July-August 2010 RETURN TO HOME PAGE FEEDBACK

Enthusiastic residential shoppers purchased nine single-family homes--including one that sold for more than $3.3 million--and a dozen condominiums in Noe Valley during May.

The nine transactions fell below April's 10 deals and the 14 housing contracts signed in May a year earlier, according to data supplied to the Voice by Zephyr Real Estate.

Still, buyers displayed new zeal in an effort to acquire the most desired home. Finding themselves engaged in competition with other buyers for the same property, they often prevailed by paying more than the seller's asking price.

"We're seeing a rise in multiple offers again," said Randall Kostick, Zephyr's general sales manager.

Randall noted that real estate activity "has been so much better" this year, and "May has been such a great month that everyone is feeling good and breathing a sigh of relief."

Kostick said, however, that the current strength does not mean "we are going to have a quick rebound" from the 2008 mortgage crisis, which precipitated stagnant or diminished home values around the country.

"Though we may have some good months, we're talking about a number of years before we get back" to a more normal real estate market, he said.

The average price tag in May was $1.6 million, with seven of the nine homes selling for more than $1 million. Buyers on average paid 3 percent more than the asking price, compared to last year when they paid 2 percent less than list price.

Buyers were quick to close escrow, taking a little over five weeks to pick up their front-door keys, compared to nearly two months during the same month last year.

The $3.3 million home was a major yearlong renovation project, which sold privately before construction was complete. The home, originally built in 1900, was razed down to the front façade and totally rebuilt with four bedrooms and 3.5 baths and two-car parking.

The home, Noe Valley's most expensive sale in two years, is located in the 3900 block of 23rd Street between Noe and Sanchez streets.

Noe Valley's well-heeled shoppers also paid $1.6 million for a four-bedroom, three-bath condominium in the 1000 block of Guerrero Street between 23rd and 22nd streets. The luxury unit included parking for one car, a huge deck, and a separate studio apartment.

The condo was one of 12 sold in May--three times the number sold the previous month and in May of last year. Buyers typically paid a 2 percent premium, which pushed the average sales price to nearly $905,000.

Last month's housing vitality also extended to two- to four-unit flats. Buyers purchased five of the small apartment buildings in May, up from two sales in April and four in May a year ago.

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 2010	9	$865,000	$3,350,000	$1,603,778	39	103%
April 2010	10	$550,000	$2,595,000	$1,269,100	49	100%
May 2009	14	$750,000	$2,895,000	$1,172,536	53	98%
Condominiums
May2010	12	$887,083	$1,600,000	$904,000	34	102%
April 2010	4	$640,000	$1,490,000	$990,000	38	93%
May 2009	4	$600,000	$1,200,000	$826,250	38	98%
2 to 4 unit buildings
May 2010	5	$1,075,000	$1,500,000	$1,329,600	48	99%
April 2010	2	$810,000	$1,050,000	$930,000	278	96%
May 2009	3	$925,000	$1,200,000	$1,090,000	42	99%
5+ unit buildings
May 2010	1	$1,775,000	$1,775,000	$1,775,000	38	148%
April 2010	0	-	-	-	-	-
May 2009	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 supplying the sales data. NVV 7/10

Noe Valley Rents**

Type of Unit	Number in Sample	Range of Rents, June 2010	Average Rent, June 2010	Average Rent, May 2010	Average Rent, June 2009
Studio	6	$1,200 - $1,550	$1,366/ mo.	$1,250/ mo.	$1,263/ mo.
1 bedroom	32	$1,275- $2,750	$1,882/ mo.	$1,889/ mo.	$2,043/ mo.
2 bedrooms	31	$1,895- $3,600	$2,622/ mo.	$2,777/ mo.	$2,856/ mo.
3 bedrooms	12	$2,700- $5,500	$3,780/ mo.	$4,029/ mo.	$3,794/ mo.
4+ bedrooms	3	$3,350- $10,000	$5,933/ mo.	$5,725/ mo.	$5,398/ mo.

** Survey based on a sample of 83 Noe Valley listings appearing on Craigslist.org from June 1 to 14, 2010. NVV 7/10