SAN FRANCISCO Y E A R - E N D
MARKET R
E
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2 0 1 5 CLIMBSF.COM
IT’S MORE THAN A HOME IT’S YOUR LIFE
CRISSY FIELD | 3:17 PM
CLIMBSF.COM
MESSAGE FROM THE CEO 2015 can only be described as a milestone year for San Francisco real estate. With unprecedented demand driving home sales, we saw record prices throughout the city. In particular, condominium and new construction sales led the way. For the first time in San Francisco history, the cost per foot of condominiums outpaced single-family homes. Single-family homes were up 14% in 2015; condos and lofts up roughly 12%. Inventory is down to less than one month for both single-family homes and condominiums. While there were many achievements and new records in the local market, Climb Real Estate also celebrated many milestones. We are now over 100 agents in 5 offices. We are now consistently ranked one of the top brokerages in the city. Our website is nationally acclaimed. We launched Climb Labs in the summer in our new Mid-Market space, which offers real estate’s most innovative think tank. We launched our first new development project, Sapphire, in SOMA. Our Jack London Square office in the East Bay is now our fastest-growing market segment. This past year, TV viewers nationally were introduced to the Climb brand when Million Dollar Listing aired on Bravo. Climb consistently represents properties over $3M, from Sea Cliff to Los Altos, Pacific Heights to Napa. Climb is no longer SOMA and South Beach, we are prepared to serve your real estate needs anywhere in the greater Bay Area. Our tag line is “It’s More Than A Home. It’s Your Life,” and we demonstrated this in our community outreach including food and clothing drives, the AIDS Lifecycle Ride, Aim High, and numerous volunteer events. We do not just sell our communities’ real estate, we actively participate in those communities. While Climb Real Estate continues to expand its reach in the greater Bay Area, our utmost goal is to serve buyers and sellers with integrity, professionalism, and superior market knowledge. Our talented salespeople are available to you to answer questions about the micro-trends within our marketplace. Here’s to another great year in San Francisco real estate. Sincerely,
Chris Lim
MEDIAN SALES PRICE
CONDO & LOFT
$1,400,000 $1,200,000
YEAR-OV
$1,000,000 2015 ANNUAL REPORT
2015
$800,000
IT WAS AN EXCITING YEAR IN SAN FRANCISCO. INVENTORY SOLD QUICKLY AT $600,000 HIGHER PRICES THAN AT ANY POINT IN THE CITY'S HISTORY. 2012 LONG, RICH 2013 2014
MEDIAN SALES PRICE MEDIAN SALES PRICE
$1,400,000
SINGLE-FAMILY CONDO & LOFT
DAYS ON MARKET UNTIL SALE CONDO & LOFT
90
+ 16.8%
+ 15.2%
60 YEAR-OVER-YEAR CHANGE
YEAR-OVER-YEAR CHANGE
70
$1,000,000
2015
SINGLE-FAMILY DAYS ON MARKET UNTIL SALE& LOFTS SINGLE-FAMILY HOMES CONDOS 80
$1,200,000
2015
$600,000 2012
2013
2014
2015
$1.3M
SINGLE-FAMILY HOMES
SINGLE-FAMILY CONDO & LOFT
DAYS ON& MARKET UNTIL SALE CONDOS LOFTS
40
2014
30
$1.1M
$1.1M
2013
SINGLE-FAMILY HOMES
SINGLE-FAMILY HOMES climbsf.com
SINGLE
-
YEAR-OV
60
YEAR-OVER-YEAR CHANGE
2015
2014 2014
$1.0M
2015
- 4.8%
© 2016 San Francisco Association of REALTORS®. All data subject to ERRO All information deemed reliable but is not guaranteed. Search all SFARMLS list
YEAR-OVER-YEAR CHANGE
50
CONDOS & LOFTS
40
SINGLE-F A M I L Y H O M E S
2013
+16.8%
YEAR-OVER-YEAR CHANGE
climbsf.com 2015 $1.3M
2014 $1.1M
2014
+15.2%
2015
YEAR-OVER-YEAR CHANGE
2015 $1.1M
2014 $1.0M
2015
29.3 days
29.3 da
CONDOS & LOFTS
CONDOS & LOFTS
- 7.7%
80
2015
20 2012
70
90
20 2012
$1.3M
50
$800,000
30
+
2014
SINGLE-F A M I L Y
H O M 31.8 days
E S
2015
44.0 days
CONDOS & LOFTS
2014
46.3 days
-7.7%
-4.8%
YEAR-OVER-YEAR CHANGE
YEAR-OVER-YEAR CHANGE
2015
2014
29.3 DAYS
31.8 DAYS
© 2016 San Francisco Association of REALTORS®. All data subject to ERRORS, OMISSIONS or REVISIONS and is not WARRANTED. All information deemed reliable but is not guaranteed. Search all SFARMLS listings at www.sfrealtors.com. Powered by ShowingTime 10K.
