The Robb Fleischer’s Real Estate Report – Local Market Trends San Francisco includes monthly updates regarding mortgage rates, market statistics, sales momentum, pricing momentum, trends at a glance, foreclosure statistics and more.

1. local market trends
The Real Estate Report
SAN FRANCISCO
know what to do or where to begin, give me a call
and let's discuss your situation and your options.
Relief in Sight?
As we’ve mentioned many times, inventory of
single-family, re-sale homes, condos and rentals in
San Francisco is very low.
Fortunately, there are a slew of new buildings in
some stage of planning or construction. At last
count, we identified 23 new condo projects around
the city.
There have been or will shortly be 2,498 new
condo/loft units on the market.
There are 141 more units in the proposal stage.
This should alleviate some of the pricing pressure
in San Francisco.
FEBRUARY MARKET STATISTICS
For the second month in a row, the median price
for homes gained year-over-year, but only by single
digits: 4.9%. The average price was up 2.6% from
last year.
Home sales bounced back from a weak January
and were up 31.6% month-over-month. Compared
to last February. Home sales were down 16.7%.
The sales price to list price ratio for homes has
been over 100% for thirty-five of the past thirty-
six months. It was 111.6% last month.
SALES MOMENTUM…
for homes dropped 2.6 points to –20.7. Sales
momentum for condos/lofts fell 2.9 points to
–8.7.
PRICING MOMENTUM…
for single-family homes fell 1.6 points to +11.2.
Pricing momentum for condos/lofts dropped 0.2
of a point to +12.5.
CONDO/LOFT STATISTICS
The median price of condos/lofts went into all-time
high territory last month. The median price was up
17.2% from January. Year-over-year, the median
price was up 18.2%.
Condo/loft sales were off 25.2% compared to last
February.
The sale price to list price ratio stayed over 100%
for the thirty-sixth month in a row: 107.6%.
This is an extraordinarily tough market for buyers.
It's important to be calm and realistic. If you don't
American Marketing Systems, Inc.
2800 Van Ness Avenue
San Francisco, CA 94109
(415) 447-2009
rfleischer@amsiemail.com
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Robb Fleischer
Robb Fleischer | rfleischer@amsiemail.com | (415) 447-2009
MARCH/APRIL 2015
Inside This Issue
> LOCAL MARKET TRENDS.....................1
> MORTGAGE RATE OUTLOOK ...............2
> HOME STATISTICS ..............................2
> FORECLOSURE STATS ........................3
> CONDO STATISTICS ............................3
> MOMENTUM CHARTS ..........................4
Feb 15 Jan 15 Feb 14
Home Sales: 125 95 150
Median Price: 1,115,000$ 975,000$ 1,062,500$
Average Price: 1,501,175$ 1,312,676$ 1,462,634$
Sale/List Price Ratio: 111.8% 106.5% 107.6%
Days on Market: 27 42 37
Feb 15 Jan 15 Feb 14
Condo Sales: 157 150 210
Median Price: 1,100,000$ 938,500$ 930,500$
Average Price: 1,204,474$ 1,130,521$ 982,552$
Sale/List Price Ratio: 10755.4% 104.8% 105.9%
Days on Market: 29 44 38
(Lofts/Tow nhomes/TIC)
Trends at a Glance
(Single-family Homes)
Homes: detached
YTD Peak % Trough % Peak Trough
3-month 11% 13% 69% Jun-07 Feb-12
12-month 15% 21% 58% Apr-08 Mar-12
Homes: attached
3-month 19% 27% 66% Jul-08 Jan-12
12-month 16% 29% 55% Aug-08 Jan-12
San Francisco Price Differences
from January 2014 & Peak & Trough
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San Francisco Homes: Year-Over-Year Median Sales Price Change
© 2015 rereport.com

2. Page 2
The Real Estate Report
The chart above shows the Na-
tional monthly average for 30-
year fixed rate mortgages as
compiled by HSH.com. The av-
erage includes mortgages of all
sizes, including conforming,
"expanded conforming," and
jumbo.
MORTGAGE RATE OUTLOOK
Mortgage Rates Easing Back Again
Feb 27, 2015 -- mortgage markets and rates have be-
come more volatile of late. January's rate declines
trended into early February, were virtually erased
over a couple of week span, and now that upward
blip is in the process of being at least partially erased
at the moment.
