San Francisco, CA | web: 0086861 Photography by Jacob Elliott
San Francisco Market Update Third 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 the Third Quarter of 2014 closes, the San Francisco real estate market remains driven, but tight when compared to the Third Quarter of 2013 according to the San Francisco Multiple Listing Service. In looking at year-over-year comparisons of the Third Quarter, the average sales price for Single Family Homes across all of San Francisco increased 6.9 percent. However, due to historically low available inventory, the total number of closed Single Family Home sales decreased in every district, with an average decrease of 13.2 percent across the city. The message is clear: there are simply not enough Single Family Homes on the market available to meet the current demand. This remains a seller’s market as high buyer demand and low inventory across the city has pushed up the average sales price. Properties that are properly priced and in good condition are often receiving multiple offers and achieve over the asking price. The low
A MESSAGE FROM OUR MANAGER: Jeffrey G. Gibson
inventory has also reduced the length of time listings remain on the market, with the average days on market falling for both Single Family Homes (a mere 28 day average across San Francisco) and Condominiums (34 days). SAn Francisco Brokerage | sothebyshomes.com/sanfrancisco 117 Greenwich Street | San Francisco, CA 94111 | t. 415.901.1700
q3 total closed sales (single family homes) 800
2010
2011
2012
2013
2014
San Francisco (Total)
578
626
638
705
612
District 1
48
48
49
60
58
District 4
63
64
74
78
69
District 5
64
78
97
93
71
District 6
12
3
8
12
6
Districts 7 and 8
42
33
21
36
29
District 9
47
64
70
70
69
700 600 500 400 300 200 100 0
2010
2011
2012
2013
2014
Source: SFARMLS - July 1-Sept 30 each year.
q3 total closed sales (CONDOS) 1000 900 800
2010
2011
2012
2013
2014
San Francisco (Total)
581
664
828
873
784
District 1
30
40
39
45
54
District 4
12
10
10
14
11
District 5
96
115
109
130
105
District 6
47
60
88
89
79
Districts 7 and 8
162
191
229
233
201
District 9
193
214
305
326
298
700 600 500 400 300 200 100 0
2010
2011
2012
2013
2014
Source: SFARMLS - July 1-Sept 30 each year.
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featured properties
pacific heights Web ID: 0086985 | $9,500,000 Elegant 5bd/6.5ba view home in prime location with a patio and 3-car parking. 3090Pacific.com Mary Lou Castellanos | 415.901.1769
Russian hill Web ID: 0086909 | $5,850,000 Captivating masterpiece, 4bd/5ba, Bay to Golden Gate Bridge views. Exceptional features and finishes. 2-car parking and doorman. Caroline Kahn Werboff | 415.296.2210
Potrero Hill Web ID: 0086981 | $2,150,000 Stunning, light-filled 3bd/3ba, 3 level pano view home. Approx. 600 sq.ft. master suite, view deck, 1-car parking. 733DeHaro.com Rob Levy | 415.385.8011
district 1
SINGLE FAMILY HOME SALES About District 1 Also 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.
average sales price
average days on market
140 $3,500,000
120
$3,000,000
100
$2,500,000 $2,000,000
80
$1,500,000
60
$1,000,000
40
$500,000
20
$2010
2011 San Francisco
2012
2013
0
2014
2010
District 1
2011
2012
San Francisco
2013
2014
District 1
2010
2011
2012
2013
2014
% Change (2014 v 2013)
Average List Price
$1,248,213
$1,162,170
$1,371,510
$1,339,550
$1,451,233
8.3%
Average Sold Price
$1,213,050
$1,165,000
$1,415,380
$1,441,654
$1,638,088
13.6%
average days on market
70
66
39
33
24
-29.3%
Total single family homes Sold
48
48
49
60
58
-3.3%
single family homes | Q3
Serving san francisco, marin, the peninsula and east bay sothebyshomes.com/sanfrancisco
4
district 1
CONDOMINIUM SALES Q3 MARKET OVERVIEW
Since 2010, the third quarter average sales price in District 1 has seen a steady increase. This trend continued into the third quarter of 2014, where the average sales price for single family homes grew 13.6 percent when compared to the third quarter of 2013, from $1,441,654 in Q3 2013 to $1,638,088 in Q3 2014. The average sales price for condominiums also saw a steady 9.7 percent increase from Q3 2013 to Q3 2014. In the third quarter of 2014, the average days on market for single family homes was 24 days in Q3 2014, a 29.3 percent growth when compared to Q3 2014. While the average days on market for condominiums saw a slight 1.4 percent increase from Q3 2013 to Q3 2014, the total units sold in the Q3 2014 jumped 20 percent. Although most of the other districts in the city saw decreases in total condominiums closed, in District 1, 54 units were sold in Q3 2014 compared to 45 units sold in Q3 2013.
