- Housing affordability in California is expected to experience long-term issues due to high home prices, not enough homes being built, and rising rents making it difficult for many to save for a down payment. - In many California markets, including the San Francisco Bay Area and Southern California, the luxury home market remains active with Asian buyers continuing to fuel demand. However, overall home sales are down while prices continue rising. - A lack of housing inventory is seen as a key factor sustaining high home prices in San Francisco, with the median home price rising 13% year-over-year and staying over $1 million for most of the past two years.

1. The Real Estate Report
Are luxury home prices sustainable?
“I’ve been doing this for 30 years, and I can assure
you that markets are cyclical,” said Sotheby’s
International Realty agent Janet Feinberg
Schindler. “But every the San Francisco market
takes a step back, it seems like it takes two more
steps forward.”
Housing affordability is one area where California
can expect to experience long-term pain.
Statewide, the percentage of households that earn
enough to purchase a median-priced home rose 34
percent in early 2015 before settling in the low
30s—down from a high of 53 percent in 2011 and
36 percent in 2014. In high-priced coastal cities,
percentages have fallen into the teens and lower.
The cause? Too many people, not enough homes
being built, and rising prices that make it difficult, if
not impossible, for many renters to buy. With
renters paying a larger share of their income on
rent, it is more difficult for them to save for a down
payment.
“When I think about affordability, the first thing I
think is, ‘Do we have an adequate supply?’” said
Raphael Bostic, Ph.D., Judith and John Bedrosian
Chair in Governance and the Public Enterprise at
USC’s Price School of Public Policy, who recently
returned to USC following three years as chief
policy and research advisor to the Secretary of the
U.S. Department of Housing and Urban
Development.
“In many markets in California, the answer is no.”
FOREIGN BUYERS KEEP THE HIGH END HOT
From San Francisco to the Silicon Valley to Los
Angeles and Orange counties, everything high-end
is “hot”—despite worries about the economy in
other countries.
Asian buyers continue to fuel an active luxury
home market in the Bay Area and Southern
California, according to Zackary Wright, senior vice
president of Christie’s International Real Estate for
the Western and Asia Pacific Region.
“We don’t anticipate a significant impact,” said
Wright about the economy’s effect on the luxury
market. “If anything, it could boost investment in
the very top end by motivating them to hasten their
investment in hard assets like real estate.”
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 | Fax: (415) 202-1686
Lack of Affordable Homes to Continue
Nov 15 Oct 15 Nov 14
Home Sales: 179 236 193
Median Price: 1,300,000$ 1,295,000$ 1,150,000$
Average Price: 1,728,532$ 1,639,751$ 1,523,231$
Sale/List Price Ratio: 109.3% 110.7% 108.4%
Days on Market: 27 25 31
Nov 15 Oct 15 Nov 14
Condo Sales: 197 231 208
Median Price: 1,125,000$ 1,110,000$ 1,025,000$
Average Price: 1,269,799$ 1,197,504$ 1,127,697$
Sale/List Price Ratio: 106.4% 109.1% 106.0%
Days on Market: 35 26 39
(Lofts/Tow nhomes/TIC)
Trends at a Glance
(Single-family Homes)
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San Francisco Homes: Year-Over-Year Median SalesPrice Change
© 2015 rereport.com
_____________________
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Local Market Trends December 2015San Francisco
Asian buyers continue to fuel
an active luxury home market
in the Bay Area and Southern
California, according to
Zackary Wright, senior vice
president of Christie’s Interna-
tional Real Estate for the West-
ern and Asia Pacific Region.

2. Home Prices Up, Sales Down
The median price for single-family, re-sale homes in
San Francisco rose 13% year-over-year last month.
The median home price was higher than the year
before for the forty-third month in a row.
The median home price has stayed over $1MM for
nineteen of the past twenty-one months.
The sales prices to list price ratio has been over
100% since March 2012..
Lack of inventory is still problematic and will continue
to power the San Francisco market upwards.
