The Cost of Living in Noe Valley
The Noe Valley Voice has a great piece on the cost of living in Noe Valley with lots of hard data about the market for both sales and rentals. They’ve been tracking this for a while, so they have good comparison data as well.
What had always been a mellow, blue-collar neighborhood has become the city’s must-have location. My listing on Clipper Street received 27 offers last month, and that was in August when sales are supposed to be slower…
Inventory has ramped up considerably in the past few days, however, with new listings popping up all over town. My unofficial gauge of inventory is how many properties are on Tuesday Broker’s Tour. In July it was in the 400s (for my specific and consistent search criteria), in August it dropped into the mid-200s, and for this coming Tuesday, it’s up to 544 properties.
This is great news for buyers who will now have lots of choices (in most neighborhoods, anyhow). The hot properties will ultimately garner many offers and sell just as well as they would have last month, but what patient buyers will see are properties that are not marketed as well or that don’t show as well and end up being missed by the majority of the buying public.
September is a great month for everyone, in my opinion. Buyers have choices and smart sellers have lots of buyers to write offers on their properties.