2015
2014
44 DAYS
46.3 DAYS
SUBMARKET BAROMETER UP & COMING
POTENTIAL OPPORTUNITIES
RICHMOND S E A
C L I F F
LAUREL HEIGHTS OUTER/CENTRAL/INNER
I
C
H
M
O
N
D
LONE MOUNTAIN SINGLE-FAMILY HOMES
M E D I A N S A L E S P R I C E 2014 $1.47M
2015 $1.65M
CONDOS & LOFTS
DAYS ON M A R K E T
2014
2015
28
DAYS ON M A R K E T
M E D I A N S A L E S P R I C E
25 23
2014 $1.06M
2015 $1.10M
44
2014
2015
40
+12.6% MORE THAN LAST YEAR
-16% LESS THAN LAST YEAR
+3.5% MORE THAN LAST YEAR
-9.4% LESS THAN LAST YEAR
P R I C E PER S Q . F T.
S O L D L I S T I N G S
P R I C E PER S Q . F T.
S O L D L I S T I N G S
2014
$755
2015
2014
2015
$875
214
192
+16% MORE THAN LAST YEAR
MARKET
HOLD FOR NOW
District 1 resides in the northwest quadrant of San Francisco, stretching from near USF to the ocean. It is often regarded as a heavily residential neighborhood with a mix of desirable singlefamily homes and multi-tenant buildings enhanced by stunning views of the Golden Gate Bridge, Marin Headlands, and Pacific Ocean. We see many home buyers opting to stay in the city looking for the larger homes that this neighborhood offers.
LAKE JORDON PARK
R
HOT
-10.3% LESS THAN LAST YEAR
2015 2014
$750
$826
+10.2% MORE THAN LAST YEAR
2014
2015
138
127
-8% LESS THAN LAST YEAR
SUBMARKET BAROMETER UP & COMING
POTENTIAL OPPORTUNITIES
SUNSET O U T E R
CENTRAL SUNSET
SUNSET
O U T E R
P A R K S I D E
P A R K S I D E I N N E R G O L D E N
MARKET
HOLD FOR NOW
District 2 resides in the southwest quadrant of San Francisco, stretching from near the Parnassus campus of UCSF to the ocean. Often called “the Avenues,” it is predominantly a mix of smaller detached single-family homes that were constructed in the 1920’s, first by Henry Doelger and later by Oliver Rousseau. With a steady turnover in inventory, we see many home buyers taking advantage here of some of the best priced single-family homes in the city.
S U N S E T
INNER
HOT
P A R K S I D E G A T E
H E I G H T S
SINGLE-FAMILY HOMES
M E D I A N S A L E S P R I C E 2014 $0.96M
2015 $1.16M
CONDOS & LOFTS
DAYS ON M A R K E T
2014
2015
DAYS ON M A R K E T
M E D I A N S A L E S P R I C E
25 26
32
2014 $0.93M
2015 $1.00M
37
2014
51
2015
+20.9% MORE THAN LAST YEAR
-18.7% LESS THAN LAST YEAR
+7.6% MORE THAN LAST YEAR
+ 37.5% MORE THAN LAST YEAR
P R I C E PER S Q . F T.
S O L D L I S T I N G S
P R I C E PER S Q . F T.
