San Francisco Market Update | Q1 2014

San Francisco, CA | web: 0086132 Photography by Jacob Elliott

San Francisco Market Update First 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.

2014 is off to a positive start with a robust first quarter for San Francisco real estate sales compared to the first quarter of 2013 according to the San Francisco Multiple Listing Service. Average sales prices for single-family homes (SFH) jumped 20.3 percent across the City, however the total number of transactions was down due to a severe shortage of available inventory. Condominium sales prices followed the same upward trend, with a 17.1 percent increase in average sales prices.

This market has been great for sellers, with many listings receiving multiple offers over the asking price and all-cash offers now a common occurrence. The continuing shortage of inventory of SFH is leading more buyers to reconsider districts or purchase condominiums instead. The total number of condominium sales slightly increased throughout the City and the average condominium sales price exceeded the $1 million mark in Districts 5, 7, 8 and 9.

A MESSAGE FROM OUR MANAGER: Jeffrey G. Gibson

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

q1 total closed sales (sfh) 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 - January 1-March 31 each year.

q1 total closed sales (CONDOS) 2010

2011

2012

2013

2014

486

577

608

633

639

District 4

7

12

14

12

15

District 5

75

91

84

93

106

District 6

42

46

56

65

67

Districts 7 and 8

141

160

197

179

178

District 9

155

189

174

211

230

700

San Francisco (Total)

600

500

400

300

200

100

0

2010

2011

2012

2013

2014

Source: SFARMLS - January 1-March 31 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.

featured properties

telegraph hill Web ID: 0086505 | $6,250,000 This bespoke, Bay view penthouse features rare finishes, 3bd/3.5ba and seven terraces.

Gregg Lynn | 415.901.1780

twin peaks Web ID: 0086657 | $2,195,000 Sleek and sophisticated designer view flats. 2bd/2ba each, plus view. 1bd bonus apartment. Decks and 2 car garage.

Thomas Biss | 415.901.1776

pine lake park Web ID: 0086605 | $1,350,000 Grand scale 4bd/2.5ba home with sauna, deck and garden.

Approximately 2,933 sq.ft.

Grazia Bennett | 415.294.4244

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

80

$1,400,000

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

$995,601

$889,055

$871,634

$1,080,119

$1,161,003

7.5%

Average Sold Price

$994,638

$892,997

$863,793

$1,159,538

$1,286,827

11%

average days on market

70

68

65

36

32

-11.9%

Total SFH Sold

58

52

55

64

62

-3.1%

single family homes | Q1

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

4

district 4

CONDOMINIUM SALES Q1 MARKET OVERVIEW

Average sales prices in District 4 continued to climb in the first quarter of 2014, compared to first quarter of 2013.

The average sales price of SFH increased by 11 percent, from $1,159,538 to $1,286,827. Condominium sales prices increased by 22.4 percent and the average price per square foot jumped 25.4 percent, from $458.30 to $574.87. The total number of closed SFH sales declined by three percent, from 64 sold units in 2013 to 62 units in 2014. The total number of closed condominium sales increased from 12 sold units in 2013 to 15 units in 2014. The average days on market dropped markedly for both SFH and condominiums - SFH saw a 11.9 percent decline and condominiums saw a 56.2 percent decrease.

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

$505,979

$385,862

$419,236

$485,490

$595,733

22.7%

Average Sold Price

$490,000

$376,587

$408,539

$509,606

$623,933

22.4%

80

75

104

69

30

-56.2%

7

12

14

12

15

25%

Condominiums | Q1

average days on market

Total condos Sold

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

80 70

$2,000,000

60 50

$1,500,000

40

$1,000,000

30 20

$500,000

10

$-

2010

2011

2012

2013

0

2014

2010

2011

2012

2013

2014

San Francisco

District 5

single family homes | Q1

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$1,432,318

$1,481,464

$1,560,067

$1,735,429

$2,074,696

19.6%

Average Sold Price

$1,429,519

$1,445,359

$1,572,205

$1,807,085

$2,278,874

26.1%

average days on market

60

66

64

39

27

-31.9%

Total SFH Sold

63

66

72

72

69

-4.2%

San Francisco

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

District 5

6

district 5

CONDOMINIUM SALES Q1 MARKET OVERVIEW

Average sales prices in District 5 increased significantly in the first quarter of 2014 compared to the first quarter of 2013.

