San Francisco Market Update | Q2 2014

San Francisco, CA | web: 0086715 Photography by John Hayes

San Francisco Market Update Second Quarter 2014 San Francisco Brokerage 117 Greenwich Street San Francisco, CA 94111 t. 415.901.1700

sothebyshomes.com

All data within this document is pulled from the San Francisco MLS.

A MESSAGE FROM OUR MANAGER: Jeffrey G. Gibson As we reach the second half of 2014, the San Francisco real estate market in the second quarter remained strong compared to the second quarter of 2013 according to the San Francisco Multiple Listing Service. Following the 2014 first quarter trends, the average sales price for single family homes continued to grow 14.3 percent across the City. Due to a record low of available inventory, the total number of closed sales decreased by 18.3 percent. Condominiums sales responded in similar fashion, with the average sales price climbing 19.8 percent and the total number of transactions falling 8.2 percent.

This market has been a boon for sellers, as high buyer demand and low inventory across the City have pushed up the average sales price. Many listings are still recieving multiple offers , and most contracts ratify over the asking price. The low inventory has also reduced

A MESSAGE FROM OUR MANAGER: Jeffrey G. Gibson

the length of time for listings are on the market, with the average days on market falling for both single family homes and condominiums.

San Francisco Brokerage | sothebyshomes.com/sanfrancisco 117 Greenwich Street | San Francisco, CA 94111 | t. 415.901.1700

q2 total closed sales (single family homes) 2010

2011

2012

2013

2014

467

500

535

497

442

District 4

58

52

55

64

62

District 5

63

66

72

72

69

District 6

9

5

10

6

12

Districts 7 and 8

25

25

28

23

22

District 9

41

43

46

54

37

600

San Francisco (Total)

500

400

300

200

100

0

2010

2011

2012

2013

2014

Source: SFARMLS - April 1-June 30 each year.

q2 total closed sales (CONDOS) 2010

2011

2012

2013

2014

San Francisco (Total)

711

734

934

961

882

District 4

21

17

18

19

17

District 5

123

122

127

154

132

District 6

77

71

93

96

74

Districts 7 and 8

183

211

287

279

238

District 9

240

232

295

325

334

700 2500 600 2000

500 1500 400

300 1000 200 500 100

00

2010 2010

2011 2011

2012 2012

2013 2013

2014

2014

Source: SFARMLS - April 1-June 30 each year.

Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.

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district 4

SINGLE FAMILY HOME SALES About District 4 District 4, also referred to as West of Twin Peaks is located in a heavily wooded and picturesque area of San Francisco. District 4 encompasses 16 neighborhoods: Balboa Terrace, Diamond Heights, Forest Hill, Forest Hill Extension, Forest Knolls, Ingleside Terrace, Midtown Terrace, Miraloma Park, Monterey Heights, Mount Davidson Manor, Sherwood Forest, St. Francis Wood, Sunnyside, West Portal, Westwood Highlands and Westwood Park.

average sales price

average days on market

70

$1,800,000 $1,600,000

60

$1,400,000

50

$1,200,000

40

$1,000,000 $800,000

30

$600,000

20

$400,000

10

$200,000 $-

2010

2011

San Francisco

2012

2013

0

2014

2010

2011

2012

2013

2014

District 4 San Francisco

District 4

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$1,020,379

$900,672

$990,350

$1,121,938

$1,270,718

13.3%

Average Sold Price

$1,032,049

$910,134

$1,025,727

$1,249,635

$1,452,914

16.3%

average days on market

55

65

53

33

25

-23.8%

Total single family homes Sold

91

98

110

89

73

-18%

single family homes | Q2

Serving san francisco, marin, the peninsula and east bay sothebyshomes.com/sanfrancisco

4

district 4

CONDOMINIUM SALES Q2 MARKET OVERVIEW

In District 4, average sales prices for both single family homes and condominiums continued to rise when compared to the second quarter of 2013. Staying close to San Francisco’s overall average sales price, single family homes average sales prices increased 16.2 percent, from $1,249,635 to $1,452,914 . Average sales prices for condominiums also rose 14.8 percent, increasing from $533,632 to $612,831. The shortage of inventory resulted in a reduction in the total number of closed sales for both single family homes and condominiums. Total closed sales of single family homes decreased 17.9 percent, from 89 sold units in 2013 to 73 sold units in 2014, while condominiums dropped 10.5 percent, down to 17 units closed in 2014 compared to 2013. The days on market of single family homes decreased 23.8 percent, and condominiums saw a sharp decrease of 64.6 percent, falling below the City average.