All of this has occurred in perhaps a quarter-
percentage point range for interest rates, and is fair
warning about the kind of market climate we're likely
to see in the period before the Fed actually does
begin the process of "liftoff". At some point, will show
some more reliable traction and head up from recent
ranges. When that will be is still not clear, as it ap-
pears the Fed remains noncommittal at the moment.
HSH.com's broad-market mortgage tracker -- our
weekly Fixed-Rate Mortgage Indicator (FRMI) --
found that the overall average rate for 30-year fixed-
rate mortgages declined by four basis points this
week (0.04%) slipping to 3.92 percent, breaking a
two-week increase. The FRMI's 15-year companion
eased by three-hundredths of one percent, sending
the weekly average back down to 3.25 percent.
Popular with first-time homebuyers, perhaps more so
now that the annual MIP has been lowered, rates on
fully-insured FHA-backed 30-year FRMs remain well
below their conforming counterparts but shed only a
single basis point from last week's average, ticking
downward to land at 3.74 percent this week. More
erratic than its fixed-rate counterparts of late, the
overall 5/1 Hybrid ARM decreased by six basis points
(0.06%), drifting back down to 3.08 percent for the
week.
Housing could drive the economy higher in the
months ahead, but traction remains tough to come
by.
Very thin stockpiles of homes for sale seem to be a
cause for limited growth in sales of existing homes,
and this situation may come to vex the spring hous-
ing market this year. In January, sales of existing
homes declined by 4.9 percent to a 4.82 million
(annualized) rate; this was the slowest rate of sale
since last May. Inventories of homes for sale did
expand a little, rising to 4.7 months in January from
4.4 in December, but the truth is that for many poten-
tial buyers, there's simply nothing desirable to buy in
their price range. Tight supplies do create well-
supported prices, and even though there was a
month-to-month dip, median home prices are still
some 6.2 percent above the same period last year.
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San Francisco Homes: Sold Prices & Unit Sales
(3-month moving average — $000's)
Ave Med Units © 2015 rereport.com
Unit
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco 1,115,000$ 1,501,175$ 125 27 111.8% 4.9% 2.6% -16.7% 14.4% 14.4% 31.6%
D1: Northwest 1,585,000$ 1,682,083$ 12 21 110.2% 28.4% 18.8% 0.0% 56.5% -1.1% 200.0%
D2: Central West 1,100,000$ 1,052,640$ 17 22 116.0% 23.3% 19.3% 0.0% 18.4% 4.6% 6.3%
D3: Southwest 750,000$ 879,041$ 5 23 104.0% 7.1% 7.0% -64.3% -11.2% -7.2% -50.0%
D4: Twin Peaks 1,228,000$ 1,245,053$ 19 31 116.0% 11.8% 1.7% 0.0% -1.8% -6.3% 26.7%
D5: Central 1,915,000$ 2,039,707$ 17 31 115.0% -16.7% -5.2% -32.0% -8.0% -23.2% 41.7%
D6: Central North 1,450,000$ 1,450,000$ 1 0 100.0% -16.1% -24.2% -85.7% -7.3% -4.5% -66.7%
D7: North 5,995,000$ 6,375,000$ 5 25 100.0% 20.2% 11.7% -16.7% 96.6% 109.0% 400.0%
D8: Northeast 2,500,000$ 2,500,000$ 1 16 125.3% -13.8% -7.6% -75.0% n/a n/a n/a
D9: Central East 1,335,000$ 1,428,053$ 23 19 120.7% 6.6% 11.1% 27.8% -17.6% -1.6% 109.1%
D10: Southeast 700,000$ 726,820$ 25 37 108.3% 10.7% 17.9% -10.7% -3.7% -1.4% 8.7%
February Sales Statistics
(Single-family Homes)
Prices Yearly Change Monthly Change
3.0% 4.0% 5.0% 6.0% 7.0% 8.0%
01-08
04-08
07-08
10-08
01-09
04-09
07-09
10-09
01-10
04-10
07-10
10-10
01-11
04-11
07-11
10-11
01-12
04-12
07-12
10-12
01-13
04-13
07-13
10-13
01-14
04-14
07-14
10-14
01-15
30-Year Fixed Mortgage Rates

3. Table Definitions
_______________
Median Price
The price at which 50% of
prices were higher and
50%were lower.
