November 2003 RETURN TO HOME PAGE FEEDBACK

No one can say that the housing market in Noe Valley isn't doing its part to reinvigorate the economy.

Buyers purchased 16 single-family, detached homes during the month of September. It's the second highest monthly total this year after June's 17 sales.

"That's a lot of homes being sold, and there are still plenty of buyers," says Randall Kostick, sales manager at the 24th Street office of Zephyr Real Estate. Zephyr supplies the Voice with monthly sales data in Noe Valley.

Exactly half of the 16 homes in September sold for $1 million or more, according to Kostick. And for the second consecutive month, the average price for a Noe Valley house topped $1 million.

A three-bedroom, three-bath home in the 4300 block of 23rd Street was the most expensive sold in August. Buyers paid $1,350,000.

The top-shelf condominium, a four-bedroom, three-bath residence in the 3300 block of 22nd Street, fetched $875,000.

Buyers paid $585,000 for the least expensive home, a two-bedroom, one-bath condo in the 4200 block of 22nd Street.

Randall notes that low mortgage interest rates and indications that more people are starting to find jobs are providing the muscle for this fall's strong sales.

"The market is holding up, and I expect it to hold up till the end of the year," Kostick says.

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
September 2003	16	$560,000	$1,350,000	$1,004,694	51	101%
August 2003	11	$682,000	$1,475,000	$1,013,091	39	105%
September 2002	5	$690,000	$2,105,000	$1,075,400	37	97%
Condominiums
September 2003	7	$585,000	$875,000	$716,429	35	105%
August 2003	8	$592,000	$1,082,400	$775,050	26	106%
September 2002	10	$440,000	$1,000,000	$697,800	32	103%
2 to 4 unit buildings
September 2003	4	$793,000	$1,363,000	$1,034,625	35	109%
August 2003	7	$676,000	$1,635,000	$1,053,714	32	101%
September 2002	5	$685,000	$1,140,000	$888,000	30	104%
5+ unit buildings
September 2003	1	$1,170,000	$1,170,000	$1,170,000	189	90%
August 2003	1	$1,580,000	$1,580,000	$1,580,000	41	88%
September 2002	0

Noe Valley Rents**

Size of Apartment	Average Rents April-June 2003	Average Rents one year ago April-June 2002	% increase (+) or decrease (-)
Studio	$1028	$1112	-7.6%
1 bedroom	$1456	$1561	-6.7%
2 bedrooms	$2098	$2185	-4.0%
3+ bedrooms	$2536	$2665	-4.8%

*Information provided to the Noe Valley Voice courtesy of Zephyr Real Estate (www.zephyr-re.com) and based on all Noe Valley home sales (escrow 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)