average sales price

average days on market

$1,400,000

140

$1,200,000

120

$1,000,000

100

$800,000

80

$600,000

60

40

$400,000

20

$200,000

$-

0 2010

2011

San Francisco

2012

2013

2014

2010

District 4

2011

2012

2013

San Francisco

2014

District 4

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$433,691

$426,688

$403,832

$484,437

$551,281

13.8%

Average Sold Price

$431,333

$413,176

$403,586

$533,632

$612,831

14.8%

average days on market

96

122

116

64

23

-64.6%

Total condos Sold

21

17

18

19

17

-10.5%

Condominiums | Q2

5

district 5

SINGLE FAMILY HOME SALES About District 5 District 5, commonly known as the Central District, is in the geographic center of San Francisco. The sunny region, with its charm and vitality, is popular with both tourists and residents. The district is home to the neighborhoods of Ashbury Heights, Buena Vista Park, Clarendon Heights, Corona Heights, Cole Valley, Castro, Dolores Heights, Duboce Triangle, Glen Park, Haight Ashbury, Noe Valley, Twin Peaks and Mission Dolores.

average sales price

average days on market

$2,500,000

70 80 70 60

$2,000,000

60 50

$1,500,000

50 40

$1,000,000

30 30

40

20 20

$500,000

10 10

$-

2010

2011

2012

2013

00

2014

2010 2010

2011 2011

2012

2013

2014

San Francisco

District 5

single family homes | Q2

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$1,369,288

$1,470,418

$1,437,282

$1,532,225

$1,866,616

21.8%

Average Sold Price

$1,376,504

$1,470,448

$1,508,963

$1,705,696

$2,131,623

25%

average days on market

48

45

40

29

20

-33.3%

Total single family homes Sold

76

98

112

111

86

-22.5%

San Francisco

Serving san francisco, marin, the peninsula and east bay sothebyshomes.com/sanfrancisco

District 5

6

district 5

CONDOMINIUM SALES Q2 MARKET OVERVIEW

District 5 saw a substantial increase in average sales prices in the second quarter of 2014 compared to the second quarter of 2013. The average sales price of single family homes grew from $1,705,696 to $2,131,623, a 25 percent increase from 2013. The condominium average sales price rose 14.6 percent from $967,916 to $1,109,070. The lack of inventory contributed to a decline in the total number of closed sales for both single family homes and condominiums.

Single family homes saw a 22.5 percent decrease in total units sold and condominium total units sold dropped 14.3 percent. The average days on market for both single family homes and condominiums have steadily decreased year-overyear and this trend continued in 2014. single family homes saw a 33.3 percent drop and condominiums fell 26.8 percent.

average sales price

average days on market 80 90

$1,200,000 $1,400,000

80 70

$1,200,000 $1,000,000

70 60

$1,000,000 $800,000

60 50 50

$800,000

40

$600,000

40

$600,000

30 30

$400,000 $400,000

20 20 10 10

$200,000 $200,000

$$-

0 2010 2010

2011 2011

San Francisco

2012 2012

2013 2013

2014 2014

2010

District 5

2011

2012

2013

San Francisco

2014

District 5

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$771,422

$837,489

$797,384

$874,081

$975,275

11.6%

Average Sold Price

$774,220

$831,307

$831,445

$967,916

$1,109,070

14.6%

average days on market

59

68

44

34

25

-26.8%

Total Condos Sold

123

122

127

154

132

-14.3%

Condominiums | Q2

7

district 6

SINGLE FAMILY HOME SALES About District 6 District 6, also referred to as the Central North, is a vibrant area with easy access to public transportation, trendy boutiques, excellent restaurants and gorgeous City views. The neighborhoods that encompass District 6 include Alamo Square, Hayes Valley, Western Addition, Lower Pacific Heights, Anza Vista and North Panhandle (NoPa). Homes vary from stunning mansions and Victorian houses to quaint single family homes and chic condominiums.

average sales price

average days on market

$3,000,000

120

$2,500,000

100

$2,000,000

80

$1,500,000

60

$1,000,000

40

$500,000

20

$-

0

2010

2011

San Francisco

2012

2013

2014

2010

District 6

2011

2012

San Francisco

2013

2014

District 6

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$1,537,600

$1,578,886

$2,082,643

$2,009,273

$2,132,727

6.1%

Average Sold Price

$1,500,733

$1,549,273

$2,096,214

$2,149,284

$2,412,476

12.2%

100

45

60

34

21

-38.1%

15

11

14

11

11

0.00%

single family homes | Q2

average days on market

Total single family homes Sold

Serving san francisco, marin, the peninsula and east bay sothebyshomes.com/sanfrancisco