average sales price
average days on market
$1,200,000 $1,400,000
100 140
90 $1,000,000 $1,200,000
120
$1,000,000 $800,000
70 100
80
60
80
$800,000 $600,000
50 60
$600,000
40
$400,000
40 30
$400,000
20
$200,000 $200,000
20
10 $-$-
0
2010 2010
2011 2011
San Francisco
2012 2012
2013 2013
0
2014 2014
2010
2011
2012
2013
2010
2011
2012
2013
District District41
San San Francisco Francisco
2014
2014
District District 1 4
2010
2011
2012
2013
2014
% Change (2014 v 2013)
Average List Price
$703,763
$680,494
$768,923
$828,511
$893,981
7.9%
Average Sold Price
$697,450
$673,458
$784,397
$890,222
$976,361
9.7%
average days on market
83
87
61
32
33
1.4%
Total condos Sold
30
40
39
45
54
20.0%
Condominiums | Q3
5
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
$1,600,000
90
$1,400,000
80 70
$1,200,000
60
$1,000,000
50
$800,000
40 $600,000
30 $400,000
20
$200,000 $-
10 2010
2011
San Francisco
2012
2013
0
2014
2010
District 4
2011
2012
San Francisco
2013
2014
District 4
2010
2011
2012
2013
2014
% Change (2014 v 2013)
Average List Price
$917,329
$1,057,315
$1,017,532
$1,160,460
$1,174,547
1.2%
Average Sold Price
$924,849
$1,043,408
$1,064,429
$1,232,323
$1,326,423
7.6%
average days on market
57
80
38
34
20
-40.8%
Total single family homes Sold
63
64
74
78
69
-11.5%
single family homes | Q3
Serving san francisco, marin, the peninsula and east bay sothebyshomes.com/sanfrancisco
6
district 4
CONDOMINIUM SALES Q3 MARKET OVERVIEW
Over the last few years, the average sales price in the third quarter for a single family home in District 4 has gradually risen, and the third quarter of 2014 maintained that growth with a 7.6 percent increase, from $1,232,323 in Q3 2013 to $1,326,423 in Q3 2014. The average sales price for condominiums also saw gains, going from $598,593 in Q3 2013 to $678,059 in Q3 2014, a 13.3 percent increase. Although the average sales price for both single family homes and condominiums rose, both told a different story in how long the units remained on the market. The average days on market for single family homes fell 40.8 percent, with homes averaging about 20 days on the market in Q3 2014, down from 34 days in Q3 2013. The average days on market for condominiums took a different route, moving up from an average 31 days in Q3 2013 to 40 days in Q4 2014 — the first increase in the third quarter since 2011.
