san francisco market update | q1 2015

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

San Francisco Market UpdateFirst Quarter 2015

SAN FRANCISCO BROKERAGE

117 Greenwich Street

San Francisco, CA 94111

t. 415.901.1700

sothebyshomes.com

San Francisco, CA | web: 0087269Photography by Aaron Leitz

http://www.sothebyshomes.com/San-Francisco-Real-Estate/sales/0087269

http://www.sothebyshomes.com/San-Francisco-Real-Estate

Source: SFARMLS - January 1-March 31 each year.

2011 2012 2013 2014 2015

SAN FRANCISCO (TOTAL) 500 535 497 466 399

DISTRICT 1 33 45 39 36 33

DISTRICT 4 52 55 64 63 50

DISTRICT 5 66 72 72 70 60

DISTRICT 6 5 10 6 13 4

DISTRICTS 7 AND 8 25 28 23 23 21

DISTRICT 9 43 46 54 39 57

A MESSAGE FROM OUR MANAGER: Jeffrey G. GibsonIn the first quarter of 2015, San Francisco’s real estate market echoed the same familiar themes of 2014, according to our analysis of data from the San Francisco Multiple Listing Service. In 2014, a low and diminishing inventory set the tone for the entire market. This trend continued into the first quarter of 2015, as the inventory shortage made an impact on the number of closed sales for both single-family homes and condominiums. Total sales for single-family home sales decreased 14.4 percent in Q1 2015, with 466 units closed in Q1 2014 down to 399 units closed in Q1 2015. Condominiums saw a similar drop in total sales, from 668 units sold in Q1 2014 to 562 units sold in Q1 2015, a 15.9 percent drop year-over-year.

Listings introduced to the market in Q1 2015 have not remained there for very long, as buyers closed on single-family homes and condominiums quickly. The average days on market for a single-family home fell 15.9 percent, from an average of 36 days in Q1 2014 to 30 days in Q1 2015. Condominiums saw a similar decrease in their average days on market, falling to 10.6 percent. While average sales prices for single-family homes continued to grow in Q1 2015, the intensity and pace of that growth appears to be moderating. In Q1 2013, the average sales price rose 22.1 percent for all of San Francisco compared to Q1 2012, and since then, the average price grew 17.9 percent from Q1 2013 to Q1 2014, and 14.7 percent from Q1 2014 to Q1 2015.

Q1 TOTAL CLOSED SALES (SINGLE FAMILY HOMES)

Q1 TOTAL CLOSED SALES (CONDOS)

Jeffrey G. Gibson

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.

2011 2012 2013 2014 2015

SAN FRANCISCO (TOTAL) 577 608 633 668 562

DISTRICT 1 26 42 37 22 20

DISTRICT 4 12 14 12 11 9

DISTRICT 5 91 84 93 111 94

DISTRICT 6 46 56 65 69 63

DISTRICTS 7 AND 8 160 197 179 188 138

DISTRICT 9 189 174 211 238 212

Source: SFARMLS - January 1-March 31 each year.

SAN FRANCISCO BROKERAGE 117 Greenwich StreetSan Francisco, CA 94111 t. 415.901.1700

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2011 2012 2013 2014 2015

sothebyshomes.com/sanfrancisco

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http://www.sirsanfranciscomanager.com/

MARINAWeb ID: 0087212 | $4,995,000

Fabulous renovated masterpiece featuring

5 bedrooms, 3.5 baths and spectacular views.

2622ChestnutSt.com

Rick Kaluza | 415.265.7565

RUSSIAN HILLWeb ID: 0087237 | $3,150,000

Magnificent unobstructed views from updated

2-bedroom, 2-bath condo in full-service building.

TheSummitSF.com

Betty Brachman | 415.296.2215

TELEGRAPH HILLWeb ID: 0087183 | $2,825,000

Designer contemporary finishes on 3 levels with

decks. Unobstructed Bay views. 2 bedrooms with

landscaped garden.

