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August 11, 2010

How’s the Market In: Cole Valley

I’ve met two new clients over the past few weeks who mentioned Cole Valley as one of their strongly desired neighborhoods. The area continues to be a popular choice among buyers—particularly those who need spacious single-family homes or flats in a charming neighborhood with a good retail district and easy public transportation access.

Cole Valley is a small neighborhood that doesn’t have tons of turnover. So the homes that do come on the market are typically sold fairly quickly, in comparison to many other areas in San Francisco.

Home prices are higher than in many other neighborhoods. A total of 16 single-family homes have sold in Cole Valley this year, at an average price of $1,923,000. (Six of these homes sold in two weeks’ time, a testament to the appeal of the neighborhood to those with deeper pockets.) Eight of the 16 homes were sold for $2M+, and were an average of 2,548 square feet. There are currently four houses in contract as of this writing, with two available—including a very cute 3BR/1.5BA on Carmel with about 1,470 square feet and two-car parking for $1,295,000.

Condos are a popular and more affordable option in Cole Valley. To date, nine condos have sold for an average of $799,222, and one condo is currently in contract. Five flats are on the market.

Pricing trends in Cole Valley have remained fairly steady over the past year, with a slight uptick for single-family homes.

It’s important to note that many of the properties sold this year have changed hands for under or at their asking prices; for example, eleven houses and six condos went below their list prices. Sellers in Cole Valley may initially be overestimating how much buyers can realistically pay in the current economy. However, I do believe that Cole Valley is one of the neighborhoods in the south part of the city that will undoubtedly continue to hold its value, due to all it has to offer.

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