average sales price
average days on market
$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
$507,908
$441,178
$494,590
$549,807
$628,241
14.3%
Average Sold Price
$495,917
$435,750
$505,800
$598,593
$678,059
13.3%
average days on market
88
98
71
31
40
29.6%
Total condos Sold
12
10
10
14
11
-21.4%
Condominiums | Q3
7
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 70 60 60
$2,000,000
60 50 50
$1,500,000
50 40 40
$1,000,000
30 30 30
40
20 20 20
$500,000
10 10 10
$-
2010
2011
2012
2013
00
2014
2010 2010
2011 2011
2012
2013
2014
San Francisco
District 5
single family homes | Q3
2010
2011
2012
2013
2014
% Change (2014 v 2013)
Average List Price
$1,383,390
$1,444,686
$1,580,771
$1,616,117
$1,828,579
13.1%
Average Sold Price
$1,377,402
$1,444,705
$1,653,235
$1,780,828
$2,025,311
13.7%
average days on market
55
48
35
26
27
4.5%
Total single family homes Sold
64
78
97
93
71
-23.7%
San Francisco
Serving san francisco, marin, the peninsula and east bay sothebyshomes.com/sanfrancisco
District 5
8
district 5
CONDOMINIUM SALES Q3 MARKET OVERVIEW
In the third quarter of 2014, the average sales price in District 5 was higher for both condominiums and single family homes when compared to the third quarter of 2013. The average sales price for a single family home moved up 13.7 percent in Q3 2014 reaching $2,025,311, up from $1,780,828 in Q3 2014. The average sales price for condominiums experienced similar gains, going from $1,053,542 in Q3 2013 to $1,165,078 in Q3 2014, a 10.6 percent increase. As the average sales price rose, the number of units sold for both single family homes and condominiums decreased in Q3 2014 compared to Q3 2013. There were 71 single family homes sold in Q3 2014, down from 93 units sold in Q3 2013, a 23.7 percent decrease. The number of condominiums sold fell 19.2 percent, with a total of 105 units sold in Q3 2014 compared to the 130 units sold in Q3 2013.
average sales price
average days on market
$1,400,000
90 80
$1,200,000
70 $1,000,000
60
$800,000
50 40
$600,000
30 $400,000
20 10
$200,000
$-
0 2010
2011
San Francisco
2012
2013
2014
2010
District 5
2011
2012
2013
San Francisco
2014
District 5
2010
2011
2012
2013
2014
% Change (2014 v 2013)
Average List Price
$769,306
$726,081
$884,048
$960,318
$1,036,014
7.9%
Average Sold Price
$765,074
$728,359
$918,505
$1,053,542
$1,165,078
10.6%
average days on market
73
64
41
32
32
0.3%
Total Condos Sold
96
115
109
130
105
-19.2%
Condominiums | Q3
9
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
80 120 70 100
$2,500,000
60 $2,000,000
80 50
$1,500,000
40 60
$1,000,000
30 40 20 20 10
$500,000
$-
00 2010
2011
San Francisco
2012
2013
2014
2010 2010
District 6
2011 2011
2012
San Francisco
2013
2014
District 6
2010
2011
2012
2013
2014
% Change (2014 v 2013)
Average List Price
$1,391,158
$1,046,000
$1,656,000
$1,549,417
$2,198,167
41.9%
Average Sold Price
$1,343,325
$1,010,000
$1,689,854
$1,658,000
$2,496,500
50.6%
average days on market
71
74
47
49
17
-65.6%
Total single family homes Sold
12
3
8
12
6
-50.0%
single family homes | Q3
Serving san francisco, marin, the peninsula and east bay sothebyshomes.com/sanfrancisco
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district 6
CONDOMINIUM SALES Q3 MARKET OVERVIEW
Single family homes in the third quarter of 2014 appeared to be in high demand in District 6, with the average sales price climbing 50.6 percent to $2,496,500 compared to an average of $1,658,000 in the third quarter of 2013. Single family homes in the district couldn’t stay on the market for long as the average days on market plummeted 65.5 percent in from Q3 2013 to Q3 2014, from an average of 49 days in Q3 2013 to an incredible average of 17 days in Q3 2014. Due to the shortage of inventory across the city, the numbers of sales for single family homes were cut in half in Q3 2014, with 6 total sales in Q3 2014 compared to the 12 total sales in Q3 2013. While not as significant as single family homes, condominiums in the district also enjoyed some growth, with average sales prices rising 4.4 percent in Q3 2014 from Q3 2013. The average days on market descended to 28 days in Q3 2014 compared to 35 days in Q3 2013.
