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
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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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