July 2011 RETURN TO HOME PAGE FEEDBACK

Residential sales blossomed in May as shoppers went on a buying spree and snapped up 17 single-family houses—nearly twice as many as they’d purchased in the same month last year.

The May sales also towered above those in April, when just six homes closed escrow, according to sales data supplied to the Voice by Zephyr Real Estate. It was the highest monthly total since 22 homes changed hands in July 2009.

Noe Valley’s “very good month” continued a string of respectable sales in March and April, said Randall Kostick, Zephyr’s general sales manager.

Kostick said low mortgage interest rates, a vibrant local economy, and a belief that the housing market in the neighborhood may have stabilized contributed to a more positive consumer attitude this spring.

“Noe Valley was among the slowest [neigh­borhoods] to get into the recession and the quickest to get out,” he said. “Enough buyers have decided we have reached bottom and it’s time to buy,” he said.

Another factor, he said, was the growing number of biotech and other high-tech firms moving into San Francisco’s downtown district. Company employees have gravitated to Noe Valley because of its close proximity to both work and play—a trend similar to the Yahoo and Google rush of the late 1990s.

“We’re seeing more of that dot-com money all the time in Noe Valley,” he said.

Many of the newcomers are able to shell out large sums for a Noe Valley address. Fifteen of the 17 properties sold for $1 million or more, and four commanded above $2 million.

Even with the high prices, Noe Valley home values were lower year over year. Buyers paid a little under $1.5 million for the typical house in May 2011, compared with an average $1.6 million in May the year before. (Note: The small sample sizes in these comparisons limit their significance.)

The most expensive home sold in May was a contemporary dwelling in the 500 block of Valley Street between Castro and Diamond streets. The four-bedroom, 3.5-bath house has 3,375 square feet of living space and a one-car garage. Originally listed at $2,575,000, the property took 109 days to close, at a final price of $2.3 million.

Six Noe Valley condominiums also changed hands during May—four fewer than the 10 sales posted in April, and half the number sold in May a year ago. Though sales volume was down, Kostick noted that buyers on average paid more than the asking price.

The priciest condo was on the market for less than a month before selling for $1.3 million. Located in the 3600 block of 25th Street near Guerrero Street, the modern, two-story luxury unit has three bedrooms, 2.5 baths, and 2,130 square feet of living space.

 

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
May 2011	17	$752,000	$2,300,000	$1,476,950	53	99%
April 2011	6	$1,109,500	$4,050,000	$2,090,750	103	99%
May 2010	9	$865,000	$3,350,000	$1,603,778	39	103%
Condominiums
May 2011	6	$759,000	$1,315,000	$931,083	36	101%
April 2011	10	$515,000	$1,175,000	$832,700	55	99%
May2010	12	$887,083	$1,600,000	$904,000	34	102%
2- to 4-unit buildings
May 2011	3	$815,500	$1,325,000	$1,073,500	57	99%
April 2011	0	—	—	—	—	—
May 2010	5	$1,075,000	$1,500,000	$1,329,600	48	99%
5+-unit buildings
May 2011	1	$1,350,000	$1,350,000	$1,350,000	89	90%
April 2011	0	—	—	—	—	—
May 2010	1	$1,775,000	$1,775,000	$1,775,000	38	148%

*‑ ‑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 the sales data. NVV 7/11

 

Noe Valley Rents**

Unit	No. in Sample	Range June 2011	Average June 2011	Average May 2011	Average June 2010
Studio	4	$1,700 – $2,175	$1,919 / mo.	$1,400 / mo.	$1,366 / mo.
1-bdrm	13	$1,450 – $3,500	$2,164 / mo.	$2,070 / mo.	$1,882 / mo.
2-bdrm	18	$1,895 – $4,880	$2,851 / mo.	$3,046 / mo.	$2,622 / mo.
3-bdrm	16	$3,200 – $5,500	$4,076 / mo.	$3,712 / mo.	$3,780 / mo.
4+-bdrm	3	$3,690 – $5,850	$5,020 / mo.	$5,838 / mo.	$5,933 / mo.

** ­‑This survey is based on a sample of 54 Noe Valley listings appearing on Craigslist.org from June 1 to 15, 2011. NVV 7/11