S O L D L I S T I N G S
2015 2014
$668
$760
+13.8% MORE THAN LAST YEAR
2014
439
2015
2015
405
-7.7% LESS THAN LAST YEAR
2014
$655
$726
+10.9% MORE THAN LAST YEAR
2014
2015
33
38
+15.2% MORE THAN LAST YEAR
SUBMARKET BAROMETER UP & COMING
POTENTIAL OPPORTUNITIES
LAKE MERCED P I N E
L A K E
L A K E
P A R K
M A N O R
S T O N E S T O W N
L A K E S I D E M E R C E D
MARKET
HOLD FOR NOW
District 3 resides in the southwest quadrant of San Francisco, stretching closest to Daly City and South San Francisco. It is often regarded as a suburban neighborhood, dominated by the large presence of Lake Merced, Stonestone Mall, and SF State University. With the sales in this district at Summit 800, we saw townhouse-style new construction homes for the first time.
S H O R E
M E R C E D
HOT
H E I G H T S
I N G L E S I D E I N G L E S I D E
O
C
E
A
N
H E I G H T S
V
I
E
W
SINGLE-FAMILY HOMES
DAYS ON M A R K E T
M E D I A N S A L E S P R I C E 2014 $0.77M
2015 $0.90M
CONDOS & LOFTS
2014
38
35
2015
DAYS ON M A R K E T
M E D I A N S A L E S P R I C E 2014 $0.49M
2015 $0.64M
44
2014
32
2015
+17.2% MORE THAN LAST YEAR
-9.6% LESS THAN LAST YEAR
+30.1% MORE THAN LAST YEAR
-27.6% LESS THAN LAST YEAR
P R I C E PER S Q . F T.
S O L D L I S T I N G S
P R I C E PER S Q . F T.
S O L D L I S T I N G S
2015 2014
$609
$653
+7.1% MORE THAN LAST YEAR
2014 181
2015
2015 150
-17.1% LESS THAN LAST YEAR
2014
$542
$651
+20.1% MORE THAN LAST YEAR
2014
2015
33
51
+54.5% MORE THAN LAST YEAR
SUBMARKET BAROMETER UP & COMING
POTENTIAL OPPORTUNITIES
WEST PORTAL F O R E S T
H I L L
BALBOA TERRACE D A V I D S O N
M I R A L O M A
M A N O R
P A R K
D I A M O N D
H E I G H T S
M I D T O W N
T E R R A C E
SINGLE-FAMILY HOMES
M E D I A N S A L E S P R I C E 2014 $1.23M
2015 $1.42M
CONDOS & LOFTS
DAYS ON M A R K E T
2014
2015
28
DAYS ON M A R K E T
M E D I A N S A L E S P R I C E
29
2014 $0.59M
2015 $0.70M
40
44 2015
2014
+16.1% MORE THAN LAST YEAR
+4.9% MORE THAN LAST YEAR
+19.3% MORE THAN LAST YEAR
+ 9.1% MORE THAN LAST YEAR
P R I C E PER S Q . F T.
S O L D L I S T I N G S
P R I C E PER S Q . F T.
S O L D L I S T I N G S
2015 2014
$730
$815
+11.7% MORE THAN LAST YEAR
MARKET
HOLD FOR NOW
District 4 resides in the center quadrant of San Francisco, starting behind Twin Peaks and running southwest towards Highway 280. It is often overlooked as one of San Francisco’s most desirable suburbs, with a great range of single-family homes from starter homes and Eichlers to large St. Francis Wood estates. The area also offers single-family home buyers easy access to public transportation with a distinct neighborhood feel.
