Garrett (of Greg & Garrett fame) was kind enough to drop us a note to let us know that our post on Noe Valley price reductions inspired him to add some Noe Valley sales stats to the Greg & Garrett blog. (We’re suckers for numbers.) The comparison of actual second quarter sales in 2005 and 2006 yields some interesting insight.
Based on Garrett’s numbers, the Average Sales Price of a single family home in Noe Valley increased 17.5% between the second quarter of ’05 and ’06. At the same time, however, the average sales price per square foot ($/sqft) dropped 8.7%. This is perhaps a textbook example of how a change in the sales mix (in this case larger homes) can obfuscate a weakening (depreciating?) housing market.
Even more straightforward, a comparison of condominiums/TICs sales in Noe Valley shows a 5.0% drop in Average Sales Price between second quarter sales in 2005 versus 2006, and a 12.6% drop in the average sales price per square foot ($/sqft).
And yes, we’ll be the first to admit that dealing with “averages” can be dangerous, but it’s all we’ve got (for now…).
The Cost Coming Down? [SocketSite]
More Quarter 2 Numbers [Greg & Garrett’s]
It’s All About The Mix [SocketSite]

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