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June 25, 2010

How’s the Market In: Noe Valley

The reality about the San Francisco housing market is that there are multiple micro markets that experience their own local activity. I’m often asked by current/prospective clients, friends, and neighbors how particular neighborhoods are faring in the current economy. And with that, a new regular feature is born.

The way I’ll be selecting neighborhoods to profile will be based on how often I’m asked about a given area. So if you’re interested in how the market is doing in, say, Pacific Heights or Potrero Hill, drop me a line and I’ll put it on my list for a future blog post.

In the meantime, we’ll start with one neighborhood that’s near and dear to my heart: Noe Valley. I’ve lived here since 1998, so it’s the obvious place to start. (Oh, and about two people have asked me in the past week how the market has been doing in Noe.)

Noe has been holding up well, unsurprisingly, as it’s still the neighborhood of choice for young families, Silicon Valley commuters and downtown workers due to its proximity to freeways, public transportation and increasingly new restaurants. The fact that Noe has more sun and warmer temperatures than other parts of the city only serves to increase appeal. The streets are clean, architecture generally more appealing, and there’s a real sense of community there.

A total of 25 single-family homes has sold since April 1st, and quite a few for over their asking prices. The median sales price is $1,150,000. There are 19 active house listings, with 22 in contract (11 are awaiting contingency removals, and 11 are pending). Recent high drama in this segment of the Noe market occurred at 4015 26th Street at Sanchez, an unrenovated 4BR/1.5BA home listed at $1,449,000, but which sold for $1,710,000. (I know.)

Condo sales have been a little softer in Noe. There are 23 available listings, 17 in contract/pending, and 23 sold since April 1st. The median condo price is $768,000. A majority of units are selling for under their asking price.

The luxury Noe market is somewhat glutted, with 13 houses and one condo currently available for $1.5M+. Properties in this price category aren’t exactly flying off the shelves; only three such homes are in contract. Indeed, of the 23 expired or withdrawn house/condo properties since April, a majority were listed above $1M. Nine luxury properties have sold since April, including three houses and one condo for above the $2M price point. Boosting things a bit are the Nove condos on Guerrero (queue Spanish guitar music). If you’re a buyer in this range, you certainly have your pick of inventory.

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