The
chillier-than-normal
weather that settled over the neighborhood this summer
also sent a nippy breeze through the Noe Valley real estate market, as
home
sales dropped nearly 40 percent from a year ago.
Home
shoppers
purchased 23 single-family homes during June and July—a marked decline
from the relatively sunny tally of 37 homes that buyers acquired during
the
same summer months last year.
According
to
data supplied by Zephyr Real Estate, June registered 13 sales, just two
fewer than last June. But July recorded only 10 sales, compared with 22
in July
of 2009.
In
past
seasons, Noe Valley home sales have risen during the early summer
months,
then tapered off in August as families turned their attention to
vacation and
the start of the school.
But
“we
had the slowdown earlier this year,” said Randall Kostick, Zephyr’s
general
sales manager. “July is the new August.”
Kostick
said
a confluence of events might have been responsible for the smaller
numbers: people taking vacations sooner (San Francisco public schools
opened
earlier this year), ongoing economic worries, and the end in July of a
government tax credit that helped stimulate sales. First-time buyers
had to
close escrow by June 30 to get the $8,000 credit, while repeat buyers
were eligible
for a $6,500 credit.
While
the
housing credit may not have had a major impact in Noe Valley, where the
average home costs more than $1 million, “it all kind of added up,”
Kostick
said.
The
Zephyr
manager theorized that “a lot of people are on the sidelines waiting
for
good news”—a boost in the economy and jobs in particular. One positive
note, he
said, was that mortgage interest rates, now in the mid 4 percent range,
were
the lowest in history.
Despite
the
sparse sales over the summer—and a large inventory of homes—most buyers
paid more than the asking price. In both June and July, the typical
home sold
for 4 percent more than what the sellers initially sought.
“There
is
actually a fair amount of property on the market,” Kostick said. “I
think
people are picking through the properties, and the ones they want are
the same
ones everybody else wants.”
The
homes
that buyers considered la crème de la crème sold
in a few
weeks, often with multiple offers. Less desirable properties hung
around for
100 days or longer, Kostick said.
Buyers
paid
$2,025,000—below the $2,229,000 asking price—for the most expensive
property purchased in June. After 136 days, moving vans drove up to the
four-bedroom, 2.5-bath dwelling in the 600 block of 27th Street between
Castro and
Diamond streets.
In
July,
the most expensive single-family home sold in 40 days for
$1,605,000—considerably higher than the $1,449,000 asking price. The
four-bedroom, 3.5-bath house is located in the 3800 block of 26th
Street,
between Dolores and Church streets.
Bucking
the
trend, condo sales rose during the summer. Buyers purchased 17 units
during
June and July, compared with 12 sales during the same period in 2009.
Like
their detached-home counterparts, the new condo owners often paid more
than the
asking price.
A
unit
in the 3800 block of 26th Street, between Dolores and Church streets,
was
the most expensive condo sold in June. Buyers paid $1,025,000—$30,000
more than
the asking price—for the three-bedroom, two-bath home. It closed escrow
in 29
days.
With
an original price tag
of $1,999,000, the costliest condo in July sold for $1.1 million, after
33 days
on the market. The home, located in the 1000 block of Guerrero Street
between
22nd and 23rd streets, has three bedrooms and two baths.
Noe Valley Home Sales*
Total
Sales
Low
Price ($)
High
Price ($)
Average
Price ($)
Average
Days on Market
Sale
Price as % of List Price
Single-family
homes
July2010
10
$550,000
$1,605,000
$1,077,000
42
104%
June2010
13
$500,000
$2,025,000
$1,250,215
65
104%
May2010
9
$865,000
$3,350,000
$1,603,778
39
103%
July2009
22
$675,000
$2,610,000
$1,196,411
53
100%
June2009
15
$700,000
$2,850,000
$1,498,567
65
99%
Condominiums
July2010
8
$610,000
$1,100,000
$864,625
63
103%
June2010
9
$525,000
$1,025,000
$765,861
63
101%
May2010
12
$887,083
$1,600,000
$904,000
34
102%
July2009
9
$349,000
$1,030,000
$827,667
54
99%
June2009
3
$560,000
$912,000
$680,500
43
97%
2-
to 4-unit buildings
July2010
1
$1,160,000
$1,160,000
$1,160,000
147
100%
June2010
3
$500,000
$1,400,000
$1,050,000
60
96%
May2010
5
$1,075,000
$1,500,000
$1,329,600
48
99%
July2009
3
$1,120,000
$1,725,000
$1,393,333
97
100%
June2009
0
—
—
—
—
—
5+-unit
buildings
July2010
0
—
—
—
—
—
June2010
0
—
—
—
—
—
May2010
1
$1,775,000
$1,775,000
$1,775,000
38
148%
July2009
0
—
—
—
—
—
June2009
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 9/10
Noe Valley Rents**
Unit
Sample
July-Aug.
2010
July-Aug.
2010
June
2010
July-Aug.2009
Studio
6
$1,275
– $1,600
$1,513
/ mo.
$1,366
/ mo.
$1,472
/ mo.
1-bdrm
38
$1,400
– $2,700
$1,828
/ mo.
$1,882
/ mo.
$1,633
/ mo.
2-bdrm
25
$1,950
– $4,650
$2,820
/ mo.
$2,622
/ mo.
$2,767
/ mo.
3-bdrm
28
$2,500
– $5,800
$3,872
/ mo.
$3,780
/ mo.
$4,332
/ mo.
4+-bdrm
3
$5,350
– $6,750
$5,850
/ mo.
$5,933
/ mo.
$4,950
/ mo.
**
‑Survey
based on a sample of 100 Noe Valley listings appearing on
Craigslist.org from July 23 to Aug. 9, 2010. NVV 9/10