8

district 6

CONDOMINIUM SALES Q2 MARKET OVERVIEW

The second quarter of 2014 showed a rise in the average sales price in District 6 for both single family homes and condominiums compared to the second quarter of 2013. The average sales price for single family homes jumped 12.2 percent, an increase of $263,192 from 2013. The average sales price for condominiums rose 15.5 percent, from $853,147 to $985,259. The total number of closed sales for single family homes remained flat, with 11 units sold in both 2013 and 2014, while the total number of sales for condominiums decreased 22.9 percent, down from 96 units sold in 2013 to 74 units sold in 2014. While the average sales price rose, the average days on market for single family homes and condominiums moved in the opposite direction. The average days on market of single family homes decreased to 21 days in 2014 compared to 34 days in 2013 and condominiums slightly decreased, from 36 days in 2013 to 34 days in 2014.

average sales price

average days on market

$1,400,000

80 100 $1,200,000

90 70

$1,000,000

80 60 70

$800,000

50 60 40 50

$600,000

40 30

$400,000

30 20 20

$200,000

10 10

$-

0 2010

2011

San Francisco

2012

2013

2014

2010

District 6

2011

2012

2013

San Francisco

2014

District 6

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$654,184

$661,516

$682,140

$792,549

$879,607

11%

Average Sold Price

$647,757

$657,503

$698,829

$853,147

$985,259

15.5%

average days on market

69

72

62

36

34

-5.1%

Total condos Sold

77

71

93

96

74

-22.9%

Condominiums | Q2

9

districts 7 and 8

SINGLE FAMILY HOME SALES About Districts 7 and 8 Districts 7 and 8 host some of the most impressive homes in the city. District 7 includes Cow Hollow, the Marina, Pacific Heights and Presidio Heights neighborhoods. The Golden Gate Bridge and the San Francisco Bay are to the north and downtown is to the east, making it ideal for both work and recreation. District 8 includes the business and financial center of San Francisco and serves as a popular tourist destination. Residential neighborhoods include North Beach, Russian Hill, Nob Hill, Telegraph Hill and North Waterfront.

average sales price

average days on market

$5,000,000

70 90

$4,500,000

6080

$4,000,000

70 50 60

$3,500,000 $3,000,000

4050

$2,500,000

3040

$2,000,000

30 20 20

$1,500,000 $1,000,000

1010

$500,000 $-

2010

2011

San Francisco

2012

2013

00

2014

2010 2010

Districts 7 & 8

2011 2011

2012 2012

San Francisco San Francisco

2013 2013

2014 2014

Districts 7 & 8 Districts 7 & 8

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$3,451,667

$3,055,959

$3,628,269

$3,981,000

$4,393,118

10.4%

Average Sold Price

$3,326,119

$2,956,194

$3,634,801

$4,031,364

$4,557,489

13%

average days on market

53

59

43

26

53

100.5%

Total single family homes Sold

42

37

48

55

42

-23.6%

single family homes | Q2

Serving san francisco, marin, the peninsula and east bay sothebyshomes.com/sanfrancisco

10

districts 7 and 8

CONDOMINIUM SALES Q2 MARKET OVERVIEW

The average sales price in Districts 7 and 8 continued to climb for both single family homes and condominiums in the second quarter of 2014. The average sales price of single family homes increased by 13 percent, from $4,031,364 to $4,557,489, while condominiums also grew by 22.5 percent, from $1,167,004 to $1,429,348. Responding to a low inventory, the total number of closed sales of single family homes and condominiums continued to steadily decline. single family homes dropped by 23.6 percent, from 55 sold units in 2013 to 42 sold units in 2014, while total closed condominiums sales dropped 14.7 percent, from 279 units in 2013 to 238 in 2014. Condominiums saw an 8.8 percent decrease in average days on the market, from 40 days in 2013 to 37 in 2014.

