Noe Valley San Francisco
2014 is going to bring a strong and competitive real estate market to Noe Valley San Francisco. Last year there just never seemed to be enough inventory for the amount of interest flooding into the market. Ever since the end of 2011 the dread that came with the recession seemed to lift and houses that came on the market started to sell quickly and with multiple offers.
Noe Valley San Francisco Houses Sold 2010-2013
2010 and 2011 were tail end years of the recession with the Noe Valley real estate market really taking off in 2012. There were almost 25% more sales in 2012 compared with 2010. The biggest barrier to the number of homes sold in 2013 was lack of inventory. A great way to see this lack of inventory in effect is to notice how many houses were put up for sale compared to the number of home listings that were withdrawn from the MLS. In realtor lingo “Withdrawn” is the designation given to properties when they are listed in the MLS (Multiple Listing Service) but never find a buyer. The reason this is an interesting indicator is that this number gives a sense of how strong demand was in any given year. When buyer demand is lower and buyers are more choosy there will be more Withdrawn properties, and when demand is very high the number of withdrawn properties will be lower particularly when compared to how many properties sold in the same year.
Noe Valley San Francisco Houses Withdrawn 2010-2013
In 2010 with 117 houses sold 38 homes were withdrawn. In 2013 just 12 homes were withdrawn from the market and 137 homes were sold; quite a difference and a good indicator of a strong real estate market. Keep in mind many reasons are given for why a house is withdrawn from the market including the price is too high, the house is poorly located compared to other homes on the market, the finishes are of low quality again compared to other homes on the market. In Noe Valley, where demand is so strong, the only real reason a house doesn’t sell is because the list price is too high.
In my opinion the volume of home sales in Noe Valley San Francisco this coming year will again be determined by inventory. The buyer demand is there, what people want are homes to call their own. There have been many indications that interest rates will remain quite low as well.
Want to get a quick snapshot of the houses and condos available in Noe Valley right now? take a look at the real estate search site I developed called www.pricesquares.com
I’m always happy to discuss Noe Valley real estate, give me a call, or send an email.