Prices for both single-family homes and condos/townhomes were down year-over-year in January across most districts in San Francisco. Median home prices dropped 13.1% compared to last January while condo prices fell 11.8%. However, home and condo sales were up 72.1% and 5.4% respectively due to increased lower-priced property sales. The Federal Reserve held interest rates steady at their most recent meeting in February and mortgage rates have remained stable, around 4%.

1. The Real Estate Report
Prices for single-family homes and lofts/townhomes
were down, year-over-year, for the third month in a
row in January.
The median prices for homes dropped 13.1%
compared to last January. The median price for
condos/townhomes was down 11.8%.
Average prices were also down, even more than
the median price. This indicates the high-end of the
market has softened a bit, while more lower-end
properties are being sold.
Sales, on the other hand, were up. Single-family
home sales rose 72.1% year-over-year.
Loft/townhome sales were up 5.4%.
Nevertheless, the sales price to list price ratio
stayed over 100% for both homes and
loft/townhomes.
Average days on market popped up to 50, which is
the highest it has been since January 2015.
FHA INSURANCE PREMIUM CUT
The CALIFORNIA ASSOCIATION OF REALTORS®
(C.A.R.) has issued the following statement in response
to the announcement by the U.S. Department of Housing
and Urban Development (HUD) that the Federal Housing
Administration (FHA) will indefinitely suspend a recently
announced cut in its annual mortgage insurance
premium.
“We hope HUD and the Trump administration will make it
a priority to quickly review the reduction in the FHA
mortgage insurance premium,” said C.A.R. President
Geoff McIntosh. “Homebuyers in California, who would
have saved an average of $860 a year, will be negatively
impacted more than any other state by the decision to
not reduce the FHA premium.
“FHA’s single-family home portfolio is financially sound
as it has ever been, and we hope that once the new
Administration has thoroughly reviewed the merits of the
premium reduction the suspension will immediately be
lifted,” said McIntosh.
C.A.R. and the NATIONAL ASSOCIATION OF
REALTORS® (NAR) both have long advocated for lower
FHA mortgage insurance premiums and will continue to
make the case to reinstate the cut.
AMSI Real Estate Services
2800 Van Ness Avenue
San Francisco, CA 94109
(415) 447-2009
rfleischer@amsiemail.com
http://www.amsires.com/
CA BRE #01403882
Robb Fleischer
Robb Fleischer | (415) 447-2009 | rfleischer@amsiemail.com
Prices Down Again in San Francisco
Local Market Trends February/March 2017San Francisco
Jan 17 Dec 16 Jan 16
Home Sales: 179 278 104
Median Price: 1,015,000$ 1,155,000$ 1,167,500$
Average Price: 1,301,460$ 1,482,342$ 1,570,082$
SP/LP: 104.3% 107.4% 106.1%
Days on Market: 50 43 40
Jan 17 Dec 16 Jan 16
Condo Sales: 157 250 149
Median Price: 935,000$ 925,000$ 1,060,000$
Average Price: 1,107,383$ 1,189,712$ 1,169,189$
SP/LP: 101.0% 101.3% 103.3%
Days on Market: 58 48 50
(Lofts/Tow nhomes/TIC)
Trends at a Glance
(Single-family Homes)
-25.0
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
0
6
M M J S N 0
7
M M J S N 0
8
M M J S N 0
9
M M J S N 1
0
M M J S N 1
1
M M J S N 1
2
M M J S N 1
3
M M J S N 1
4
M M J S N 1
5
M M J S N 1
6
M M J S N 1
7
San Francisco Homes: Sales Momentum
Sales Pricing © 2017 rereport.com

2. Feb. 3, 2017 -- Thanks to an early-week settling of
interest rates from a soft stock market, our expected
small bump for mortgage rates failed to materialize
this week. That's actually a good sign, given the on-
slaught of new data to process and a Federal Re-
serve meeting to digest, situations that have pro-
duced higher rates in the not-that-distant past.