average sales price

average days on market 100 80

$1,600,000 $1,400,000

90 70

$1,400,000 $1,200,000 $1,200,000 $1,000,000

80 60 70

$1,000,000

50 60

$800,000

50 40

$800,000

40 30

$600,000 $600,000 $400,000 $400,000

30 20 20

$200,000 $200,000

10 10

$-

00 2010

2011

San Francisco

2012

2013 2013

2014 2014

2010 2010

Districts 7 & 8

2011

2012

San Francisco

2013 2013

2014 2014

Districts Districts 77 & & 88

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$987,431

$1,030,963

$974,917

$1,122,903

$1,362,375

21.3%

Average Sold Price

$956,804

$1,004,606

$977,506

$1,167,004

$1,429,348

22.5%

average days on market

72

68

52

40

37

-8.8%

Total condos Sold

183

211

287

279

238

-14.7%

Condominiums | Q2

11

district 9

SINGLE FAMILY HOME SALES About District 9 District 9, the central-eastern portion of San Francisco includes the neighborhoods Bernal Heights, the Central Waterfront/Dogpatch, Inner Mission, Mission Bay, Potrero Hill, South Beach and South of Market (SoMa). The area includes some of the oldest homes in San Francisco, having escaped the 1906 earthquake and fire destruction.

District 9’s real estate includes cottages, bungalows and single-family homes in Bernal Heights and Potrero Hill, and warehouse-converted lofts and condominiums in SoMa, South Beach and Yerba Buena.

average sales price

average days on market

$1,800,000 $1,600,000

80

$1,600,000 $1,400,000

70

$1,400,000 $1,200,000

60

$1,200,000 $1,000,000

50

$1,000,000 $800,000 $800,000

40

$600,000 $600,000

30

$400,000 $400,000

20

$200,000 $200,000

10

$-

2010

2011

San Francisco

2012

2013

0

2014

2010

District 9

2011

2012

San Francisco

2013

2014

District 9

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$859,183

$804,598

$780,688

$1,000,038

$1,014,239

1.4%

Average Sold Price

$860,126

$805,892

$827,454

$1,119,346

$1,208,461

8%

average days on market

68

57

55

34

25

-24.9%

Total single family homes Sold

61

65

59

87

54

-37.9%

single family homes | Q2

Serving san francisco, marin, the peninsula and east bay sothebyshomes.com/sanfrancisco

12

district 9

CONDOMINIUM SALES Q1 MARKET OVERVIEW

The average sales price in District 9 increased for both single family homes and condominiums in the second quarter of 2014. single family homes grew 7.9 percent, from $1,119,346 in 2013 to $1,208,461 in 2014, while condominiums rose from $925,309 to $1,104,714, a 19.3 percent increase. District 9 was the lone district in San Francisco that saw an increase in total number of closed sales of condominiums, rising 2.8 percent, with 334 units sold in 2014 compared to the 325 units in 2013. However, like the rest of the City, the total number of closed sales for single family homes declined falling 37.9 percent, from 87 units sold in 2013 to 54 units sold in 2014. The average days on market for both single family homes and condominiums fell considerably. Single family homes declined 24.9 percent, from 34 days in 2013 to 25 in 2014, and condominiums saw a 18.5 percent drop, from 34 days in 2013 to 28 in 2014.

average sales price

average days on market

$1,200,000 $1,400,000

100 100 90 90

$1,200,000 $1,000,000

80 80

$1,000,000 $800,000

70 70 60 60

$800,000 $600,000

50 50

$600,000

40 40

$400,000 $400,000

30 30 20 20

$200,000 $200,000

$$-

10 10 00 2010 2010

2011

San Francisco

2012

2013

2014 2014

2010 2010

District 9

2011

2012

2013 2013

San Francisco

2014 2014

District 9

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$723,577

$747,928

$743,161

$898,150

$1,045,538

16.4%

Average Sold Price

$699,771

$732,874

$746,074

$925,309

$1,104,714

19.4%

73

87

66

34

28

-18.5%

240

232

295

325

334

2.8%

Condominiums | Q2

average days on market

Total condos Sold

13

SIGNIFICANT SALES | Q2 2014

Cow Hollow | Web ID: 0086771 | $7,025,000 San Francisco Brokerage | Janet Feinberg Schindler | 415.265.5994

PREsidio heights | Web ID: 0086740 | $6,550,000 San Francisco Brokerage | Rick Teed | 415.518.9115

SOMA | Web ID: 0086713 | $2,605,000 San Francisco Brokerage | Eric Turner| 415.425.1516

South beach | Web ID: 0086765 | $2,500,000 San Francisco Brokerage |Gregory Lynn | 415.901.1780

nob hill | Web ID: 0086731 | $1,825,000 San Francisco Brokerage | Butch Haze | 415.296.2220

Russian Hill | Web ID: 0086724 | $1,550,000 San Francisco Brokerage | Gael Bruno | 415.309.9094

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