S T. F R A N C I S W O O D M O U N T
HOT
2014 307
2015
2015 2014 334
+8.8% MORE THAN LAST YEAR
$624
$710
+13.7% MORE THAN LAST YEAR
2014
2015
60
48
-20.0% LESS THAN LAST YEAR
SUBMARKET BAROMETER UP & COMING
POTENTIAL OPPORTUNITIES
NOE VALLEY C O L E
C
A
H A I G H T G
L
E
N
T
W
I
N
M
I
S S
I
O
N
U
E
N
A
A S H B U R Y
R
O
A S H B U R Y P
D U B O C E B
T
D
P
A
R
E
A
K
O
L O
K S
R
E
S
T R I A N G L E V
I
S
T
A
/
H E I G H T S
SINGLE-FAMILY HOMES
M E D I A N S A L E S P R I C E 2014 $1.88M
2015 $2.10M
CONDOS & LOFTS
DAYS ON M A R K E T
2014
2015
25
DAYS ON M A R K E T
M E D I A N S A L E S P R I C E
24 25
2014 $1.18M
2015 $1.27M
41
2014
37
2015
+11.7% MORE THAN LAST YEAR
-3.2% LESS THAN LAST YEAR
+7.8% MORE THAN LAST YEAR
-8.5% LESS THAN LAST YEAR
P R I C E PER S Q . F T.
S O L D L I S T I N G S
P R I C E PER S Q . F T.
S O L D L I S T I N G S
2015 2014
$980
$1,119
+14.1% MORE THAN LAST YEAR
MARKET
HOLD FOR NOW
District 5 resides in the center of the city starting south of Golden Gate Park and extending through Haight Ashbury and 18th/Castro to beyond Noe Valley’s 24th Street. With proximity to desirable coffee shops, restaurants, and nightlife, this district is a mix of condominiums, apartment buildings, single-family homes, and TICs. With good weather, access to shuttles, and a neighborhood vibe, District 5 has been extremely popular with large segments of buyers.
V A L L E Y
S
HOT
2014 325
2015
2015 300
-7.7% LESS THAN LAST YEAR
2014
$921
$1,034
+12.2% MORE THAN LAST YEAR
2014
2015
369
389
+5.4% MORE THAN LAST YEAR
SUBMARKET BAROMETER UP & COMING
POTENTIAL OPPORTUNITIES
HAYES VALLEY & A
N
P A C I F I C
Z
A
N O R T H
V
H E I G H T S
I
S
T
A
P A N H A N D L E
WESTERN ADDITION A L A M O
S Q U A R E
SINGLE-FAMILY HOMES
M E D I A N S A L E S P R I C E 2014 $2.25M
2015 $2.25M
CONDOS & LOFTS
DAYS ON M A R K E T
2014
30
2015
DAYS ON M A R K E T
M E D I A N S A L E S P R I C E
25 30
2014 $0.93M
2015 $1.13M
49
2014
40
2015
NO CHANGE FROM LAST YEAR
NO CHANGE FROM LAST YEAR
+22.2% MORE THAN LAST YEAR
-18.6% LESS THAN LAST YEAR
P R I C E PER S Q . F T.
S O L D L I S T I N G S
P R I C E PER S Q . F T.
S O L D L I S T I N G S
Q314 2014
$921
2015
$916
-.5% LESS THAN LAST YEAR
MARKET
HOLD FOR NOW
District 6 resides in the center of San Francisco, starting at the Civic Center and weaving through iconic areas north of Golden Gate Park. District 6 includes single-family homes, condos, TICs, 2-unit duplexes, and multi-tenant buildings. The area is best characterized by the Painted Ladies, a row of Victorian homes on Alamo Square. NOPA and Hayes Valley have seen increased popularity with boutique shops, coffee bars, and new restaurants openeing, driven by the construction of new condominium developments.
PANHANDLE L O W E R
HOT
45
2015
Q315 2014 37
-17.8% LESS THAN LAST YEAR
$864
$986
+14.1% MORE THAN LAST YEAR
2014
2015
256
218
-14.8% LESS THAN LAST YEAR
SUBMARKET BAROMETER UP & COMING
POTENTIAL OPPORTUNITIES
M A R I N A H O L L O W
P R E S I D I O H E I G H T S
SINGLE-FAMILY HOMES
2014 $3.91M
CONDOS & LOFTS
DAYS ON M A R K E T
M E D I A N S A L E S P R I C E
2015 $4.98M
39
2014
2015
35
DAYS ON M A R K E T
M E D I A N S A L E S P R I C E 2014 $1.33M
2015 $1.50M
40
2014
36
2015
+27.4% MORE THAN LAST YEAR
-11.7% LESS THAN LAST YEAR
+12.3% MORE THAN LAST YEAR
-8.7% LESS THAN LAST YEAR
P R I C E PER S Q . F T.