The average sales price of SFH jumped 26.1 percent, an increase of $471,788 from 2013. The average condominium sales price increased significantly from $900,531 in 2013 to $1,101,524 in 2014. The shortage of inventory resulted in a decline in the total number of closed sales of both SFH and condominiums. SFH closed sales decreased by 4.2 percent and condominium closed sales decreased by 14 percent. The average days on market of SFH decreased from 39 days in 2013 to 27 days in 2014, while the average days on market for condominium sales dropped from 48 to 27 in year-over-year comparisons.

average sales price

average days on market 90

$1,200,000

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 5

2011

2012

2013

San Francisco

2014

District 5

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$787,131

$773,448

$865,389

$836,464

$1,000,761

19.6%

Average Sold Price

$782,654

$768,453

$878,260

$900,531

$1,101,524

22.3%

average days on market

64

78

64

48

27

-43.6%

Total Condos Sold

75

91

84

93

106

14%

Condominiums | Q1

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

80 70

$2,500,000

60 $2,000,000 50 $1,500,000

40 30

$1,000,000

20 $500,000

$-

10 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

$1,281,444

$1,423,990

$1,175,400

$2,423,667

$1,991,833

-17.8%

Average Sold Price

$1,285,883

$1,471,590

$1,163,000

$2,390,833

$2,067,052

-13.5%

46

32

62

54

49

-8.1%

9

5

10

6

12

100%

single family homes | Q1

average days on market

Total SFH Sold

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

8

district 6

CONDOMINIUM SALES Q1 MARKET OVERVIEW

SFH in District 6 saw a drop in the average sales price, while condominiums continued to see an increase in average sales prices in the first quarter of 2014. The average sales price of SFH decreased by 13.5 percent, from $2,390,833 in 2013 to $2,067,052 in 2014. Average sales prices of condominiums increased by 16.6 percent, from $735,851 in 2013 to $858,047 in 2014. SFH closed sales increased from 6 sales in 2013 to 12 in 2014, while the number of condominium closed sales increased from 65 sales in 2013 to 67 in 2014. The average days on market of SFH declined 8.1 percent, from 54 days in 2013 to 49 days in 2014. The average days on market of condominium sales increased from 43 days in 2013 to 51 days in 2014.

average sales price

average days on market

$1,200,000

100 90

$1,000,000

80 70

$800,000

60 50

$600,000

40 $400,000

30 20

$200,000

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

$650,927

$629,539

$669,533

$704,877

$790,714

12.2%

Average Sold Price

$639,183

$621,228

$667,729

$735,851

$858,047

16.6%

average days on market

72

95

80

43

51

19.2%

Total condos Sold

42

46

56

65

67

3.1%

Condominiums | Q1

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

90

$4,500,000

80

$4,000,000

70

$3,500,000 60

$3,000,000

50

$2,500,000

40

$2,000,000

30

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

20

$500,000

10

$-

2010

2011

San Francisco

2012

2013

0

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

$3,333,180

$3,407,880

$3,939,830

$4,041,261

$4,508,136

11.6%

Average Sold Price

$3,190,835

$3,249,780

$3,753,589

$3,923,000

$4,488,955

14.4%

average days on market

83

84

63

59

18

-69.7%

Total SFH Sold

25

25

28

23

22

-4.4%

single family homes | Q1

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

10

districts 7 and 8

CONDOMINIUM SALES Q1 MARKET OVERVIEW

SFH and condominiums in Districts 7 and 8 continued to see an increase in average sales prices in the first quarter of 2014. The average sales price of SFH increased by 14.4 percent and average condominium sales prices increased by 17.5 percent. The number of closed sales of SFH decreased by 4.3 percent, while the number of closed sales of condominiums was flat. The average days on market dropped significantly for both single-family homes and condominiums. SFH saw a 69.7 percent drop in days on market in 2014, from 59 days in 2013 to 18 in 2014. The average days on market decreased by 19 percent for condominiums, from 52 days in 2013 to 43 days in 2014.