November Market Statistics
The median price for homes was up 0.4% month-
over-month. The average price was up 13.5% from
last year.
Home sales were off 7.3% compared to last Novem-
ber. Year-to-date, home sales are down 5.2%.
Homes are taking an average of 27 days to sell.
Sales momentum…
for homes rose 1.1 points to –6.0. Sales momentum
for condos/lofts gained two points to –14.7.
Pricing momentum…
for single-family homes was off 0.3 of a point to
+13.4. Pricing momentum for condos/lofts dropped
0.9 of a point to +13.1.
Condo/Loft Statistics
The median price was up 1.4% from October. Year-
over-year, the median price was up 9.8%.
Condo/loft sales were down 5.3% compared to last
November. Year-to-date, condo sales are down
14.6%.
The sale price to list price ratio stayed over 100% for
the forty-fourth month in a row: 106.4%.
This is an extraordinarily tough market for buyers. It's
important to be calm and realistic. If you don't know
what to do or where to begin, give me a call and let's
discuss your situation and your options.
3.0% 4.0% 5.0% 6.0% 7.0% 8.0%
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30-Year Fixed Mortgage Rates
Unit
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco 1,300,000$ 1,728,532$ 179 27 109.3% 13.0% 13.5% -7.3% 0.4% 5.4% -24.2%
D1: Northwest 1,580,000$ 1,947,000$ 8 31 106.4% 12.9% 14.8% -55.6% 6.2% 14.6% -66.7%
D2: Central West 1,182,500$ 1,214,433$ 24 25 117.7% 12.9% 7.1% -33.3% 3.0% 8.6% -41.5%
D3: Southwest 780,000$ 886,533$ 15 22 112.2% 2.3% 12.0% 25.0% -25.9% -18.9% -16.7%
D4: Twin Peaks 1,400,000$ 1,540,143$ 37 24 112.1% 18.6% 23.0% 12.1% -13.3% -8.2% 0.0%
D5: Central 1,805,000$ 2,305,875$ 28 22 109.8% 4.6% 11.8% -3.4% -3.7% -0.1% 3.7%
D6: Central North 3,737,500$ 3,695,000$ 4 47 104.3% 133.6% 130.9% 100.0% 77.6% 81.6% -33.3%
D7: North 5,410,000$ 5,461,667$ 9 35 102.3% 37.0% 6.3% -18.2% 11.5% 2.2% -10.0%
D8: Northeast 3,990,000$ 3,990,000$ 2 12 114.1% n/a n/a n/a -46.4% -46.4% 0.0%
D9: Central East 1,220,000$ 1,474,714$ 21 29 106.1% 6.1% 7.5% -8.7% -12.9% 1.1% -22.2%
D10: Southeast 830,000$ 869,452$ 31 33 113.1% 16.5% 21.1% 10.7% 2.9% 5.1% -29.5%
November Sales Statistics
(Single-family Homes)
Prices Yearly Change Monthly Change
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San Francisco Homes: Sold Prices & Unit Sales
(3-month moving average — $000's)
Ave Med Units © 2015 rereport.com
Annie Williams
http://www.anniewilliamshomes.co
m
Fax: (415) 202-1686
2 Local Market Trends | San Francisco |
Market Statistics
The chart above shows the National
monthly average for 30-year fixed rate mort-
gages as compiled by HSH.com. The aver-
age includes mortgages of all sizes, includ-
ing conforming, "expanded conforming,"
and jumbo.
December 2015

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 pf properties actively for
sale as of the last day of the month.
