Noe Valley Condo or Noe Valley Single Family Home?

Our San Francisco Real Estate Report is a statistical extravaganza – and also really useful! But don’t just take our word for it – here’s an example of the types of questions it can answer. Noe Valley in District 5 has been one of San Francisco’s hottest neighborhoods for quite a while. It’s excellent weather and easy access to the peninsula for Silicon Valley commuters has made it a destination neighborhood

Median Sales Price for Noe Valley condos
Median Sales Price for Noe Valley condos, 2009 to 2013

The chart to the left shows the median sale price for condo homes in Noe Valley over the past five years. Data is from the SFAR MLS, and we do not include tenancy-in-common properties in the condo category.

In 2009, the median sale price for a condo in Noe Valley was $765,000. The price has gone up for each of the past five years, and in 2013 the median sale price for a condo broke the $1,000,000 mark, with the median sale price being $1,002,000.

The average Noe Valley condo has appreciated 5.55% a year for each of the past five years.

Median Sale Price for Noe Valley Single Family Home
Median Sale Price for Noe Valley Single Family Home, 2009 – 2013

 

 

The chart to the right shows the median sale price for single family homes in Noe Valley over the past five years.

As you can see, in 2009 the median sale price was $1,117,500 and in 2013 that value had dramatically appreciated to $1,700,000.

If you calculate out the annual appreciation rate, it comes out to almost 9% – 8.75% – for each of the past five years!

Single Family homes have appreciated an average of 9% per year for each of the past five years.

 

 

Noe Valley property values have been on the rise, and both condos and single family homes have done incredibly well. What are your thoughts about property values in Noe Valley, or any other part of San Francisco? We’d love to hear your thoughts in the comments below.

 

How Would you Feel About This Neighbor?

Last fall we previewed an adorably small single family home for sale at 141 Ames in the Noe Valley neighborhood of San Francisco. As you can see from the picture below, the fence has a lot to say!

A Very Talkative Fence in Noe Valley

Would you live on a block or next to a neighbor that has such a busy fence? On the one hand, I really like it and respect their creativity (particularly since artistic creativity is not my speciality, although I’m working on it).  On the other hand, it just seems really busy and if they have this much to say on their fence, how much do they have to say in person?

The fence in question is on a lightly trafficked alley, I honestly don’t know what the SF rules and regulations are about exterior decorations, particularly when it comes to fences. Given that the city wanted to fine a Russian Hill homeowner for installing a tasteful-by-comparison cartouche $250/day, I’m pretty sure that if someone wanted to make a stink about this fence that they certainly could. Not that we’re encouraging that. We like San Francisco quirky, and if the current Noe Valley neighbors don’t have an issue with it, then we certainly aren’t trying to stir things up.

But how about it? Would seeing this fence when you were out on a home tour make you more likely or less likely to be interested in the home for sale? Or, would you be indifferent to the fence and be much more concerned with the home you are looking at? I have to say that if I’m being really honest, it would give me a bit of pause. I wouldn’t let it be a deal-breaker, but I’d definitely want to meet the neighbor to make sure that they are crazy-cool, not crazy-crazy!

29th and Diamond in Noe Valley

Who owns the land at 29th and Valley in Noe Valley? This was a question that I found myself asking on a recent broker’s tour…

The city owned land at 29th and Diamond St.
The city owned land at 29th and Diamond St.

It turns out that the land is owned by the city, and the property is APN 7536-018. While it doesn’t have an official name, you can just think of it as the 29th and Diamond Open Space.

The lot is fairly large, and is also fairly steep… from looking at city records, it appears the grade on the site exceeds 20%, which probably explains why the city still owns this land in Noe Valley and it hasn’t been snapped up by a developer.

What are your thoughts about this patch of green at 29th and Diamond? Should the city keep it as is, consider selling it, or otherwise improve the property to be of more benefit to the neighborhood?

We’d love to hear your thoughts in the comments below.

Noe Valley Town Square Update

Yesterday I received some great news from the San Francisco Parks Alliance about open space in Noe Valley. If you aren’t familiar, there is a lot on 24th street – 3861 24th St – that is currently owned by a church. The lot is located between Sanchez and Vicksburg streets. If you aren’t familiar with Vicksburg, it is between Sanchez and Church streets. From tax records, it appears the lot belongs to the Noe Valley Ministry, and they’d like to sell the lot to allow them to rebuild their building (which isn’t on 24th St.).

 

Noe Valley Town Square. Image Source: NoeValleyTownSquare.com
Noe Valley Town Square. Image Source: NoeValleyTownSquare.com

The goal is to create a permanent open space along 24th Street. For the past 8 years or so the space has been home to the Saturday Noe Valley Farmer’s Market.