Average Price
Add all prices and divide by the
number of sales.
SP/LP
Sales price to list price ratio or
the price paid for the property
divided by the asking price.
DOI
Days of Inventory, or how many
days it would take to sell all the
property for sale at the current
rate of sales.
Pend
Property under contract to sell
that hasn’t closed escrow.
Inven
Number of properties actively
for sale as of the last day of the
month.
Notices of default, the first step in the foreclosure proc-
ess, in San Francisco jumped 35% in January from
December. Year-over-year, notices were up 26.2%.
There were 53 notices in January.
Notices of sale, which set the date and time of an auc-
tion, and serve as the homeowner's final notice before
sale, rose 7.1% from December, but they were down
41.2% year-over-year. There were 30.
After the filing of a Notice of Trustee Sale, there are
only three possible outcomes. First, the sale can be
cancelled for reasons that include a successful loan
modification or short sale, a filing error, or a legal re-
quirement to re-file the notice after extended postpone-
ments.
FORECLOSURE STATISTICS
Alternatively, if the property is taken to sale, the bank
will place the opening bid. If a third party, typically an
investor, bids more than the bank's opening bid, the
property will be sold to the third party; if not, it will go
back to the bank.
There were 18 sales cancelled last month.
One home went back to the bank in January.
There are currently 123 properties scheduled for sale.
With the recent surge in prices, many of them will
probably be cancelled.
The total number of properties owned by the banks was
down 14.7% year-over-year. The banks now own ap-
proximately 209 properties in the city.
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San Francisco Condos: Sold Prices & Unit Sales
(3-month moving average — $000's)
Ave Med Units © 2015 rereport.com
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San Francisco Condos/Lofts: Year-Over-Year Median Sales Price Change
© 2015 rereport.com
Unit
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco 1,100,000$ 1,204,474$ 157 29 ###### 18.2% 22.6% -25.2% 17.2% 6.5% 4.7%
D1: Northwest 950,000$ 941,278$ 9 58 ###### -6.0% -0.4% 0.0% -30.9% -23.2% 80.0%
D2: Central West 805,000$ 975,000$ 3 19 ###### -0.6% 20.4% 50.0% 9.2% 29.8% -25.0%
D3: Southwest -$ -$ 0 0 0.0% n/a n/a n/a n/a n/a n/a
D4: Twin Peaks 840,000$ 766,667$ 3 10 ###### 40.2% 28.5% -40.0% 51.4% 43.5% -40.0%
D5: Central 1,100,000$ 1,124,152$ 23 27 ###### 3.5% 3.4% -17.9% -2.2% 1.2% 0.0%
D6: Central North 890,000$ 906,889$ 18 23 ###### 22.8% 18.4% -10.0% 14.9% -8.6% 28.6%
D7: North 1,705,250$ 1,681,532$ 20 30 ###### 24.9% 32.0% 33.3% 17.6% 17.8% 5.3%
D8: Northeast 1,120,000$ 1,362,141$ 25 48 ###### 23.1% 25.3% -24.2% 19.4% -13.6% 13.6%
D9: Central East 1,150,000$ 1,203,509$ 53 16 ###### 17.3% 20.9% -41.1% 24.3% 18.1% 0.0%
D10: Southeast 688,125$ 688,125$ 2 28 ###### 55.7% 105.8% -60.0% n/a n/a n/a
February Sales Statistics
(Condos/TICs/Co-ops/Lofts)
Prices Yearly Change Monthly Change

4. The Real Estate Market Trends Report is published and copyrighted by http://rereport.com.
THE REAL ESTATE REPORT
San Francisco
Robb Fleischer
American Marketing Systems, Inc.
2800 Van Ness Avenue
San Francisco, CA 94109
Go online to see the full report
with the district by district breakdown:
HTTP://WWW.AMSIRES.COM/STAFF/ROBB
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San Francisco Homes: Sales Momentum
Sales Pricing © 2015 rereport.com
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San Francisco Condos/Lofts: Sales Momentum
Sales Pricing © 2015 rereport.com