The Federal Reserve met on Tuesday and Wednes-
day to discuss monetary policy. No action by the
central bank was expected, and none came, but we
did detect perhaps a bit more confidence being ex-
pressed by the Fed in the statement that closed the
two-day affair. Although the text was mostly un-
changed from the prior missive, those usually noted
that "Inflation is expected to rise to 2 percent over the
medium term"; the latest was more absolute, stating
that "inflation will rise to 2 percent over the medium
term."
Futures markets had already discounted the likeli-
hood of a move by the Fed at its next meeting in mid-
March to less than a 20 percent chance, but new
data in the days after the meeting took this to below
10 percent by late Friday. Our view is that a lot can
change in six weeks, and if the Fed is serious about
making perhaps three moves in short-term rates this
year it may not want to cram them all in to the last
half of 2017. We'll see how all that plays out as we
go.
Mortgage rates seem to us to be back in a place
where they are in no hurry to run strongly in one
direction or the other, at least not by much and not
for long. As such, we'll figure on a wobble of a few
basis points in Freddie Mac's average 30-year FRM,
probably downward (but nearly equally as likely to
rise).
Robb Fleischer
AMSI Real Estate Services
(415) 447-2009
rfleischer@amsiemail.com
CA BRE #01403882
2 Local Market Trends | San Francisco |
Fed, Mortgage Rates Hold Steady Amid Busy Week
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.
February/March 2017
0
50
100
150
200
250
300
350
$300
$500
$700
$900
$1,100
$1,300
$1,500
$1,700
$1,900
0
9
M M J S N 1
0
M M J S N 1
1
M M J S N 1
2
M M J S N 1
3
M M J S N 1
4
M M J S N 1
5
M M J S N 1
6
M M J S N 1
7
San Francisco Homes: Sold Prices & Unit Sales
(3-month moving average — $000's)
Ave Med Units © 2017 rereport.com
Unit
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco 1,015,000$ 1,301,460$ 179 50 104.3% -13.1% -17.1% 72.1% -12.1% -12.2% -35.6%
D1: Northwest 2,210,000$ 2,395,000$ 9 52 105.7% 130.0% 98.4% 28.6% 26.7% 15.4% -55.0%
D2: Central West 1,150,550$ 1,170,881$ 16 38 109.2% -2.1% -2.1% -63.6% -2.7% -3.9% -52.9%
D3: Southwest 943,000$ 1,090,121$ 15 43 104.2% -10.6% 2.3% -21.1% -30.5% -15.7% -21.1%
D4: Twin Peaks 1,311,250$ 1,314,250$ 14 48 110.5% -3.6% -14.4% -54.8% 5.9% -13.9% -56.3%
D5: Central 2,710,000$ 2,776,455$ 11 20 105.7% 42.6% 30.5% -54.2% 42.6% 29.1% -75.0%
D6: Central North 2,687,500$ 2,687,500$ 2 87 95.1% -28.1% -27.3% -50.0% 10.8% 10.8% 100.0%
D7: North 4,650,000$ 4,473,750$ 4 39 93.5% 22.4% -9.2% -42.9% -26.2% -26.6% -33.3%
D8: Northeast 1,700,000$ 1,700,000$ 1 102 97.2% -72.9% -72.9% -50.0% -75.7% -70.8% -66.7%
D9: Central East 1,450,000$ 1,449,261$ 9 53 109.3% 9.7% -1.4% -65.4% 3.6% 0.4% -52.6%
D10: Southeast 824,668$ 847,562$ 20 39 110.1% -0.6% 1.3% -55.6% -2.7% -1.3% -37.5%
January Sales Statistics
(Single-family Homes)
Prices Yearly Change Monthly Change
3.0% 4.0% 5.0% 6.0% 7.0% 8.0%
01-08
07-08
01-09
07-09
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
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 pf properties actively for
sale as of the last day of the month.
