The real estate market in San Francisco is beginning to heat up for three reasons. First, spring is when the market typically becomes more active. Two, mortgage rates are at 15-month lows. Third, IPOs have started creating instant millionaires.

1. 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.
The real estate market in San Francisco is
beginning to heat up for three reasons. First,
spring is when the market typically becomes
more active. Two, mortgage rates are at 15-
month lows. Third, IPOs have started creating
instant millionaires.
We expect 2019 to be a very strong year for
the San Francisco real estate market.
Sales prices of single-family, re-sale homes
rose again in March, month-over-month, with
the average sales price going back over
$2,000,000.
The sales prices for condos/townhomes were
down from February.
Sales continue to be anemic. There were only
168 single-family homes sold last month. The
monthly average is 226. Year-over-year,
home sales were off 36.8%.
There were 252 condos sold last month, off
10.6% year-over-year.
The sales price to list price ratio, or what
buyers are paying over what sellers are
asking, was 107.8% for homes and 103.8%
for condos/lofts.
Although multiple offers
continue to be the norm,
the number of offers on a
property continue to
decline.
Average days on market,
or the time from when a
property is listed to when
it goes into contract, was
down to 26 for homes and
35 for condos/lofts.
for homes rose 2.4 points
to +20.4. Sales momentum for condos/lofts
was down 0.5 of a point to +8.0.
for single-family homes fell 3 points to –0.8.
Pricing momentum for condos/lofts fell 1.1
points to +0.8.
Our momentum statistics are based on 12-
month moving averages to eliminate monthly
and seasonal variations.
Hill & Company
1880 Lombard Street
San, Francisco 94123
Fax: (415) 202-1686
Cell: (415) 819-2663
AnnieWilliamsSF@gmail.com
http://www.anniewilliamshomes.com
DRE #01393923
Annie Williams
ANNIE WILLIAMS | ANNIEWILLIAMSSF@GMAIL.COM | HTTP://WWW.ANNIEWILLIAMSHOMES.COM
Feb 19 Month % Jan 19 Year % Feb 18
Median Price: 1,637,500$ 8.8% 1,505,000$ -2.5% 1,680,000$
Average Price: 2,040,343$ 8.6% 1,878,466$ 7.3% 1,901,224$
Home Sales: 168 52.7% 110 -10.6% 188
Sale/List Price Ratio: 107.8% -0.4% 108.2% -5.4% 113.9%
Days on Market: 26 -13.3% 30 18.2% 22
(Condominiums)
Feb 19 Month % Jan 19 Year % Feb 18
Median Price: 1,247,500$ 8.5% 1,150,000$ -0.2% 1,250,000$
Average Price: 1,325,609$ -3.1% 1,368,026$ -2.8% 1,363,639$
Home Sales: 252 60.5% 157 -10.6% 282
Sale/List Price Ratio: 103.8% 1.1% 102.6% -1.7% 105.5%
Days on Market: 35 -12.5% 40 29.6% 27
Trends at a Glance
(Single-family Homes)
-40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
0
6
MM J S N 0
7
MM J S N 0
8
MM J S N 0
9
MM J S N 1
0
MM J S N 1
1
MM J S N 1
2
MM J S N 1
3
MM J S N 1
4
MM J S N 1
5
MM J S N 1
6
MM J S N 1
7
MM J S N 1
8
MM J S N 1
9
M
San Francisco Homes: Sales Momentum
Sales Pricing © 2019 rereport.com

2. March 29, 2019 -- "In like a lion, out like a lamb" is an
old saying about the weather in March. Given that
30-year fixed mortgage rates are ending the month
more than a third of a percentage point below where
they began (not to mention they are now at 15-month
lows), this old aphorism might be applied to mortgage
rates this month, too.
Relentless pessimism in financial markets about
prospects for growth, benign and perhaps dwindling
inflation and accommodating central banks around
the globe have all contributed their part to the decline
in longer term interest rates. In turn, long-term fixed
mortgage rates fell nearly a quarter-percent in just
the past week.
Six months ago, the Fed was raising interest rates
and trimming its balance sheet and projecting more
of the same, and the markets were generally san-
guine; three months ago the Fed was raising rates
and trimming its balance sheet projecting more of the
same, but markets turned decidedly unhappy. In the
most recent three months, we've come to see the
economy slow and be interrupted by a partial govern-
ment shutdown, fomenting a 180-degree turn by the
Fed, who now looks to leave rates alone for some
time and will end balance-sheet reductions before
long.