Joseph Lucier | 415.296.2218

FEATURED PROPERTIES




4

SINGLE FAMILY HOME SALES

SERVING SAN FRANCISCO, MARIN, THE PENINSULA AND EAST BAY sothebyshomes.com/sanfrancisco

AVERAGE SALES PRICE AVERAGE DAYS ON MARKET

ABOUT DISTRICT 1Also known as the Richmond District, District 1 is nestled on

the Northwest corner of San Francisco. Home to many distinct

neighborhoods, including Jordan Park, Lake, Laurel Heights, Outer

Richmond, Central Richmond, Inner Richmond, and Sea Cliff, the

district borders both the Golden Gate Park and the Pacific Ocean. In

District 1, residents and visitors alike can enjoy some fun in the park,

or sit back and gaze upon the vast ocean.

SINGLE FAMILY HOMES | Q1 2011 2012 2013 2014 2015 % Change(2015 v 2014)

AVERAGE LIST PRICE $1,149,651 $1,055,790 $1,519,283 $1,454,374 $1,790,391 23.1%

AVERAGE SOLD PRICE $1,132,584 $1,069,875 $1,587,079 $1,567,467 $1,937,520 23.6%

AVERAGE DAYS ON MARKET 76 57 36 39 19 -51.9%

TOTAL SINGLE FAMILY HOMES SOLD 33 45 39 36 33 -8.3%

DISTRICT 1

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

2011 2012 2013 2014 2015

San Francisco District 1

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140

160

2011 2012 2013 2014 2015



http://www.sothebyshomes.com/Los-Angeles-Real-Estate




5

CONDOMINIUM SALES


Q1 MARKET OVERVIEW In District 1, the number of single-family homes closed fell to 33 units in Q1 2015, the lowest total seen since Q1 2011.

This shortage of available single-family homes cultivated fierce competition throughout the district. When compared

to rest of the city, a single-family home in District 1 saw the average sales price climb just shy of $2 million ($1.94

million) in Q1 2015, a 23.6 percent growth from $1.57 million averaged in Q1 2014. Due to the heightened competition,

properties remained on the market in half the time when compared to last quarter. A single-family home stayed on

the market an average of 19 days in Q1 2015, less than three weeks, compared to an average of 39 days in Q1 2014.

Condominiums in the district followed the similar trends when comparing Q1 2014 to Q1 2015. In Q1 2015, total sales

reached new lows with 20 condominiums sold at an average sales price of $1.14 million, a 6.9 percent increase from Q1

2014.

CONDOMINIUMS | Q1 2011 2012 2013 2014 2015 % Change(2015 v 2014)

AVERAGE LIST PRICE $645,840 $657,498 $731,889 $994,727 $1,055,850 6.1%

AVERAGE SOLD PRICE $644,144 $658,214 $766,459 $1,068,448 $1,141,975 6.9%


TOTAL CONDOS SOLD 26 42 37 22 20 -9.1%

DISTRICT 1

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

2011 2012 2013 2014 2015


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2011 2012 2013 2014 2015




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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.

DISTRICT 4


AVERAGE LIST PRICE $889,055 $871,634 $1,080,119 $1,163,193 $1,299,948 11.8%

AVERAGE SOLD PRICE $892,997 $863,793 $1,159,538 $1,288,624 $1,420,388 10.2%

AVERAGE DAYS ON MARKET 68 65 36 32 35 10.3%


$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

2011 2012 2013 2014 2015


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2011 2012 2013 2014 2015







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CONDOMINIUM SALES


Q1 MARKET OVERVIEW District 4 was one of the few areas in the city that saw a decrease in average sales price for condominiums. The average

sales price for condominiums fell 2.7 percent, from $636,455 in Q1 2014 to $619,000 in Q1 2015—the first decrease

seen in the first quarter in several years. However, the average sales price for single-family homes continued to climb,

but stayed below the city’s overall price, averaging $1.42 million in Q1 2015, a 10.2 percent increase from Q1 2014. The

lack of inventory in the district affected the total number of sales for both single-family homes and condominiums.

Sales of single-family homes decreased 20.6 percent in Q1 2015, falling to 50 total units closed in Q1 2015 compared

to 63 units closed in Q1 2014. The total number of condominiums sold also dropped, falling to 9 units closed in Q1 2015

compared to Q1 2014.


AVERAGE LIST PRICE $385,862 $419,236 $485,490 $593,636 $557,211 -6.1%

AVERAGE SOLD PRICE $376,587 $408,539 $509,606 $636,455 $619,000 -2.7%



DISTRICT 4

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

2011 2012 2013 2014 2015


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2011 2012 2013 2014 2015




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DISTRICT 5

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.






