In the 3rd Quarter of 2012, the median home price of single-family homes sold in San Francisco’s Noe Valley neighborhood increased 24% compared to the same quarter in 2009. In Q3 2012, the median price of single-family homes sold in Noe Valley was $1,4000,000 and in Q3 2009, the median price was $1,122,500.
Let’s remember that Q3 2009 was only a year after Lehman Brothers declared bankruptcy (September 2008) and all of the other events that contributed to the global financial crisis of 2007/2008 were in full force. With the exception of Q4 2009, which has the honor of reporting the lowest median price of single-family homes, the pattern of fourth quarter and the following year’s first quarter price increases is very promising as 2012 comes to a close. Looks like the holidays don’t impact Noe Valley home sales.
Do you think the prices of single-family homes in Noe Valley – or in any other sought-after neighborhood in San Francisco – will continue to rise in the 4th Quarter of 2012 and the 1st Quarter of 2013? If yes, what do you think is behind the steady increase?