After an unexpected flare higher in January, housing
starts fell back to trend in February, posting an 8.7%
month-to-month decline and landing at 1.162 million
(annualized) units under construction. Starts of sin-
gle-family homes slumped from 907K annualized to
just 805K, but this is roughly on par with figures from
November and December. Conversely, multifamily
construction rebounded, with this smaller market
segment putting in a 17.8% increase to 357,000 units
started. Permits for future building eased by 1.6%, a
second small decline, landing a 1.296 million
(annual) units planned. All in all, not a great report,
but of course reflective of the difficult period from
which we seem to be emerging... and of course,
winter months aren't often the best for construction.
That said, some optimism about housing should have
come from the report on sales of new homes for
February. A 4.9% increase in sales was tallied for the
month, and as these sales are logged when a con-
tract is signed, it is a figure reflective of recent de-
mand. The increase pushed the annualized rate of
sale back up to 667,000 homes sold, the highest
such figure since March 2018, and a second consec-
utive month of rising sales. Relative to the slower rate
of construction above, the increase in sales depleted
inventories of unsold homes closer to normal, trim-
ming months of stock from 6.5 in January to 6.1 in
(Continued on page 4)
ANNIE WILLIAMS
HILL & COMPANY
FAX: (415) 202-1686
ANNIEWILLIAMSSF@GMAIL.COM
DRE #01393923
The chart above shows the National month-
ly average for 30-year fixed rate mortgages
as compiled by http://www.freddiemac.com/.
3.0% 4.0% 5.0% 6.0%
01-10
07-10
01-11
07-11
01-12
07-12
01-13
07-13
01-14
07-14
01-15
07-15
01-16
07-16
01-17
07-17
01-18
07-18
01-19
30-Year Fixed Mortgage Rates
Unit
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco 1,637,500$ 2,040,343$ 168 26 107.8% -2.5% 7.3% -10.6% 8.8% 8.6% 52.7%
D1: Northwest 2,150,000$ 2,717,400$ 15 19 104.7% 8.9% 22.4% 0.0% 31.9% 0.3% 36.4%
D2: Central West 635,000$ 641,667$ 3 70.67 101.4% 10.1% 11.4% -3.0% -0.2% 4.3% 113.3%
D3: Southwest 1,150,000$ 1,150,800$ 6 29 113.4% -10.2% -7.2% -53.8% 13.9% -3.6% -14.3%
D4: Twin Peaks 1,605,000$ 1,679,298$ 25 23 107.8% -13.8% -12.4% 4.2% 5.6% -8.6% 47.1%
D5: Central 1,255,000$ 1,353,357$ 14 22.14 107.8% -4.2% -1.7% -9.1% -3.0% -7.5% 130.8%
D6: Central North 3,575,000$ 3,560,000$ 5 29 102.2% 37.5% 35.2% 0.0% 45.9% 45.3% 150.0%
D7: North 5,200,000$ 5,028,750$ 8 44 98.5% 29.7% 24.0% -27.3% 27.9% 30.6% 33.3%
D8: Northeast 3,087,500$ 3,087,500$ 2 50 96.6% -38.2% -38.2% 100.0% 16.5% 16.5% 100.0%
D9: Central East 1,702,500$ 1,890,429$ 14 17 108.0% 0.6% -2.7% -41.7% 12.0% 17.2% 16.7%
D10: Southeast 929,000$ 956,344$ 22 40 105.3% 13.4% 11.3% -11.1% 18.7% 11.7% 28.0%
March Sales Statistics
(Single-family Homes)
Prices Yearly Change Monthly Change
0
50
100
150
200
250
300
350
400
$300
$800
$1,300
$1,800
$2,300
1
0
MM J S N 1
1
MM J S N 1
2
MM J S N 1
3
MM J S N 1
4
MM J S N 1
5
MM J S N 1
6
MM J S N 1
7
MM J S N 1
8
MM J S N 1
9
M
San Francisco Homes: Sold Prices & Unit Sales
(3-month moving average — $000's)
Ave Med Units © 2019 rereport.com

3. ANNIE WILLIAMS
HILL & COMPANY
FAX: (415) 202-1686
ANNIEWILLIAMSSF@GMAIL.COM
DRE #0139392380.0%
85.0%
90.0%
95.0%
100.0%
105.0%
110.0%
115.0%
120.0%
1
0
A J O 1
1
A J O 1
2
A J O 1
3
A J O 1
4
A J O 1
5
A J O 1
6
A J O 1
7
A J O 1
8
A J O 1
9
San Francisco Homes: Sales Price to List Price Ratio
© 2019 rereport.com
-50.0
-40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