Robb Fleischer
AMSI Real Estate Services
(415) 447-2009
rfleischer@amsiemail.com
CA BRE #01403882
Local Market Trends | San Francisco | 3February/March 2017
0
10
20
30
40
50
60
70
80
90
0
9
A J O 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
San Francisco Homes: Days on Market
© 2016 rereport.com
Unit
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco 935,000$ 1,107,383$ 157 58 101.0% -11.8% -5.3% 5.4% 1.1% -6.9% -37.2%
D1: Northwest 925,000$ 1,172,250$ 4 58 99.2% -7.0% 35.4% -42.9% -4.1% -1.9% -55.6%
D2: Central West 800,000$ 800,000$ 1 88 98.9% -22.0% -20.6% -83.3% -11.1% -25.4% -85.7%
D3: Southwest 1,007,500$ 997,076$ 4 52 99.8% -12.8% -5.4% 0.0% 43.9% 15.1% 33.3%
D4: Twin Peaks 704,000$ 704,000$ 2 32 105.3% 3.5% -1.7% -50.0% 7.7% 7.7% 0.0%
D5: Central 1,225,000$ 1,213,419$ 19 48 104.1% -3.2% -3.2% -59.6% -2.0% -5.6% -53.7%
D6: Central North 1,215,000$ 1,252,941$ 17 65 100.4% 11.0% 1.9% -39.3% 8.0% 13.3% -57.5%
D7: North 1,394,500$ 1,507,071$ 14 68 98.3% 13.8% -10.2% -30.0% 0.3% 0.5% -56.3%
D8: Northeast 1,118,888$ 1,231,459$ 30 61 99.1% 8.7% -12.8% -37.5% 22.6% 12.1% -34.8%
D9: Central East 907,500$ 1,095,134$ 44 55 101.3% -17.3% -9.4% -56.4% -0.4% 8.7% -37.1%
D10: Southeast 631,500$ 631,500$ 2 60 98.4% 28.9% 24.9% -33.3% -21.2% -21.2% 0.0%
January Sales Statistics
(Condos/TICs/Co-ops/Lofts)
Prices Yearly Change Monthly Change
0
50
100
150
200
250
300
350
$300
$500
$700
$900
$1,100
$1,300
$1,500
0
9
M M J S N 1
0
M M J S N 1
1
M M J S N 1
2
M M J S N 1
3
M M J S N 1
4
M M J S N 1
5
M M J S N 1
6
M M J S N 1
7
San Francisco Condos: Sold Prices & Unit Sales
(3-month moving average — $000's)
Ave Med Units © 2017 rereport.com
-50.0
-40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
0
6
M M J S N 0
7
M M J S N 0
8
M M J S N 0
9
M M J S N 1
0
M M J S N 1
1
M M J S N 1
2
M M J S N 1
3
M M J S N 1
4
M M J S N 1
5
M M J S N 1
6
M M J S N 1
7
San Francisco Condos/Lofts: SalesMomentum
Sales Pricing © 2017 rereport.com

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.
Robb Fleischer
AMSI Real Estate Services
2800 Van Ness Avenue
San Francisco, CA 94109
Go online to see the full report with the district by district breakdown:
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
0
9
M M J S N 1
0
M M J S N 1
1
M M J S N 1
2
M M J S N 1
3
M M J S N 1
4
M M J S N 1
5
M M J S N 1
6
M M J S N 1
7
San Francisco Homes: Year-Over-Year Median SalesPrice Change
© 2017 rereport.com
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
0
9
M M J S N 1
0
M M J S N 1
1
M M J S N 1
2
M M J S N 1
3
M M J S N 1
4
M M J S N 1
5
M M J S N 1
6
M M J S N 1
7
San Francisco Condos/Lofts: Year-Over-Year Median Sales Price Change
© 2017 rereport.com