S O L D L I S T I N G S
P R I C E PER S Q . F T.
S O L D L I S T I N G S
2015 2014
$1,211
$1,493
+23.4% MORE THAN LAST YEAR
MARKET
HOLD FOR NOW
District 7 resides in the northwest quadrant of San Francisco, starting at the Bay and heading south to the crest of Russian Hill. It is often regarded as a heavily residential neighborhood with a mix of desirable single-family homes and multi-tenant buildings with captivating views of the Golden Gate Bridge, Alcatraz, and Marin Headlands. One marquee sale was the CEO of Docusign’s purchase of a Pacific Heights mansion on Broadway for over $2M.
P A C I F I C H E I G H T S C O W
HOT
2014 117
2015
2015 87
-25.6% LESS THAN LAST YEAR
2014
$1,002
$1,153
+15.0% MORE THAN LAST YEAR
2014
2015
282
224
-20.6% LESS THAN LAST YEAR
SUBMARKET BAROMETER UP & COMING
POTENTIAL OPPORTUNITIES
NORTH BEACH & RUSSIAN HILL N
O
B
H
H I L L
I
L
L
FINANCIAL DISTRICT DOWNTOWN/VAN NESS/CIVIC CENTER
T E N D E R L O I N SINGLE-FAMILY HOMES
2014 $2.76M
CONDOS & LOFTS
DAYS ON M A R K E T
M E D I A N S A L E S P R I C E
2015 $2.83M
2014
45
2015
52
DAYS ON M A R K E T
M E D I A N S A L E S P R I C E 2014 $0.88M
2015 $1.03M
52
2014
49
2015
+2.6% MORE THAN LAST YEAR
+15.3% MORE THAN LAST YEAR
+17.7% MORE THAN LAST YEAR
-6.1% LESS THAN LAST YEAR
P R I C E PER S Q . F T.
S O L D L I S T I N G S
P R I C E PER S Q . F T.
S O L D L I S T I N G S
2015 2014
$1,156
$1,514
+31.0% MORE THAN LAST YEAR
MARKET
HOLD FOR NOW
District 8 resides in the northeast quadrant of San Francisco and contains some of the oldest real estate in San Francisco, housing city icons like Coit Tower and the Transamerica building. Here we see a varied degree of housing stock, from earthquake cottages to single-family homes, multi-tenant buildings, condos, stock co-operatives, and large apartment buildings. With more technology companies now in the Financial District, accessibility to downtown will continue to create strong demand for properties in this area.
NORTH WATERFRONT T E L E G R A P H
HOT
Q314 23
2015
Q315 23
6
NO CHANGE FROM LAST YEAR
2014
$944
$1,066
+12.9% MORE THAN LAST YEAR
2014
2015
434
354
-18.4% LESS THAN LAST YEAR
SUBMARKET BAROMETER UP & COMING
POTENTIAL OPPORTUNITIES
S O U T H
O F
B E A C H
Y E R B A
B U E N A
M I S S I O N
B A Y
INNER MISSION P O T R E R O
H I L L
C E N T R A L WAT E R F R O N T / D O G PATC H
B E R N A L
H E I G H T S
SINGLE-FAMILY HOMES
M E D I A N S A L E S P R I C E 2014 $1.20M
2015 $1.38M
CONDOS & LOFTS
DAYS ON M A R K E T
25
28
DAYS ON M A R K E T
M E D I A N S A L E S P R I C E 2014 $0.93M
2015 $1.08M
45
2014
47
2015
+14.8% MORE THAN LAST YEAR
-11.1% LESS THAN LAST YEAR
+16.2% MORE THAN LAST YEAR
+4.0% MORE THAN LAST YEAR
P R I C E PER S Q . F T.
S O L D L I S T I N G S
P R I C E PER S Q . F T.