average sales price

average days on market 100

$1,400,000

90 $1,200,000

80 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

Districts 7 & 8

2011

2012

San Francisco

2013

2014

Districts 7 & 8

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$911,263

$905,495

$868,097

$1,059,758

$1,228,917

16%

Average Sold Price

$891,328

$869,126

$860,665

$1,075,525

$1,264,086

17.5%

average days on market

81

92

87

52

43

-19%

Total condos Sold

141

160

197

179

178

-0.6%

Condominiums | Q1

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

$1,600,000

80

$1,400,000

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 9

2011

2012

San Francisco

2013

2014

District 9

2010

2011

2012

2013

2014

% Change (2014 v 2013)

Average List Price

$717,055

$794,036

$716,002

$839,914

$1,090,014

29.8%

Average Sold Price

$731,000

$794,904

$729,541

$921,231

$1,233,754

33.9%

average days on market

55

68

61

42

39

-5.3%

Total SFH Sold

41

43

46

54

37

-31.5%

single family homes | Q1

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

12

district 9

CONDOMINIUM SALES Q1 MARKET OVERVIEW

Condominiums in District 9 experienced positive market trends in the first quarter of 2014, with increases in both sales prices and closed sales. SFH in District 9 saw a 33.9 percent jump in the average sales price, from $921,231 in 2013 to $1,233,754 in 2014. The average sales price of condominiums increased by 9.6 percent, from $912,895 in 2013 to $1,000,487 in 2014. The number of SFH closed sales decreased by 31.5 percent and the number of condominium closed sales increased by nine percent. The average days on market of SFH dropped 5.3 percent - from 42 days in 2013 to 39 in 2014. The average days on market of condominiums declined by 22 percent in year-over-year comparisons- from 43 days in 2013 to 34 in 2014.

average sales price

average days on market

$1,200,000

100 90

$1,000,000

80 70

$800,000

60 50

$600,000

40 $400,000

30 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

$656,688

$724,349

$669,966

$897,367

$958,438

6.8%

Average Sold Price

$635,711

$697,434

$663,727

$912,895

$1,000,487

9.6%

average days on market

87

83

82

43

34

-22%

Total condos Sold

155

189

174

211

230

9%

Condominiums | Q1

13

SIGNIFICANT SALES | Q1 2014

noe valley | Web ID: 0086600 | $7,000,000 San Francisco Brokerage | Jon Taylor | 415.377.5410

telegraph hill | Web ID: 0086529 | $3,450,000 San Francisco Brokerage | Rebecca Schumacher | 415.928.3800

russian hill | Web ID: 0086618 | $1,675,000 San Francisco Brokerage | Rob Levy | 415.385.8011

Nob hill | Web ID: 0086579 | $1,665,000 San Francisco Brokerage | Paul Ybarbo | 415.901.1724

miraloma | Web ID: 0086589 | $1,150,000 San Francisco Brokerage | Debi DiCello | 415.907.1777

south beach | Web ID: 0086456 | $1,101,000 San Francisco Brokerage | Eric Johnson | 415.901.1799

Auction & Exhibition Calendar 2014

16 29

NEW YORK APRIL A Modern Library: The Gordon Waldorf Collection John James Audubon: The Birds of America, The Viviparous Quadrupeds of North America The Inventive Eye: Photographs from a Private Collection Photographs Important Russian Works of Art, European Silver, and Vertu American Paintings, Drawings & Sculpture Magnificent Jewels

1 8 9 16 29 29 30

LONDON APRIL Made in Britain The Orientalist Sale Arts of the Islamic World Finest and Rarest Wines Furniture Collections Travel, Atlases, Maps & Natural History Old Master & British Paintings

1 1

2 8

SOTHEBY’S INTERNATIONAL REALTY AFFILIATES LLC. AN EQUAL OPPORTUNITY COMPANY. EQUAL HOUSING OPPORTUNITY. EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED.

© MMXIV SOTHEBY’S INTERNATIONAL REALTY AFFILIATES LLC. ALL RIGHTS RESERVED. SOTHEBY’S INTERNATIONAL REALTY® IS A REGISTERED TRADEMARK LICENSED TO

1

1

PARIS APRIL Picasso and the Nude: Fifty Drawings from the Marina Picasso Collection

Shown Above Left: WILLARD LEROY METCALF (1858 – 1925) A SEASIDE PASTURE SIGNED W L METCALF (LOWER LEFT) OIL ON CANVAS PAINTED IN 1910.

26 BY 29 INCHES (66 BY 73.7 CM) AMERICAN PAINTINGS, DRAWINGS & SCULPTURE NEW YORK 16 APRIL 2014

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