March 2002 RETURN TO HOME PAGE FEEDBACK

Noe Valley houses didn't cost as much in January as they did a year ago. And buyers who closed escrow two months ago also moved into somewhat smaller houses than did buyers 12 months earlier.

The latest demographic portrait of Noe Valley's residential real estate shows 11 single-family homes closed escrow in January--at an average price of $684,090. Buyers paid 2 percent above the seller's asking price -- confirmation that people remain willing to pay a premium to live in the Valley.

But a year earlier, in the midst of frenzied bidding wars, buyers paid 20 percent more than what sellers initially sought. In January 2001, the average sale price for a single-family home was $817,111. This January's average -- $684,090 -- is a 16.2 percent drop from last year.

Condominium sales followed a similar pattern, according to data compiled for the Voice by Zephyr Real Estate. Three condos sold in January at an average price of $603,333 -- also representing a 2 percent premium over the seller's original quote.

But a year earlier, the price buyers were willing to pay for condos ran 9 percent higher than the seller's asking price. And condos sold for an average $787,500, about $185,000 more than in January of this year.

However, Noe Valley house prices still rank among the highest in San Francisco. The most expensive home sold in January was a three-bedroom, two-bath home in the 4100 block of Cesar Chavez Street. Buyers paid $949,000. The top condo sold for $725,000 -- a two-bedroom, two-bath unit in the 4500 block of 25th Street.

What are the prospects for spring? Expect million-dollar home sales to return. At least four buyers signed contracts last month to purchase homes with seven-figure price tags, says Randall Kostick, Zephyr's real estate manager.

"The market is picking up," says Kostick, "and prices seem to be slightly on the rise."

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 2002	11	$454,000	$949,000	$684,090	25	102%
Dec 2001	16	$575,000	$1,495,000	$834,781	34	100%
Jan 2001	9	$589,000	$1,295,000	$817,111	22	120%
Condominiums
Jan 2002	3	$480,000	$725,000	$603,333	60	102%
Dec 2001	3	$405,000	$640,000	$501,666	48	98%
Jan 2001	2	$750,000	$825,000	$787,500	8	109%
2 to 4 unit buildings
Jan 2002	3	$612,000	$762,500	$703,166	30	99%
Dec 2001	3	$645,000	$735,000	$686,333	76	98%
Jan 2001	4	$650,000	$1,115,000	$871,250	32	106%
5+ unit buildings
Jan 2002	0
Dec 2001	0
Jan 2001	0

Noe Valley Rents**

Size of Apartment	Average Rents Oct-Dec 2001	Average Rents one year ago Oct-Dec 2000	% increase (+) or decrease (-)
Studio	$1137	$1273	-10.7%
1 bedroom	$1657	$1913	-13.4%
2 bedrooms	$2373	$2790	-14.9%
3+ bedrooms	$2931	$4085	-28.2%

*Information provided to the Noe Valley Voice courtesy of Zephyr Real Estate (www.zephyr-re.com) and based on all Noe Valley home sales (closings) recorded during the month. "Noe Valley" in this survey is defined as the area bordered by Grand View, 22nd, Guerrero, and 30th streets.

**Data courtesy of Rent Tech, Inc (www.renttech.com)