After two slow months, the Noe Valley real estate
market perked up
in February as buyers purchased 12 single-family detached
homes.
“It’s not the best month,” said Randall Kostick,
general manager
of Zephyr Real Estate, “but for this time of the year, it’s
incredible.”
In the previous two months, buyers purchased four
homes in January
and two in December, according to sales data Zephyr provides
monthly to the Voice.
There were four sales in February a year ago.
Kostick said some buyers apparently were
motivated because housing
prices were starting to move higher.
“For the first time, we’re hearing sentiment from
buyers that ‘I
think I missed the bottom,’” he said.
Kostick said the demand for homes in Noe Valley
has been strong
for months but that the lack of houses for sale has kept
things at a low ebb.
“If there was more inventory available, we’d have
had more than
the 12 sales we got,” he said.
February’s eager buyers on average paid 1 percent
more than the
seller’s asking price in order to beat the competition. The
average house price
was nearly $1.5 million.
Condominium shoppers paid an even higher
premium—2 percent over
the asking price—as they bought six units in February. The
number of condo
sales was one more than the five recorded in January 2012 and
in February of
last year. The average price topped $900,000.
Buyers paid $1,199,000 for the most expensive
unit, located in the
historic St. Paul School that was converted to condos a dozen
years ago. The
three-bedroom, 2.5-bath unit, with 1,910 square feet, was on
the market for 41
days before selling at the owner’s asking price. It’s located
in the 300 block
of Valley Street near Church Street.
The most expensive detached house, with a
Victorian faŤade and a contemporary
interior renovation, had five bedrooms, 4.5 baths, a two-car
garage, and 3,450
square feet of living space.
The property, located in the 100 block of Hoffman
Avenue between
23rd and Alvarado streets, sold in 132 days for $2.1
million—$295,000 beneath
the asking price.
Noe
ValleyHomeSales*
Total Sales
Low Price ($)
High Price ($)
Average Price ($)
Average Days on Market
Sale Price as % of List Price
Single-family homes
Feb. 2012
12
$590,000
$2,100,000
$1,484,500
78
101%
Jan. 2012
4
$749,000
$2,110,000
$1,133,500
86
99%
Feb. 2011
4
$851,000
$2,850,000
$1,678,250
31
95%
Condominiums
Feb. 2012
6
$446,000
$1,199,000
$915,000
22
102%
Jan. 2012
5
$778,000
$925,000
$868,000
71
104%
Feb. 2011
5
$590,000
$875,000
$738,900
143
100%
2- to 4-unit buildings
Feb. 2012
1
$880,000
$880,000
$880,000
112
98%
Jan. 2012
3
$850,000
$1,342,455
$1,130,818
91
99%
Feb. 2011
1
$1,186,500
$1,186,500
$1,186,500
50
108%
5+-unit Buildings
Feb. 2012
0
—
—
—
—
—
Jan. 2011
0
—
—
—
—
—
Feb. 2011
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
sales data.NVV
4/2012
Noe
Valley Rents*
Unit
No. in Sample
Range
March 2012
Average
March 2012
Average
February 2012
Average
March
2011
Studio
2
$1,500 – $1,995
$1,748 / mo.
$1,563 / mo.
$1,286 /
mo.
1-bdrm
11
$1,450 – $3,400
$2,412 / mo.
$2,516 / mo.
$1,954 /
mo.
2-bdrm
17
$2,200 – $4,865
$3,352 / mo.
$3,433 / mo.
$2,883 /
mo.
3-bdrm
13
$3,950 – $8,900
$5,864 / mo.
$5,558 / mo.
$4,225 /
mo.
4+-bdrm
3
$6,900 – $7,500
$7,283 / mo.
$10,000 / mo.
$3,447 /
mo.
* ‑This survey is based on a sample
of 53 Noe
Valley apartment listings appearing on Craigslist.org from March 5
to 15, 2012.
NVV 4/2012