average sales price
average days on market
$1,200,000
90 80
$1,000,000
70 60
$800,000
50 $600,000
40 30
$400,000
20 $200,000
10 0
$-
2010
2011
San Francisco
2012
2013
2010
2011
2012
2013
2014
2014
District 6
San Francisco
District 6
2010
2011
2012
2013
2014
% Change (2014 v 2013)
Average List Price
$663,211
$683,630
$700,604
$782,308
$798,451
2.1%
Average Sold Price
$645,884
$672,113
$726,193
$838,497
$875,475
4.4%
average days on market
84
85
56
35
28
-18.7%
Total condos Sold
47
60
88
89
79
-11.2%
Condominiums | Q3
11
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 $6,000,000
70 80 90
$4,500,000
80 6070
$5,000,000 $4,000,000
70 60 50 60 50 4050
$3,500,000 $4,000,000 $3,000,000 $2,500,000 $3,000,000
40 3040 30 30 20 20 20
$2,000,000 $2,000,000 $1,500,000
$1,000,000 $1,000,000
1010 10
$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
$3,082,905
$3,371,727
$4,826,086
$5,221,139
$4,274,483
-18.1%
Average Sold Price
$3,004,225
$3,280,730
$4,438,949
$5,206,950
$4,328,582
-16.9%
average days on market
64
74
68
41
33
-18.0%
Total single family homes Sold
42
33
21
36
29
-19.4%
single family homes | Q3
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districts 7 and 8
CONDOMINIUM SALES Q3 MARKET OVERVIEW
While the rest of the city’s single family homes saw a rise in the average sales price in the third quarter of 2014, Districts 7 and 8 bucked that trend and saw the average sales price decrease 16.9 percent to $4,328,582 in Q3 2014, down from $5,206,950 in Q3 2013. However, condominiums stayed above the overall city average in Q3 2014 with the average sales price in both districts rising to $1,287,623 from $1,195,463 in Q3 2013. Since 2011, the average days on market in the third quarter for both single family homes and condominiums has decreased every year in Districts 7 and 8. This trend continued in Q3 2014 where the average days a single family home was on the market decreased to 33 in Q3 2014 compared to 41 in Q3 2013. Condominiums also saw a 7.4 percent decrease, falling to an average of 36 days on the market in Q3 2014 from 39 days in Q3 2013.
average sales price
average days on market
$1,400,000
120
$1,200,000
100
$1,000,000
80
$800,000 60 $600,000 40 $400,000 20 $200,000
$-
0 2010
2011
San Francisco
2012
2013
2014
2010
Districts 7 & 8
2011
2012
San Francisco
2013
2014
Districts 7 & 8
2010
2011
2012
2013
2014
% Change (2014 v 2013)
Average List Price
$903,201
$777,494
$916,955
$1,161,293
$1,232,360
6.1%
Average Sold Price
$874,094
$756,517
$920,780
$1,195,463
$1,287,623
7.7%
average days on market
88
96
65
39
36
-7.4%
Total condos Sold
162
191
229
233
201
-13.7%
Condominiums | Q3
13
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
$1,600,000
70
$1,400,000 60
$1,200,000 50
$1,000,000 40
$800,000
30
$600,000
20
$400,000
10
$200,000 $-
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
$817,816
$771,864
$810,257
$944,384
$1,091,113
15.5%
Average Sold Price
$843,823
$775,668
$864,668
$1,071,980
$1,250,019
16.6%
average days on market
43
57
43
31
27
-12.5%
Total single family homes Sold
47
64
70
70
69
-1.4%
single family homes | Q3
Serving san francisco, marin, the peninsula and east bay sothebyshomes.com/sanfrancisco
14
district 9
CONDOMINIUM SALES Q3 MARKET OVERVIEW
In District 9, the average sales price went up for both single family homes and condominiums in the third quarter of 2014 when compared to the third quarter of 2013. The average sales price for single family homes rose 16.6 percent to $1,250,019 in Q3 2014, up from $1,071,980 in Q3 2013. District 9 condominiums in Q3 2014 saw the average sales price increase 18.7 percent, the average reaching just beyond $1 million ($1,043,291), compared to an average of $878,705 in Q3 2013. Inventory has been low throughout the city, causing both the number of sales and the average days on market to decline for both single family homes and condominiums. The total number of single family homes saw a slight reduction with 69 units sold in Q3 2014, compared to 70 units sold in Q3 2013. The total number of condominiums sold in Q3 2014 fell 8.6 percent to a total 298 units sold compared to 326 units in Q3 2013 — the first decline in Q3 since 2010.