0
6
MM J S N 0
7
MM J S N 0
8
MM J S N 0
9
MM J S N 1
0
MM J S N 1
1
MM J S N 1
2
MM J S N 1
3
MM J S N 1
4
MM J S N 1
5
MM J S N 1
6
MM J S N 1
7
MM J S N 1
8
MM J S N 1
9
M
San Francisco Condos/Lofts: SalesMomentum
Sales Pricing © 2019 rereport.com
0
50
100
150
200
250
300
350
$300
$500
$700
$900
$1,100
$1,300
$1,500
1
0
MM J S N 1
1
MM J S N 1
2
MM J S N 1
3
MM J S N 1
4
MM J S N 1
5
MM J S N 1
6
MM J S N 1
7
MM J S N 1
8
MM J S N 1
9
M
San Francisco Condos: Sold Prices & Unit Sales
(3-month moving average — $000's)
Ave Med Units © 2019 rereport.com
Unit
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco 1,247,500$ 1,325,609$ 252 35 103.8% -0.2% -2.8% -10.6% 8.5% -3.1% 60.5%
D1: Northwest 1,300,000$ 1,438,714$ 14 24 103.8% -13.6% 3.4% 16.7% -3.7% 1.4% 55.6%
D2: Central West 1,425,000$ 1,408,333$ 3 27 119.1% 29.5% 41.0% -40.0% 21.3% 27.3% 0.0%
D3: Southwest 1,022,500$ 1,022,500$ 2 74 92.0% -31.4% -31.4% 100.0% 0.0% 0.0% 0.0%
D4: Twin Peaks 751,250$ 785,125$ 4 52 110.4% -16.5% -12.4% 0.0% n/a n/a n/a
D5: Central 1,425,000$ 1,472,069$ 32 21 108.9% 4.8% 4.6% -33.3% -9.5% 3.8% 68.4%
D6: Central North 1,048,524$ 1,103,849$ 26 43 106.1% -25.6% -18.8% -25.7% -12.6% -8.5% 85.7%
D7: North 1,550,000$ 1,849,947$ 19 29 101.8% -6.1% -8.1% 26.7% 30.3% 25.8% 35.7%
D8: Northeast 1,075,000$ 1,447,600$ 35 44 99.7% -10.6% 5.2% -7.9% 4.9% -8.7% 105.9%
D9: Central East 1,185,000$ 1,228,955$ 84 29 102.5% 9.0% -6.7% -14.3% 10.2% -7.1% 33.3%
D10: Southeast 845,000$ 769,667$ 3 34 99.0% 32.3% 9.0% -72.7% 5.0% 0.1% -40.0%
March Sales Statistics
(Condos/TICs/Co-ops/Lofts)
Prices Yearly Change Monthly Change

4. Annie Williams
Hill & Company
1880 Lombard Street
San, Francisco 94123
February, and importantly, the number of actual
units available (340,000) has now declined for the
last two months as well. With mortgage rates drop-
ping, odds favor that we'll see firmer sales as the
traditional housing season takes off, and that in turn
we'll see building activity pick back up again.
Mortgage rates are down and consumers are notic-
ing. Even without this week's drop in rates, applica-
tions for both purchase and refinancing are running
at the best levels in a year, according to the Mort-
gage Bankers Association of America, and that
doesn't even yet reflect the considerable decline in
rates from this week.
Of course, by the time the news hits the headlines
and consumers digest it and react, markets are
already changing. Although not a huge rebound,
the underlying interest rates that influence fixed-
rate mortgages have firmed up in the last couple of
days. As such, we expect that the big decline in
rates reported this week -- the largest one-week
drop in 10 years' time -- will be partially eradicated
with a small rise in rates next week. At the moment,
we're of the mind that the increase will be 5-7 basis
points, but with a slew of new data on tap to drive
the markets in the next four days, there's a chance
for a bit more or less.
(Continued from page 2)
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
1
0
MM J S N 1
1
MM J S N 1
2
MM J S N 1
3
MM J S N 1
4
MM J S N 1
5
MM J S N 1
6
MM J S N 1
7
MM J S N 1
8
MM J S N 1
9
M
San Francisco Homes: Year-Over-Year Median SalesPrice
Change
© 2019 rereport.com
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
1
0
MM J S N 1
1
MM J S N 1
2
MM J S N 1
3
MM J S N 1
4
MM J S N 1
5
MM J S N 1
6
MM J S N 1
7
MM J S N 1
8
MM J S N 1
9
M
San Francisco Condos/Lofts: Year-Over-Year Median Sales Price
Change
© 2019 rereport.com