May 2005 RETURN TO HOME PAGE FEEDBACK

A hint of spring and a little warm weather is all that it took to get many Noe Valley homeowners back in the selling mood. The increase in the number of "For Sale" signs staked in front yards set off a buying spree.

In March, buyers picked up keys for 16 single-family homes, the highest monthly total of the year. Three of the homes sold for more than $2 million each, according to Zephyr Real Estate, which provides monthly sales data to the Voice.

"I think 16 closings shows hope for buyers," said Randall Kostick, sales manager for Zephyr's 24th Street office. "The more houses that come on the market, the less competition there is for each house."

Kostick noted that single-family buyers in March paid an average of 8 percent over the asking price. But home shoppers during the winter months--when there was a scarcity of properties for sale--paid an astonishing 24 percent extra for homes that closed escrow in February.

Newly-constructed, 4,400-square-foot residences in the 500 block of Valley Street were the two most expensive properties sold in March. Buyers paid just under $2.7 million for a four-bedroom, 41/2-bath home, while the other new home on the block cost nearly $2.3 million and featured four bedrooms and 51/2 bathrooms.

Those luxury homes pushed the March average price of a single-family home in Noe Valley to nearly $1.6 million. Normally, the average falls in the $1.1 million range.

Sales of condominiums and flats also rose in March, thanks to increased inventories. Seven condos closed escrow during the month, four more than were sold in February. Buyers paid 16 percent above the seller's original price and helped push the average cost of a condo close to the $1 million mark.

The most expensive condo--selling for $1.3 million--was a three-bedroom, two-bath unit with almost 2,000 square feet, in the 500 block of 27th Street.

The seemingly unbridled costs for detached homes and condos in Noe Valley sent many buyers searching for less expensive alternatives.

Eight buildings with two to four units each changed hands during March, six more than in February. Apartment flats are a favorite of tenancies-in-common (TIC) buyers, who split the costs and live in separate units.

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
March 2005	16	$831,000	$2,662,000	$1,569,000	26	108%
February 2005	5	$880,000	$1,355,000	$1,103,300	15	124%
March 2004	12	$828,000	$1,464,000	$1,120,667	23	108%
Condominiums
March 2005	7	$695,000	$1,351,500	$947,786	21	116%
February 2005	3	$575,000	$931,000	$785,333	20	120%
March 2004	9	$323,000	$997,000	$679,778	24	111%
2 to 4 unit buildings
March 2005	8	$1,175,000	$2,099,000	$1,444,250	35	108%
February 2005	2	$1,305,000	$1,500,000	$1,402,500	23	104%
March 2004	5	$810,000	$1,550,000	$1,136,200	31	101%
5+ unit buildings
March 2005	1	$1,530,000	$1,530,000	$1,530,000	24	99%
February 2005	0	-	-	-	-	-
March 2004	0	-	-	-	-	-

*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.

Noe Valley Rents**

Type of Unit	Number in Sample	Range of Rents, April 2005	Average Rent, April 2005	Average Rent, March 2005
Studio	4	$900-$1100	$1030	$1200
1 bedroom	9	$995-$1850	$1472	$1616
2 bedrooms	6	$1500-$2195	$1874	$1946
3 bedrooms	1	$2750-$2750	$2750	$2871
4 bedrooms	1	$5000-$5000	$5000	$5600

**These rent averages are based on a sample of 21 Noe Valley rental listings appearing on www.craigslist.com on April 18-19, 2005. The previous sample, published in the March Voice, was collected March 18-19.