Sales of single-family, re-sale homes fell in March compared to last year. I think we all expected this amidst the Covid-19 pandemic. Home sales were down 8.7%. There were 157 homes sold in San Francisco last month. The average since 2000 is 214.

1. for condos/townhomes gained 0.4 of a point
to +5.7.
Our momentum statistics are based on 12-
month moving averages to eliminate
monthly and seasonal variations.
This is an extraordinarily tough market for
buyers. It's important to be calm and
realistic. If you don't know what to do or
where to begin, give me a call and let's
discuss your situation and your options.
Sales of single-family, re-sale homes fell in
March compared to last year. I think we all
expected this amidst the Covid-19
pandemic. Home sales were down 8.7%.
There were 157 homes sold in San
Francisco last month. The average since
2000 is 214.
We expect home sales to continue dropping
for the next two months.
Inventory is also dropping. At the beginning
of March there were 824 homes for sale. At
the end of March there were only 459.
The median sales price for single-family,
re-sale homes rose 0.3% year-over-year.
The average sales price gained 2.3% year-
over-year.
The median sales price for
condos/townhomes was up 3% year-over-
year.
The average sales price was up 3.2% year-
over-year.
Sales of condos/townhomes dropped 18.2%
year-over-year. There were 216
condos/townhomes sold last month.
The sales price to list price ratio, or what
buyers are paying over what sellers are
asking, rose to 109.6% from 108.7 % for
homes. The ratio for condos/townhomes fell
to 103.6% from 104.9%.
Average days on market, or the time from
when a property is listed to when it goes
into contract, was 20 for homes and 27 for
condos/lofts.
for homes rose 0.5 of a
point to –2.7. Sales
momentum for
condos/townhomes was
down 0.8 of a point to
–3.0.
for single-family homes
rose 0.2 of a point to
+3.1. Pricing momentum
Sotheby's International Realty
117 Greenwich Street
San, Francisco, CA 94111
Cell: (415) 819-2663
AnnieWilliamsSF@gmail.com
http://www.anniewilliamshomes.com
DRE #01393923
Annie Williams & Miriam Wells
ANNIE WILLIAMS & MIRIAM WELLS | ANNIEWILLIAMSSF@GMAIL.COM | HTTP://WWW.ANNIEWILLIAMSHOMES.COM
Mar 20 Month % Feb 20 Year % Mar 19
Median Price: 1,655,000$ 2.8% 1,610,000$ 0.3% 1,650,000$
Average Price: 2,093,993$ 10.1% 1,901,393$ 2.3% 2,046,399$
Home Sales: 157 41.4% 111 -8.7% 172
Sale/List Price Ratio: 109.6% 0.8% 108.7% 1.8% 107.7%
Days on Market: 20 -18.5% 25 -22.6% 26
(Condominiums)
Mar 20 Month % Feb 20 Year % Mar 19
Median Price: 1,270,000$ -1.4% 1,288,500$ 3.0% 1,232,500$
Average Price: 1,379,344$ -1.0% 1,393,110$ 3.2% 1,335,998$
Home Sales: 216 27.1% 170 -18.2% 264
Sale/List Price Ratio: 103.6% -1.2% 104.9% 0.0% 103.6%
Days on Market: 27 -6.0% 29 -22.3% 35
Trends at a Glance
(Single-family Homes)
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100.0%
105.0%
110.0%
115.0%
120.0%
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San Francisco Homes: Sales Price to List Price Ratio
© 2020 rereport.com

2. Mar. 27, 2020 -- The first signs of the effects of the
shutdown of broad regions and wide swaths of the
economy showed this week, even as the Federal
Reserve and federal government moved to improve
the functioning of financial markets and try to amelio-
rate the damage of a hard stop for most economic
activity.
Last week, the Federal Reserve announced a re-start
of QE programs to buy up Treasuries and MBS --
$500 billion and $200 billion, respectively. After the
Fed ran through much of that cash in just the fire few
days of the program, markets began to seize up
again as investors continued a mad dash to sell hold-
ings and rush to cash. Likely fearing another terrible
opening for the financial markets on Monday morn-
ing, the Fed announced it would have no limits on
how many Treasuries or MBS it would purchase,
saying "The Federal Reserve will continue to pur-
chase Treasury securities and agency mortgage-
backed securities in the amounts needed to support
smooth market functioning and effective transmission
of monetary policy to broader financial conditions."