California REALTORS® disappointed FHFA did not increase Fannie
Mae and Freddie Mac conforming loan limits
LOS ANGELES (Nov. 25) – The CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) today issued the following statement in response
to the Federal Housing Finance Agency’s (FHFA) announcement to
keep the 2016 maximum conforming loan limits for mortgages acquired
by Fannie Mae and Freddie Mac at $417,000 on one-unit properties and
a cap of $625,500 in high-cost areas. Loan limits were increased in Mon-
terey, Napa, San Diego, and Sonoma counties:
“C.A.R. is disappointed that the FHFA didn’t raise the Fannie Mae and
Freddie Mac conforming loan limits for next year,” said C.A.R. President
Ziggy Zicarelli. “Home prices in California have risen sharply over the
past four years, yet conforming loan limits haven’t changed during that
time. Not increasing the loan limits will hurt California’s housing market,
further exacerbating housing affordability and preventing tens of thou-
sands of California homebuyers from a chance at homeownership.”
C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® (NAR)
both have long advocated for making higher conforming loan limits per-
manent. As a result of C.A.R.’s and NAR’s efforts, cities with high me-
dian home prices have benefited from a loan limit above the national
conforming loan limit.
The conforming loan limit determines the maximum size of a mortgage
that government-sponsored enterprises (GSEs) Fannie Mae and Freddie
Mac can buy or “guarantee.” Non-conforming or “jumbo loans” typically
have tighter underwriting standards and carry higher mortgage interest
rates than conforming loans, increasing monthly payments and hamper-
ing the ability of families in California to purchase homes by making
them less affordable.
Unit
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco 1,125,000$ 1,269,799$ 197 35 106.4% 9.8% 12.6% -5.3% 1.4% 6.0% -14.7%
D1: Northwest 1,047,500$ 1,094,786$ 14 25 108.5% -11.1% -9.9% 75.0% -5.6% -3.2% 7.7%
D2: Central West 787,500$ 1,068,333$ 3 45 110.8% 21.2% 35.6% -40.0% -32.6% 1.4% -50.0%
D3: Southwest 1,029,897$ 979,910$ 4 23 104.0% 150.0% 137.8% 300.0% 45.2% 23.2% -50.0%
D4: Twin Peaks 642,000$ 642,000$ 2 30 104.7% 3.5% -6.1% -60.0% -12.1% -12.0% -50.0%
D5: Central 1,100,000$ 1,204,093$ 27 34 112.3% 0.9% 5.5% -6.9% -13.6% -7.0% -38.6%
D6: Central North 1,225,000$ 1,326,241$ 17 25 114.4% 22.4% 36.1% -26.1% -4.9% 10.3% -34.6%
D7: North 1,575,000$ 1,728,316$ 19 25 103.1% 18.2% 16.6% -38.7% -3.2% -2.0% -26.9%
D8: Northeast 1,150,000$ 1,417,440$ 27 42 105.3% 14.4% 11.8% 0.0% 31.4% 46.1% -37.2%
D9: Central East 1,115,000$ 1,204,503$ 82 39 104.1% 13.5% 10.3% 17.1% 10.4% 1.4% 43.9%
D10: Southeast 740,000$ 740,000$ 2 28 115.9% 48.0% 52.7% -60.0% 1.0% 8.0% -50.0%
November Sales Statistics
(Condos/TICs/Co-ops/Lofts)
Prices Yearly Change Monthly Change
Annie Williams
http://www.anniewilliamshomes.co
m
Fax: (415) 202-1686
Local Market Trends | San Francisco | 3
C.A.R. statement on 2016 FHFA loan limits
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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 Homes: Year-Over-Year Median SalesPrice Change
© 2015 rereport.com
December 2015

4. THE REAL ESTATE REPORT
San Francisco
This Real Estate Report is published and copyrighted by http://rereport.com.
Information contained herein is deemed accurate and correct, but no warranty is implied or given.
Annie Williams
Hill & Company
1880 Lombard Street
San Francisco 94123
Go online to see the full report with the district by district breakdown: http://www.anniewilliamshomes.com
-50.0
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San Francisco Condos/Lofts: SalesMomentum
Sales Pricing © 2015 rereport.com
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San Francisco Homes: Sales Momentum
Sales Pricing © 2015 rereport.com