Noe Valley Market Heats Up

Today, Noe Valley closed its most expensive sale since the real estate market took a slump almost two years ago.

A fully renovated home located on 23rd Street sold for $3,350,000. Highlights of the home includes 4 bedrooms and 3 1/2 bathrooms,  located between Noe and Sanchez on arguably one of Noe Valley’s best blocks.

There is no doubt that Noe Valley is heating up with the flurry of multiple offers increasing and buyer confidence more stable. Lenders are lending and buyers are motivated to get in the market.

Over the past few months, Noe Valley’s data seems to be on the rise with 13 single family homes selling in March and 10 selling in April.  The average sells price in March was $1,369,130 compared to $1,204,889 a year ago, nearly a 14% increase. Part of the significant increase was due to a home that sold for $2,970,000-highest sale over the past two years, until today.

The condo market seems to be responding the same, despite April’s numbers. In March, buyers purchased 10 condos, 5 more than in March of 09′, with an average sales price $1,065,555 compared to $634,600 a year ago. April wasn’t quite as significant, buyers only purchased 4 condos, the same number as a year ago, and the average sells price was $915,000 up $3,000 from  last year.

Stay tuned to see if Noe Valley’s micro market continues to gain momentum.