average sales price
average days on market
$1,200,000
90 80
$1,000,000
70 60
$800,000
50 $600,000
40 30
$400,000
20 $200,000
$-
10 0 2010
2011
San Francisco
2012
2013
2014
2010
District 9
2011
2012
2013
San Francisco
2014
District 9
2010
2011
2012
2013
2014
% Change (2014 v 2013)
Average List Price
$717,807
$672,232
$819,552
$839,692
$1,006,254
19.8%
Average Sold Price
$699,118
$661,527
$815,000
$878,705
$1,043,291
18.7%
average days on market
81
70
49
36
34
-5.4%
Total condos Sold
193
214
305
326
298
-8.6%
Condominiums | Q3
15
SIGNIFICANT SALES | Q3 2014
Telegraph Hill | Web ID: 0086505 | $5,700,000 San Francisco Brokerage | Gregg Lynn | 415.901.1780
Russian Hill | Web ID: 0085653 | $5,350,000 San Francisco Brokerage | Maria Marchetti | 415.699.8008
Pacific Heights | Web ID: 0086825 | $3,450,000 San Francisco Brokerage | Debi DiCello | 415.901.1777
SOMA | Web ID: 0086968 | $3,000,000 San Francisco Brokerage | James Testa | 415.296.1792
Russian Hill | Web ID: 0086781 | $2,500,000 San Francisco Brokerage | Jon Taylor and Gloria Smith | 415.377.5410
San francisco | Web ID: 0086867 | $2,450,000 San Francisco Brokerage | Neill Bassi | 415.296.2233
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NEW YORK OCTOBER / NOVEMBER Kentshire: A Legendary Collection Important English and European Decorative Arts Important Silver, Vertu & Russian Works of Art Property from the Estate of Rochelle Sepenuk, Part II 19 th Century Furniture and Decorative Art Prints Impressionist & Modern Art Evening Sale Impressionist & Modern Art Day Sale 19 th Century European Art Property from the Collection of Mrs. Paul Mellon: Masterworks In Pursuit of Beauty: The Myron Kunin Collection of African Art Contemporary Art Evening Auction Contemporary Art Day Auction American Art Property from the Collection of Mrs. Paul Mellon: Jewels & Objects of Vertu Property from the Collection of Mrs. Paul Mellon: Interiors Mexico Contemporary Latin American Art Modern & Contemporary
Shown Above Left: THE HENRY GRAVES SUPERCOMPLICATION PATEK PHILIPPE & CO., GENEVA, 1932 ESTIMATE ON REQUEST
IMPORTANT WATCHES GENEVA NOV. 11TH, 2014
On the market
left to right from top to bottom:
metropolitan markets New York, NY | Web: 0019670 | $4,750,000 Houston, TX | Web: 1250117 | $5,999,900 Hillsborough, CA | Web: 0086933 | $6,985,000 resort markets Agoura, CA | Web: 1290006 | $5,399,000 Montecito, CA | Web: 0113855 | $4,995,000 Palm Beach, FL | Web: 0076361 | $6,80,000 foreign markets Hong Kong | Web: S7RFQ8 | $4,902,403 Italy | Web: RVVKQ4 | $5,426,357 France | Web: NM2GG7 | $5,361,757 sothebysrealty.com