March 2008 RETURN TO HOME PAGE FEEDBACK

A four-bedroom, three-bath Noe Street home, with parking for three cars, sold in January for $2.6 million--more than $400,000 over the asking price. That's how valuable parking is in this neighborhood.

The 2,500-square-foot residence was the most expensive home sold in Noe Valley during the month. But it was one of only seven total sales. Most would-be buyers and sellers were taking a rest from the real estate merry-go-round.

"It was not our banner month here," said Randall Kostick, general sales manager for Zephyr Real Estate, which provides sales data to the Voice. He said the skimpy housing activity reminded him of the pre-bubble 1990s, when sales typically dwindled between Thanksgiving and New Year's.

It took only two days to sell the $2.6 million home, which is located in the 1000 block of Noe Street between 23rd and 24th streets. But that quick pace was offset by a house that took 160 days to close escrow--a sign the local marketplace was moving in fits and starts.

Sellers with unrealistic price tags tended to see their homes languish on the market, said Kostick.

"Price is critical right now," he said. "If you overprice your property, you can't just wait and hope that it sells. You've got to reduce your price."

Four of January's seven residential deals came after sellers dropped their prices. The other three properties sold for above the asking price. When all was said and done, the average sales price was slightly more than $1.6 million, about $100,000 more than in December 2007.

The midwinter slowdown definitely affected condominiums and two- to four-unit buildings. Buyers purchased just one condo in January, compared with four transactions each in December and January a year earlier. And the same was true for midsize apartment buildings.

The prize condo, a three-bedroom, two-bath unit located in the 500 block of Clipper Street between Douglass and Diamond streets, sold for $1,150,000.

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
January 2008	7	$935,000	$2,612,501	$1,636,214	52	103%
December 2007	4	$1,450,000	$1,700,000	$1,536,500	35	103%
January 2007	4	$850,000	$1,865,000	$1,247,000	99	96%
Condominiums
January 2008	1	$1,150,000	$1,150,000	$1,150,000	58	96%
December 2007	4	$725,000	$1,150,000	$974,500	38	100%
January 2007	4	$552,000	$815,000	$684,250	66	100%
2 to 4 unit buildings
January 2008	1	$1,935,000	$1,935,000	$1,935,000	29	102%
December 2007	4	$899,900	$1,501,000	$1,239,275	39	99%
January 2007	4	$850,000	$1,650,000	$1,300,000	46	91%
5+ unit buildings
January 2008	2	$1,415,000	$2,029,000	$1,722,000	110	96%
December 2007	0	-	-	-	-	-
January 2007	1	$1,900,000	$1,900,000	$1,900,000	11	100%

*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, Jan-Feb 2008	Average Rent, Jan-Feb 2008	Average Rent, One Year Ago
Studio	1	$1545-$1545	$1545	$1175
1 bedroom	21	$1550-$2650	$2019	$1852
2 bedrooms	12	$2365-$7500	$3354	$2551
3 bedrooms	15	$3095-$6950	$4594	$4272
4+ bedrooms	6	$4250-$7800	$6374	$6883

**These rent averages are based on a sample of 55 Noe Valley rental listings appearing on www.craigslist.com from January 28 to February 15, 2008.