S O L D L I S T I N G S
2014
$838
$957
+14.2% MORE THAN LAST YEAR
MARKET
HOLD FOR NOW
District 9 resides in the southeast quadrant of San Francisco, stretching from south of downtown along the Bay down to an area that was previously undeveloped. What was traditionally warehouses and industrial land has developed into some of the city’s most desirable real estate with a mix of luxury highrises, live/work loft conversions, and mid-rise projects nestled alongside existing Victorian and mixed-use buildings. Further up the hill are some amazing single-family homes. We see the increase of commerce and services, such as UCSF’s Children’s Hospital, as having a positive impact on values in Mission Bay and the Dogpatch.
MARKET S O U T H
HOT
233
2015
2015 2014 260
+11.6% LESS THAN LAST YEAR
$963
$1,077
+11.8% MORE THAN LAST YEAR
2014
2015
1,118
987
-11.7% LESS THAN LAST YEAR
SUBMARKET BAROMETER UP & COMING
POTENTIAL OPPORTUNITIES
OUTER MISSION E
X
P
S
I
C
O
L
V
E
R E
T E R R A C E L
S
T
R
O
T
H U N T E R S
E
R
L
R
O
A
R
A C
E
P O I N T
C A N D L E S T I C K
B A Y V I E W
I
P O I N T
H E I G H T S
V I S I T A C I O N
C R O C K E R
V A L L E Y
A M A Z O N
SINGLE-FAMILY HOMES
2014 $0.69M
CONDOS & LOFTS
DAYS ON M A R K E T
M E D I A N S A L E S P R I C E
2015 $0.79M
37
36
M E D I A N S A L E S P R I C E 2014 $0.51M
2015 $0.68M
DAYS ON M A R K E T
97
73 2015
2014
+14.5% MORE THAN LAST YEAR
-2.2% LESS THAN LAST YEAR
+32.9% MORE THAN LAST YEAR
-25.1% LESS THAN LAST YEAR
P R I C E PER S Q . F T.
S O L D L I S T I N G S
P R I C E PER S Q . F T.
S O L D L I S T I N G S
2014
$527
$607
+15.0% MORE THAN LAST YEAR
MARKET
HOLD FOR NOW
District 10 resides in the southern most quadrant of San Francisco. It is often regarded as a transitional neighborhood, and offers some of the city’s best weather. A mix of desirable singlefamily homes, multi-tenant buildings, and new construction offer some amazing views of San Francisco Bay and the Bay Bridge. With the release of the Shipyards in Hunter’s Point, this area is experiencing a dramatic change, with an influx of new construction planned communities well underway.
& BAYVIEW M I S S I O N
HOT
521
2015
2015
490
-6.0% LESS THAN LAST YEAR
2014
$438
$572
+30.5% MORE THAN LAST YEAR
2014
2015
61
62
+1.6% MORE THAN LAST YEAR
ABOUT CLIMB REAL ESTATE Founded in 2010, Climb Real Estate is an innovative fullservice residential real estate brokerage that leverages the latest technology to serve clients in emerging, established, and luxury neighborhoods in San Francisco and around the Bay Area. Climb offers a complete digital experience, including an extensive mobile-friendly website, social media presence, and mobile connection with agents that streamlines the buying and selling processes. Agents also connect faceto-face with clients in their neighborhoods via the Climb Airstream, a uniquely mobile real estate office. We are continuously rethinking the traditional home buying and selling experiences to better serve clients and close sales. Chris Lim, Mark Choey, and Tiffany Combs founded Climb with a focus on new condo developments in the SOMA/ South Beach neighborhood of San Francisco. In just five years, the brokerage has grown to 100 agents working in five offices and throughout the Bay Area. According to the San Francisco Association of Realtors, Climb ranked #7 in the city for residential property sales in 2014, and closed close to $1 billion in sales in 2015, making it among the fastest-growing residential real estate brokerages in San Francisco.
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PREPARED BY
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SOURCE: © 2015 SAN FRANCISCO ASSOCIATION OF REALTORS®. ALL DATA SUBJECT TO ERRORS, OMISSIONS OR REVISIONS AND IS NOT WARRANTED. ALL INFORMATION DEEMED RELIABLE BUT IS NOT GUARANTEED. SEARCH ALL SFARMLS LISTINGS AT WWW.SFREALTORS.COM. POWERED BY 10K RESEARCH AND MARKETING.