Noe Valley Voice March 2011
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The Cost of Living in Noe

Slow and Slower

By Corrie M. Anders

January, usually a lackluster time for home buyers and sellers in Noe Valley, held true to form in 2011. Only three single-family homes changed hands during the month.

The skimpy sales mirrored that of January a year ago, when just three houses sold as well. January of 2009 was slightly more active, with four sales, according to Zephyr Real Estate, which supplies monthly sales data to the Voice.

There was also minimal condominium activity at the first of the year, reflecting the market’s annual hibernation during the December holidays. Buyers purchased two condos in January 2011 (three in January the year before, and two the same month of 2009).

“It was a pretty quiet month,” acknowledged Randall Kostick, Zephyr’s general sales manager.

Of the five homes sold this January, the one with the highest price tag was not a detached house, but a condo located on Noe Valley’s eastern edge. Buyers paid $1.2 million for the three-bedroom, two-bath unit, which had 1,939 square feet of living space.

The luxury condo, in a modern building in the 100 block of Ames Street between 22nd and 23rd streets, sold for $225,000 below the asking price and took more than six months to close escrow.

The unit was considerably larger than the most expensive single-family home sold during the month—a two-bedroom, two-bath property with 1,320 square feet of living space. The Victorian-style house, located in the 300 block of Jersey Street between Noe and Castro, sold in 21 days at the $1,085,000 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

Jan. 2011

3

$700,000

$1,085,000

$922,595

51

100%

Dec. 2010

10

$940,000

$2,125,000

$1,397,250

54

98%

Jan. 2010

3

$757,000

$1,200,000

$962,333

126

98%

Condominiums

Jan. 2011

2

$680,000

$1,200,000

$940,000

141

95%

Dec. 2010

13

$581,500

$1,995,000

$976,177

79

100%

Jan. 2010

3

$770,000

$1,420,000

$1,131,000

80

96%

2- to 4-unit buildings

Jan. 2011

0

Dec. 2010

5

$669,000

$1,600,000

$1,202,800

79

98%

Jan. 2010

0

5+-unit buildings

Jan. 2011

0

Dec. 2010

0

Jan. 2010

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 the sales data.   NVV 3/11  

 

Noe Valley Rents**

Unit

 

No. in Sample

Range Feb. 2011

Average Feb. 2011

Average Jan. 2011

Average Feb. 2010

Studio

6

$1,150 – $1,995

$1,558 / mo.

$1,495 / mo.

$1,301 / mo.

1-bdrm

17

$1,690 – $3,670

$2,140 / mo.

$2,200 / mo.

$1,868 / mo.

2-bdrm

16

$1,895 – $5,500

$2,661 / mo.

$2,745 / mo.

$2,663 / mo.

3-bdrm

6

$2,950 – $5,000

$3,908 / mo.

$3,972 / mo.

$4,302 / mo.

4+-bdrm

3

$4,800 – $7,500

$6,100 / mo.

$6,142 / mo.

$5,218 / mo.

** ­‑This survey is based on a sample of 48 Noe Valley listings appearing on Craigslist.org from Feb. 4 to 17, 2011.    NVV 3/11