What’s happening in Noe Valley? It’s one of my favorite neighborhoods with its access to charming shops and restaurants on 24th Street and its close community. Public transportation is very accessible with the J-Church, BART and the expressways. That is where my husband and I bought our first condo and it brings back many sweet memories. It is a very popular neighborhood and as a result there is a lot of competition for buyers making offers.
Average Price of Home Sales
In the last six months, 47 homes sold in Noe Valley. The average sales price was $3,349,809. The most expensive home was a 5 bedroom, 5 bath home at 752 Elizabeth Street that was 4512 square feet and sold for $9,600,000. The least expensive home was a fixer with entitled plans at 369 Valley Street and sold for $1,150,000.
Average Time on Market
The average time on the market for these 47 homes was 24 days, which is a fast clip. Some closed in less than 7 days. The average percentage over list was 11% with some going as high as 16% over the list price.
Unbelievable Over List Price Offers
Things are heating up further. A home at 3616 21st Street in Dolores Heights, an adjacent neighborhood to Noe Valley, just sold for more than $2M over its list price! It was a 2 bedroom, 2 bath home that was 1902 square feet. It was listed for $2,188,000 and sold for $4,225,888 after multiple offers! While this home was built in 1968 by an architect of some note and had downtown views, it had a very dated kitchen and needed a lot of work.
The above numbers may not include all off-market sales that may have occurred. Whether or not selling off market is a good idea was discussed by me in a previous blog post.
Conclusion
We haven’t hit our spring market yet but are already having sales with astounding prices in the city. I’ve heard of several sales going $1M over the list price and now the home at 21st Street has created a new record. We can anticipate that like the rest of the city, Noe Valley home prices will continue to rise unless some unexpected event occurs which is possible with the current state of affairs. If you need to sell, now is the time and if you are looking to buy, be prepared to put your best foot forward to get the home you love.
