 bedroom	16	$1395-$2750	$1867	$1772
2 bedrooms	22	$2200-$6400	$3103	$2684
3 bedrooms	13	$2975-$6700	$4325	$4098
4+ bedrooms	8	$3250-$6995	$5537	$4733

**These rent averages are based on a sample of 64 Noe Valley rental listings appearing on www.craigslist.com from February 27 to March 17, 2008.