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2011 2012 2013 2014 2015


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$2,500,000

2011 2012 2013 2014 2015







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CONDOMINIUM SALES


DISTRICT 5

Q1 MARKET OVERVIEW After floating around 70 or more total sales in the first quarter of the past few years, the total number of single-family

homes sold fell to 60 units in the District 5. Buyers and sellers in the district continued to close their deals at a much

faster rate, with the average days on market falling to 22 days in Q1 2015, below the citywide average. The average sales

price also grew to $2.37 million in Q1 2015, a 4.7 percent increase when compared to Q1 2014. In Q1 2015, a total of 94

condominiums were sold on the market in District 5. This was a 15.3 percent drop from the 111 units sold in Q1 2014,

and balancing to a similar total of 93 units closed in Q1 2013. The average sales price for a condominium rose to $1.18

million, a 7.6 percent growth from Q1 2014.


AVERAGE LIST PRICE $773,448 $865,389 $836,464 $1,000,168 $1,039,424 3.9%




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2011 2012 2013 2014 2015


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2011 2012 2013 2014 2015




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DISTRICT 6

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 LIST PRICE $1,423,990 $1,175,400 $2,423,667 $1,980,846 $1,501,750 -24.2%

AVERAGE SOLD PRICE $1,471,590 $1,163,000 $2,390,833 $2,054,202 $1,501,750 -26.9%



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2011 2012 2013 2014 2015


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$500,000

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$1,500,000

$2,000,000

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$3,000,000

2011 2012 2013 2014 2015







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CONDOMINIUM SALES


DISTRICT 6

Q1 MARKET OVERVIEW A diminished inventory reflected in moderate single-family home sales in District 6. Four single-family homes closed

on the market in the district, the lowest total seen since Q1 2011. However, when comparing the total sold over the last

few years, that number has erratically shifted from high to low totals in the first quarter. Condominiums fared much

better in the district as the average sales price rose 19.7 percent from Q1 2014 to Q1 2015, finally reaching the million

dollar mark ($1.03 million) in Q1 2015. Buyers in District 6 quickly closed deals on condominiums in Q1 2015, as the

average days on market fell to 30 days, a 38.9 percent drop from the 50 day average set in Q1 2014. There were 63

condominiums sold on the market in Q1 2015, 8.3 percent drop from the 69 units sold in Q1 2014.


AVERAGE LIST PRICE $629,539 $669,533 $704,877 $788,635 $925,821 17.4%

AVERAGE SOLD PRICE $621,228 $667,729 $735,851 $858,002 $1,027,052 19.7%



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$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

2011 2012 2013 2014 2015


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2011 2012 2013 2014 2015




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DISTRICTS 7 and 8

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.






$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

2011 2012 2013 2014 2015

San Francisco Districts 7 & 8

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2011 2012 2013 2014 2015







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CONDOMINIUM SALES


DISTRICTS 7 and 8

Q1 MARKET OVERVIEW In the first quarter of 2013 and 2014, the total number of single-family homes sold in Districts 7 and 8 remained steady

at 23 units sold. A continued shortage of inventory in both districts in Q1 2015 resulted in the number to fall to 21

units sold. This fuelled buyers and sellers to drive prices higher for the homes that did enter the market. Single-family

homes sold in both districts had averaged some of the highest sale prices in the city in Q1 2015, moving up just shy of

$5 million ($4.93 million). Inventory also played a big part in condominium sales both districts. After a climbing to 188

condominiums sold in Q1 2014, the number of units closed in Q1 2015 fell 26.6 percent with 138 units sold. This strong

demand helped the average sales price to grow 24.2 percent, from $1.27 million in Q1 2014 to $1.56 million in Q1 2015,


AVERAGE LIST PRICE $905,495 $868,097 $1,059,758 $1,224,432 $1,471,214 20.2%

AVERAGE SOLD PRICE $869,126 $860,665 $1,075,525 $1,256,789 $1,561,352 24.2%



$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

2011 2012 2013 2014 2015


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2011 2012 2013 2014 2015




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DISTRICT 9

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 LIST PRICE $794,036 $716,002 $839,914 $1,069,872 $1,311,024 22.5%



