June 2010 RETURN TO HOME PAGE FEEDBACK

Noe Valley home shoppers purchased 10 single-family dwellings in April, recording double-digit sales for the second month in a row.

"We're continuing to see the good effects of what appears to be a stabilizing economy," says Randall Kostick, general sales manager for Zephyr Real Estate. Zephyr provides the Voice with monthly sales data.

The April tally was three fewer than in March. Still, it was more than triple the number recorded last April, when just three single-family homes changed hands in the neighborhood.

Though the current real estate market has tended to favor buyers, most buyers in April chose not to haggle and paid the seller's asking price.

"There's just enough competition that people are not willing to try and lowball a sales price," Kostick says. "They just take the price if they think it's a fair price."

The average sales price for April was $1,269,100, which was about $100,000 less than a month earlier. Deals took about seven weeks to close--two weeks longer than in March.

Two homes sold for more than $2 million in April. The highest-priced was a $2,595,000 four-bedroom, 3.5-bath house with two-car garage, located in the 4000 block of 26th Street between Noe and Sanchez streets.

The condominium splurge of March, when 10 units were sold, was not repeated in April. April clocked just four condo sales in Noe Valley--the same as in April a year ago--and buyers on average paid 7 percent below the seller's asking price.

Condominiums sold at an average price of $990,000. A newly built property was the most expensive condo sold in April, with a price tag just under $1.5 million. The three-bedroom, two-bath unit, with one-car parking, is located in the 1000 block of Guerrero Street between 22nd and 23rd streets.

Note: The small sample sizes in the above comparisons may limit their significance.

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
April 2010	10	$550,000	$2,595,000	$1,269,100	49	100%
March 2010	13	$650,000	$2,975,000	$1,369,130	35	101%
April 2009	3	$875,000	$2,400,000	$1,828,333	99	98%
Condominiums
April 2010	4	$640,000	$1,490,000	$990,000	38	93%
March 2010	10	$700,000	$1,625,000	$1,065,555	30	99%
April 2009	4	$665,000	$1,155,000	$911,000	124	98%
2 to 4 unit buildings
April 2010	2	$810,000	$1,050,000	$930,000	278	96%
March 2010	1	$1,465,000	$1,465,000	$1,465,000	40	92%
April 2009	2	$1,048,000	$1,550,000	$1,299,000	147	99%
5+ unit buildings
April 2010	0	-	-	-	-	-
March 2010	0	-	-	-	-	-
April 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 6/10

Noe Valley Rents**

Type of Unit	Number in Sample	Range of Rents, May 2010	Average Rent, May 2010	Average Rent, April 2010	Average Rent, May2009
Studio	3	$1,050 - $1,500	$1,250/ mo.	$1,306/ mo.	$1,335/ mo.
1 bedroom	38	$1,350- $2,750	$1,889/ mo.	$1,834/ mo.	$1,853/ mo.
2 bedrooms	31	$1,850- $4,385	$2,777/ mo.	$2,673/ mo.	$2,776/ mo.
3 bedrooms	9	$3,196- $6,000	$4,029/ mo.	$4,054/ mo.	$4,158/ mo.
4+ bedrooms	2	$4,550- $6,900	$5,725/ mo.	$4,548/ mo.	$5,532/ mo.

** Survey based on a sample of 83 Noe Valley listings appearing on Craigslist.org from May 3 to 13, 2010. NVV 6/10