Focus on Noe Valley

It’s been a few months since I took a look at my own stompin’ ground, Noe Valley, and how prices have been doing compared to the city as a whole.  We dispensed with the notion that Noe Valley was somehow “immune” some time ago.  Sadly — at least for home-owners — and happily for buyers, Noe hasn’t bounced back over the last few months, even though city-wide median prices have improved.

Noe Valley Vs. SF All Districts Percent change August 09

Bear in mind that “Noe Valley” means a very small area.  What’s more, there were only 7 sales in August, down from 14 in May and June, and 22 in July.   Sure, there’s been a bit of an improvement over the previous month, but there’s still an 11% difference between how far prices have fallen for the city as a whole (19%) versus Noe Valley (30%).

Arrian Binnings over at Inside SF Real Estate also did a recent update on Noe Valley, looking at median prices in a different way.  (I’ve forgiven him for appropriating my term, “getting granular” to discuss what I now have to refer to as “focusing” on a particular area. Sniff.)  Here’s one of his charts.

insidesfrealestate_01-sep-01-18-55

Not much comfort there either.

People will continue to point out that this doesn’t mean that your beloved home has fallen in value as far as the data suggests  — and that’s probably true, unless you bought a median-priced home at the top of the market.  Still, Noe Valley seems unseasonably cold right now, and it’s not just the fog whipping down off Diamond Heights.

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