Noe Valley Voice October 2009
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The Cost of Living in Noe

By Corrie M. Anders

The purchase of single-family homes in Noe Valley retreated in August after three consecutive months of relatively robust sales. Home shoppers purchased seven homes during the month, according to sales data provided to the Voice by Zephyr Real Estate.

The total represented a significant decrease from mid-year, when energized buyers bought 22 homes in July, 15 in June, and 14 in May. The latest sales also lagged the pace of August one year ago, when 15 homes exchanged hands.

Despite the sluggish activity, however, buyers who closed escrow weren't chintzy. They typically paid a smidgen more than the seller's asking price.

The typical home sold for nearly $1,261,000, about 9.5 percent less than the $1,396,000 average sales price in August one year ago. Two of the seven homes sold for under $1 million.

The most expensive home sold was on the market for 10 days and the new owner paid the full asking price, said Randall Kostick, Zephyr's general sales manager. The $1,995,000 house, with four bedrooms, 3.5 baths, and 2,900 square feet of living space, is located in the 100 block of Hoffman Avenue between 22nd and 23rd streets.

Condominium sales also declined in August. Zephyr reported six deals, compared with nine in July and eight in the same month one year ago. The average price of a condo was slightly more than $833,000, about $50,000 more than the $780,000 recorded one year earlier.

The top-selling unit was on the market for two months and sold for $1,225,000. The four-bedroom, two-bath condo is located in the 500 block of Alvarado Street between Noe and Castro streets.

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
August 2009 7 $818,000 $1,995,000 $1,260,543 53 101%
July 2009 22 $675,000 $2,610,000 $1,196,411 53 100%
August 2008 15 $1,000,000 $2,195,000 $1,396,200 52 102%
Condominiums
August 2009 6 $605,000 $1,225,000 $833,250 67 98%
July 2009 9 $349,000 $1,030,000 $827,667 54 99%
August 2008 8 $399,000 $2,000,000 $780,375 57 96%
2 to 4 unit buildings
August 2009 1 $938,000 $938,000 $938,000 163 94%
July 2009 3 $1,120,000 $1,725,000 $1,393,333 97 100%
August 2008 3 $1,299,000 $2,100,000 $1,608,000 74 101%
5+ unit buildings
August 2009 0 - - - - -
July 2009 0 - - - - -
August 2008 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 supplying the sales data. NVV 10/09

A Snapshot of Noe Valley Rents**

Type of Unit Number in Sample Range of Rents,
Sept. 2009
Average Rent,
Sept. 2009
Average Rent,
July/Aug. 2009
Average Rent,
Sept. 2008
Studio 5   $1,050 - $1,495 $1,333 / mo.  $1,472 / mo. $1,474 / mo.
1 bedroom 36 $1,350 - $4,200   $1,987 / mo.  $1,633 / mo. $1,966 / mo.
2 bedrooms 32 $1,899 - $4,800   $2,684 / mo. $2,767 / mo. $2,793 / mo.
3 bedrooms 26 $2,750 - $7,500    $4,088 / mo. $4,332 / mo. $4,837 / mo.
4+ bedrooms 9 $3,695 - $7,500    $5,527 / mo. $4,950 / mo. $6,336 / mo.

** Survey based on a sample of 108 Noe Valley listings appearing on Craigslist.org from Sept. 4 to 17, 2009. NVV 10/09