May 2012 RETURN TO HOME PAGE FEEDBACK

Those in Noe Valley who have a house to sell might be cheered by the latest home sales figures.

In March, buyers purchased 20 single-family homes in Noe Valley, the highest monthly total the neighborhood has seen in nearly three years. In many of those sales, fierce competition compelled buyers to offer tens of thousands of dollars more than the sellers’ asking price.

The March tally was eight more than in February and seven more than in March of 2011, according to data collected for the Voice by Zephyr Real Estate.

Randall Kostick, Zephyr’s general manager, said buyers found themselves shopping at a time when there was a relatively low inventory of homes for sale.

“It created a situation where we had many multiple offers” on the same homes, he said, and “the properties available were just being gobbled up.”

One reason for the sparse inventory, according to Kostick, was that homeowners had been waiting to sell because they anticipated getting even higher prices in a rebounding market.

“They think, like buyers, that we’ve reached the bottom and so prices are going to go up now. So sellers want higher prices,” he said. “And buyers want to buy, but there were not enough properties on the market.”

Kostick said the increase in sales traffic—plus the fact that buyers on average paid 3 percent more than what sellers were asking and the escrow waiting period shrunk from 78 days in February to 48 in March—could generate more “For Sale” signs.

“All of these numbers are showing a very healthy seller’s market,” he said.

Kostick noted that 16 of the 20 homes commanded at least $1 million, and four topped $2 million. The average sales price was nearly $1.6 million.

A new luxury home in the 1500 block of Noe Street between 28th and Valley streets was highly sought after. Buyers paid $200,000 more than the $2,750,000 asking price and closed escrow in a mere 13 days. The four-bedroom, 3.5-bath home, with 3,400 square feet of living space, featured a gourmet kitchen, a glass ceiling in the dining area, panoramic views, and parking for two cars.

Condominium sales also picked up in March. Buyers purchased 11 units—five more than in February. Sellers garnered an average 3 percent more than the asking price and typically sold their homes in 30 days.

“None of the condos sold below their asking price,” Kostick said.

The priciest condo was a new three-bedroom, three-bath dwelling with 1,741 square feet of space. Located in “The Luxe,” a six-unit modern building at the corner of 28th and Church streets, the home sold in 28 days for $1,419,000—$20,000 more than the asking price.

 

 

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
March 2012	20	$725,000	$2,950,000	$1,597,150	48	103%
February 2012	12	$590,000	$2,100,000	$1,484,500	78	101%
March 2011	13	$1,050,000	$2,650,000	$1,622,231	57	99%
Condominiums
March 2012	11	$618,000	$1,419,000	$955,182	30	103%
February 2012	6	$446,000	$1,199,000	$915,000	22	102%
March 2011	10	$425,000	$1,275,000	$860,400	41	100%
2- to 4-unit buildings
March 2012	4	$939,000	$1,600,000	$1,262,250	101	100%
February 2011	4	$851,000	$2,850,000	$1,678,250	31	95%
March 2011	3	$950,000	$1,610,000	$1,311,667	72	99%
5+-unit buildings
March 2012	0	—	—	—	—	—
February 2012	0	—	—	—	—	—
March 2011	0	—	—	—	—	—

*‑ ‑Sales include all Noe Valley home sales completed during the month. Noe Valley in this survey is defined as the area bordered by Grand View, 22nd, Guerrero, and 30th streets. The Voice thanks Zephyr Real Estate (www.zephyrsf.com) for providing sales data.  NVV 5/2012

 

Noe Valley Rents**

Unit	No. in Sample	Range April 2012	Average April 2012	Average March 2012	Average April 2011
Studio	3	$1,445 – $1,850	$1,715 / mo.	$1,748 / mo.	$1,608 / mo.
1-bdrm	17	$1,750 – $3,250	$2,261 / mo.	$2,412 / mo.	$1,947 / mo.
2-bdrm	21	$2,375 – $5,000	$3,584 / mo.	$3,352 / mo.	$2,825 / mo.
3-bdrm	14	$3,900 – $8,900	$5,556 / mo.	$5,864 / mo.	$3,363 / mo.
4+-bdrm	6	$6,500 – $9,450	$7,650 / mo.	$7,283 / mo.	$6,000 / mo.

** ­‑This survey is based on a sample of 61 Noe Valley apartment listings appearing on Craigslist.org from March 22 to April 9, 2012.  NVV 5/2012