According to the NoeValleyTownSquare website, the estimated cost of the projet is at least $4,000,0000. Yesterday, the SF Rec and Park Commission unanimously recommended the purchase of the lot so that it can finally become the Noe Valley Town Square.

What happens next? The recommendation from the SF Rec/Park Commission goes to the Board of Supervisors now. In the past, the city has suggested they would be willing to spend about $2,000,000 of city funds for the purchase of the lot, which means that for the project to become a reality, private donors need to raise at least another $2,000,000.

If you’d like to make a donation to the Noe Valley Town Square, or learn more about some of the design concepts, I’d highly recommend you visit the Noe Valley Town Square website, which has a ton of background and information about the project. You can also make a financial pledge to help support the project. What are your thoughts about the plan to create a permanent open space in the heart of Noe Valley? And have you made your financial contribution yet?

What you need to know about District 5 Single Family Home Sales in 2012

The parade of 2012 real estate market statistics continues. Last week we started off with an overview of the 2012 San Francisco market, and last week we looked at home sales in northwest San Francisco, and Zephyr 2012 market share. Today I’m going to skip ahead a few neighborhoods from District 1 to District 5, which is the central part of San Francisco and includes the following neighborhoods/mls-subdistricts:

  • Glen Park
  • Haight Ashbury
  • Noe Valley
  • Twin Peaks
  • Cole Valley/Parnassus Heights
  • Buena Vista/Ashbury Heights
  • Corona Heights
  • Clarendon Heights
  • Duboce Triangle
  • Eureka Valley/Dolores Heights (aka Liberty Hill)
  • Mission Dolores

chart_5 (7)
The chart above shows the median days on market for single family homes in District 5, broken out by neighborhood. As you can see, median days on market was down, sometimes substantially so… with Mission Dolores, Clarendon Heights, and Eureka Valley (Castro) being exceptional examples of how competitive 2012 was if you were a buyer.chart_4 (3)
The chart above looks at the number of single family homes sold by neighborhood in 2012. It is interesting for a couple reasons – it does a pretty good job of showing what neighborhoods in district 5 have single family homes (when we compare this with condos in the coming days it will give you a good idea of the types of housing that predominate any given neighborhood). Even though the number of sales was either up or slightly down year over year, we still saw a decrease in days on market, which is exactly what we would expect when demand exceeds supply.
chart_5 (6)

Finally, the chart above shows the median sales price of a single family home in each of the district 5 neighborhoods. It’s no surprise that Clarendon Heights led the way with the most expensive median sales price, with the 2012 price being up both year over year and compared to 2009. Another thing to note is that some neighborhoods (like Twin Peaks) have very few single family homes, so small sample sets can lead to some erroneous conclusions… for example, that Twin Peaks prices are plummeting. I may try and get a post in this week that compares 2011 and 2012 single family home sales in Twin Peaks, to give you an idea of how small data sets lead to graphs like the above.

Happy Tuesday, I’m out the door for broker’s tour. I hope you have a great day!

Noe Valley Market Stats

It wouldn’t be a holiday party without being asked at least once, “How’s the Market?” And since I won’t see all of you this holiday season, I wanted to take some time to break out how the market is doing in various San Francisco neighborhoods. Today we’ll take a quick look at real estate market stats for Noe Valley, San Francisco MLS sub-district 5C. Noe Valley had – unsurprisingly – another strong month with the “leading” MSI (months supply of inventory) indicator down 18% year over year while the “trailing” MSI is down 58%. See below for definitions of both the leading and trailing months supply of inventory calculations.

Regardless of how you calculate it, inventory in Noe Valley – and across San Francisco – is incredibly low. The MSI for Noe Valley (leading) peaked last December at about 3.6 months supply of inventory, compared to this past October which ended the month with about 1.6 months supply of inventory. MSI in Noe Valley hit a low of 1.0 in February of this year, which buyers experienced as writing multiple offers and sellers experienced as receiving multiple offers! As we head into the quiet time of the year for San Francisco real estate, expect to see a slight easing (increase) in MSI.

MSI-UC
The “leading indicator” method of calculating MSI divides the number of properties currently for sale by the number of properties that went under contract.

MSI-Sold
The “trailing indicator” method divides the number of properties currently for sale by the number of properties that sold (closed escrow).

Data obtained from the SFARMLS is deemed reliable but not warranted. Your mileage may vary. If you have specific questions about a neighborhood or your property, don’t hesitate to get in contact or leave a comment below.