This reassured investors that there would be a pur-
chaser in the markets for these instruments regard-
less of price or yield, and did finally seem to have the
desired effect. Interest rates began to settle; the yield
on the 10-year Treasury was as high as 1.26% last
Thursday, but closed on Friday at about 0.68%.
Stock markets rallied starting Tuesday as the shape
of the $2 trillion stimulus bill began to show, but fad-
ed on Friday. The selloff did show that markets were
functioning more normally -- stocks selling off led to
bond buys, driving yields down. In recent weeks, both
stocks and bonds were being liquidated, so stock
prices were falling and bond yields were rising.
Suffice it to say that the Fed actions are a virtual
firehose of liquidity aimed at as many facets of the
financial markets as the Fed can reach. It seems very
likely that if stress shows someplace else, the Fed
will look to quickly address it. One such place might
be seen in our own backyard, so to speak, for while
government-engineered or -backed mortgage mar-
kets remain functional, private mortgage markets for
non-QM loans remain largely closed and jumbo mort-
gages somewhat more difficult to come by.
In recent weeks, investors have shunned risk, and
there certainly can be plenty of risk in making money
available to mortgage lenders who are making loans
without government backing to borrowers. As such,
funding for these kinds of loans has dried up; at the
(Continued on page 4)
ANNIE WILLIAMS & MIRIAM WELLS
SOTHEBY'S INTERNATIONAL REALTY
ANNIEWILLIAMSSF@GMAIL.COM
DRE #01393923
The chart above shows the National month-
ly average for 30-year fixed rate mortgages
as compiled by http://
3.0% 4.0% 5.0% 6.0%
01-10
07-10
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30-Year Fixed Mortgage Rates
Unit
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco $1,655,000 $2,093,993 157 20 109.6% 0.3% 2.3% -8.7% 2.8% 10.1% 41.4%
D1: Northwest $2,350,000 $2,450,892 12 13 108.8% 9.3% -9.8% -20.0% 11.9% 3.5% -47.8%
D2: Central West $1,500,000 $1,483,750 16 24 123.6% -6.4% -11.5% -50.0% 1.7% -4.0% -5.9%
D3: Southwest $1,150,000 $1,250,132 9 21 113.5% 0.0% 8.6% 50.0% -25.8% -9.2% 28.6%
D4: Twin Peaks $1,940,000 $2,098,990 25 15 112.5% 20.9% 25.0% 0.0% -4.8% 10.2% 78.6%
D5: Central $2,687,000 $2,670,560 24 21 110.0% 21.7% 9.5% -20.0% 13.1% 0.4% 140.0%
D6: Central North $2,190,000 $2,556,250 4 6 105.6% -38.7% -28.2% -20.0% -0.5% 0.1% 0.0%
D7: North $4,412,500 $5,050,900 10 34 95.5% -15.1% 0.4% 25.0% 0.9% 15.4% 400.0%
D8: Northeast $3,850,000 $3,850,000 1 44 102.7% n/a n/a n/a 281.2% 281.2% 0.0%
D9: Central East $1,550,000 $1,704,876 19 25 112.7% -9.0% -9.8% 35.7% -8.4% -11.5% 58.3%
D10: Southeast $1,207,500 $1,230,318 22 20 114.9% 5.5% 8.6% -31.3% 3.6% 6.3% 4.8%
March Sales Statistics
(Single-family Homes)
Prices Yearly Change Monthly Change
0
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100
150
200
250
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350
$300
$800
$1,300
$1,800
$2,300
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San Francisco Homes: Sold Prices & Unit Sales
(3-month moving average — $000's)
Ave Med Units © 2020 rereport.com

3. ANNIE WILLIAMS & MIRIAM WELLS
SOTHEBY'S INTERNATIONAL REALTY
ANNIEWILLIAMSSF@GMAIL.COM
DRE #01393923
Unit
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco $1,270,000 $1,379,344 216 27 103.6% 3.0% 3.2% -18.2% -1.4% -1.0% 27.1%
D1: Northwest $1,602,500 $1,624,400 10 32 103.7% 23.3% 12.9% -28.6% 23.3% 28.1% 42.9%
D2: Central West $1,070,000 $1,049,000 5 19 101.3% -24.9% -25.5% 66.7% -20.7% -25.1% 25.0%
D3: Southwest $875,000 $875,000 1 88 97.2% -14.4% -14.4% -50.0% -34.0% -34.0% 0.0%