TOTAL SINGLE FAMILY HOMES SOLD 43 46 54 39 57 46.2%

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2011 2012 2013 2014 2015


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$1,600,000

$1,800,000

2011 2012 2013 2014 2015







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CONDOMINIUM SALES


DISTRICT 9

Q1 MARKET OVERVIEW Bucking trends seen in the rest of the city, District 9 saw the total number of single-family homes grow 46.2 percent

from 39 units sold in Q1 2014 to 57 units sold in Q1 2015. Even with a spike in total sales, the average sales price for

a single-family home increased 22 percent in Q1 2015 to $1.49 million compared to Q1 2014. Strong demand kept a

single-family home on the market an average of 25 days in Q1 2015, a 29.2 percent drop from the 35 day average in Q1

2014. While there was growth in total sales for single-family homes, condominiums in District 9 were affected by the

inventory shortage. Total sales of condominiums fell 10.9 percent, decreasing from 238 units sold in Q1 2014 to 212

units sold in Q1 2015. Like the rest of the city, the shrinking number of condominiums on the market helped the average

sales price rise to $1.17 million in Q1 2015.


AVERAGE LIST PRICE $724,349 $669,966 $897,367 $960,653 $1,127,584 17.4%




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2011 2012 2013 2014 2015


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$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

2011 2012 2013 2014 2015




AUCTION CALENDAR MAY 2015Prints & Multiples New York 01-02 May

RM Sotheby’s: The Andrews Collection Fort Worth 02 May

Impressionist & Modern Art Evening Sale New York 05 May

Impressionist & Modern Art Day Sale New York 06 May

Finest & Rarest Wines New York 08-09 May

Magnificent Jewels & Noble Jewels Geneva 12 May

Contemporary Art Evening Auction New York 12 May

Important Watches Geneva 13 May

Important Chinese Works of Art London 13 May

Contemporary Art Day Auction New York 13 May

Sotheby’s | Stack’s Bowers Galleries The D. Brent Pogue Collection of Early United States Coins — Sale 1 New York 19 May

Finest & Rarest Wines London 20 May

American Art New York 20 May

Design Paris 21 May

Photographs London 23 May

Latin American Art Modern & Contemporary New York 26-27 May

Impressionist & Modern Art New York 27 May

Music, Continental & Russian Books & Manuscripts London 28 May

We invite you to explore our real estate listings at www.sothebyshomes.com and view the worldwide auction schedule at sothebys.com Enquiries +1 212 606 7000. Sotheby’s 72 & York Register now at sothebys.com

SOTHEBY’S, INC. LICENSE NO. 1216058. © SOTHEBY’S, INC. 2015

Claes Oldenburg, Screwarch Bridge (State III); Aquatint, etching and monoprint in colors, 1981; Estimate $30,000-50,000

http://sothebys.com

left to right from top to bottom:

METROPOLITAN MARKETS

NEW YORK, NY | Web: 0019622 | $5,900,000

SAN FRANCISCO, CA | Web: 0087215 | $4,995,000

HOUSTON, TX | Web: 1231794 | $5,800,000

RESORT MARKETS

MALIBU, CA | Web: 1300058 | $4,000,000

PALM BEACH, FL | Web: 0076497 | $4,400,000

SANTA BARBARA, CA | Web: 0113858 | $6,295,000

FOREIGN MARKETS

GERMANY | Web: J7RDRQ | $5,207,774

ISRAEL | Web: VT8DZ5 | $5,049,995

PUERTO RICO | Web: CE6F6K | $4,750,000

sothebysrealty.com

ON THE MARKET

http://www.sothebyshomes.com/Los-Angeles-Real-Estate/sales/1300058

http://www.sothebyshomes.com/palmbeach/sales/0076497

http://www.sothebyshomes.com/sanfrancisco/sales/0087215

http://www.sothebysrealty.com/eng/sales/detail/180-l-2519-ce6f6k/1758-mcleary-street-san-juan-pr-00911

http://www.sothebyshomes.com/palmbeach/sales/0076361

http://www.sothebysrealty.com/eng/sales/detail/180-l-611-j7rdrq/majestic-estate-in-prime-location-wiesbaden-he-65193

http://www.sothebysrealty.com/eng/sales/detail/180-l-2513-vt8dz5/luxurious-charming-townhouse-in-neve-tzedek-tel-aviv-il-6514810

http://www.sothebyshomes.com/nyc/sales/0019622

http://www.sothebyshomes.com/houston/sales/1231794

san francisco market update | q1 2015

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