July-August 2006 RETURN TO HOME PAGE FEEDBACK

Noe Valley's real estate market continued its perky ways in May, highlighted by the $2.4 million sale of an elegant, turn-of-the-century house on 23rd Street.It was the most expensive home to close escrow during the month--and one of the most spectacular. The sprawling 3,382-square-foot-home, built in 1896, boasts five bedrooms, 31/2 baths, decks, and a family room, and sits on an extra-wide lot in the 4200 block of 23rd Street near Eureka Street.

A total of 13 single-family homes were sold during May, according to Zephyr Real Estate, which provides monthly sales data to the Voice. That was one more than in the previous month, but two fewer than in May of 2005.

All but one of the homes sold for $1 million or more. The high-flying price tags helped push the average outlay for a Noe Valley home during the month to a remarkable $1.4 million.

Condominium sales dipped modestly. Buyers closed on six condos during the month, down from nine purchases in both the previous month and in May a year earlier, according to Zephyr.

Buyers paid $1.1 million for the most expensive condo sold in May. The two-bedroom, two-bath unit is located in the 3700 block of 26th Street near Dolores Street.

Though the housing market remained "fairly active" in May, there were signs of softness. The weakness was reflected in a larger inventory of homes for sale and more circumspect buyers.

"We had quite a few listings," said Marcia Thomas, assistant sales manager in Zephyr's 24th Street office.

"But the premium properties...the nice properties sold quickly within two to three weeks," Thomas said. Buyers often paid more than the seller's asking price for choice residences.

"Properties that were overpriced [or] not quite as desirable are sitting around awhile," said Thomas. She said some sellers were forced to reduce their prices.

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
May 2006	13	$900,000	$2,400,000	$1,476,769	21	108%
April 2006	12	$835,000	$2,340,000	$1,402,213	30	105%
May 2005	15	$907,000	$2,245,000	$1,297,553	29	113%
Condominiums
May 2006	6	$629,000	$1,110,000	$817,500	33	106%
April 2006	11	$650,000	$1,620,000	$995,318	30	103%
May 2005	9	$525,000	$1,114,000	$914,110	21	116%
2 to 4 unit buildings
May 2006	2	$1,123,000	$1,630,000	$1,376,500	33	109%
April 2006	5	$1,125,000	$1,616,500	$1,372,800	31	107%
May 2005	7	$1,215,000	$1,750,000	$1,431,943	36	104%
5+ unit buildings
May 2006	0	-	-	-	-	-
April 2006	0	-	-	-	-	-
May 2005	2	$1,550,000	$1,890,000	$1,682,500	39	102%

*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, June 2006	Average Rent, June 2006	Average Rent, One Year Ago
Studio	12	$799-$1500	$1205	$1099
1 bedroom	19	$1295-$3000	$1879	$1549
2 bedrooms	9	$1700-$5200	$2683	$2104
3 bedrooms	4	$2700-$3350	$3038	$2650
4+ bedrooms	7	$4200-$5500	$4857	$6500

**These rent averages are based on a sample of 51 Noe Valley rental listings appearing on www.craigslist.com June 10-15, 2006.