D4: Twin Peaks $625,000 $517,556 5 63 102.6% -16.8% -34.1% 25.0% 30.7% 8.2% 150.0%
D5: Central $1,425,000 $1,382,471 34 22 109.7% 0.0% -6.1% 6.3% 3.6% 0.4% 54.5%
D6: Central North $1,365,000 $1,362,518 17 18 109.0% 30.2% 23.4% -34.6% -3.4% -7.3% 6.3%
D7: North $1,640,000 $1,890,333 15 26 101.6% 6.4% 9.3% -63.4% -18.4% -1.9% -37.5%
D8: Northeast $1,212,500 $1,441,397 34 24 100.9% 12.8% -0.4% -2.9% -3.8% -0.6% 17.2%
D9: Central East $1,250,000 $1,341,749 91 29 102.1% 5.5% 9.2% 8.3% 5.5% 6.9% 59.6%
D10: Southeast $860,000 $839,500 4 49 102.8% 27.3% 19.0% -50.0% 13.9% 4.7% -50.0%
March Sales Statistics
(Condos/TICs/Co-ops/Lofts)
Prices Yearly Change Monthly Change
80.0%
85.0%
90.0%
95.0%
100.0%
105.0%
110.0%
115.0%
120.0%
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San Francisco Homes: Sales Price to List Price Ratio
© 2020 rereport.com
-50.0
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40.0
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San Francisco Condos/Lofts: SalesMomentum
Sales Pricing © 2020 rereport.com
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San Francisco Condos: Sold Prices & Unit Sales
(3-month moving average — $000's)
Ave Med Units © 2020 rereport.com

4. Annie Williams & Miriam Wells
Sotheby's International Realty
117 Greenwich Street
San, Francisco, CA 94111
same time, there are few investors at the moment
who might be interested in buying up any loans or
MBS comprised of non-guaranteed mortgages.
Jumbo markets are still supported in both direct
and indirect ways; Fannie and Freddie will buy
loans with amounts of up to $765,600 in "high-cost"
areas, and depository institutions are almost always
interested in making high-dollar loans to customers
with the best possible credentials, if probably less
so at the moment.
It is good that the Fed has pledged unlimited
amounts of MBS purchases, because selling them
to investors might prove difficult for a while. Risks
of investing in mortgages are on the rise, not only
from consumers losing their incomes due to shut-
downs creating payment risk but also from various
government forbearance programs that may allow
mortgage holders to skip making payments for up
to a full year. Couple this with the surge in prepay-
ment risk from able homeowners refinancing
(something that will likely cool due to job loss in the
near term, but may re-fire as mortgage rates will
probably test "all-time" lows again in the coming
weeks or months), and keeping in mind that new
MBS will likely be issued at or near record low
(Continued from page 2) yields, it's not hard to see why investors might not
want them... and why the Fed may need to buy up
a huge number of them.
Of course, risks in mortgages are likely to persist
long after the coronavirus pandemic has been
quelled as the effects of the government mandated
recession. This will probably result in at least some
future need for measures beyond temporary for-
bearance for some borrowers, and while it's too
soon to tell, we may again be looking at the need
for loan modifications for some borrowers at some
point.
Sales of new homes were still solid in February,
running at a 765,000 annual clip, down a little from
an upwardly-revised 800K figure for January. There
were 5 months of available supply of new homes at
the February sales pace, with 319,000 actual units
built and ready to be sold. That was the lowest
figure since August 2018, and suggested that we
would see a faster pace of building heading into the
spring. Again, this is no longer likely.
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
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San Francisco Homes: Year-Over-Year Median Sales Price Change
© 2020 rereport.com