This annual report summarizes the San Francisco County housing market in 2016. Key points include: - Home prices rose 3.9% to a median of $1,195,000, with single family homes up 6% and condos down 0.9%. - Pending sales decreased 4.4% and closed sales decreased 3.9% from 2015 levels due to low inventory. - Inventory levels remained low, with only 462 active listings at the end of the year, a 17.8% decrease from 2015.

1. Annual Report on the San Francisco County Housing Market
Residential real estate activity in San Francisco County (Districts 1-10), comprised of single-family properties, townhomes and condominiums.

2. 3 Quick Facts
5 Property Type Review
6 Bedroom Range Review
7 Square Foot Range Review
8 Price Range Review
9 Area Overviews
10 Area Historical Prices
Annual Report on the San Francisco County Housing Market
Residential real estate activity in San Francisco County (Districts 1-10),
comprised of single-family properties, townhomes and condominiums.
Current as of January 11, 2017. All data from the San Francisco MLS. Report © 2017 ShowingTime. | 2
With a new U.S. president from a different political
party taking office in 2017, few are expecting federal
policies to remain as they have under prior leadership.
The incoming president has a deep history in real
estate development and has shown a strong interest in
funding massive infrastructure projects, two points that
provide intrigue for the immediate future of residential
real estate.
After several years of housing market improvement,
2016, as predicted, was not a pronounced triumph but
more of a measured success. Markets took a steady
and mostly profitable walk from month to month. Even
as supply was short and shrinking, sales and prices
were often increasing.
Interest rates were expected to rise throughout 2016,
but they did not. Just as happened in 2015, the Federal
Reserve waited until December 2016 to make a short-
term rate increase. Incremental rate hikes are again
expected in 2017. An economy that shows
unemployment at a nine-year low coupled with higher
wages inspires confidence.
Mortgage rates are not expected to grow by more
than .75 percent throughout 2017, which should keep
them below 5.0 percent. If they rise above that mark,
we could see rate lock, and that could cause
homeowners to stay put at locked-in rates instead of
trading up for higher-rate properties. Such a situation
would put a damper on an already strained inventory
environment.
Sales: Pending sales decreased 4.4 percent to 5,005 to
close out the year. Closed sales decreased 3.9 percent
to 4,992 to close out the year.
Listings: Inventory was lower in year-over-year
comparisons. There were 462 active listings at the end
of 2016. New listings decreased by 0.7 percent to finish
the year at 6,246. Low home supply is expected to
continue throughout 2017.
Table of Contents
Prices: Home prices rose compared to last year. The
overall median sales price was up 3.9 percent to
$1,195,000 for the year. When inventory is low and
demand is high, prices will rise. Prices should increase in
most areas in 2017 but at a slower growth rate. Single
Family homes were up 6.0 percent compared to last
year, and Condo/TIC/Co-op were down 0.9 percent. We
will likely need years of improved wage growth to
account for recent price gains.
List Price Received: Sellers received 107.7 percent of
their original list price received at sale, a year-over-year
decrease of 3.5 percent.
Millennials continue to command attention as the next
wave of home buyers, yet the rate at which this massive
population is entering the market has been less than
stellar. This may be due to a cultural change away from
settling into marriage and parenthood until later in life, high
student loan debt, or even reservations about a home
being a wise investment in the wake of what the last
recession did to their elders. That said, some have
suggested that this group is simply willing to wait longer to
buy, thus skipping the entry-level purchase altogether to
land in their preferred home.
At the other end of the age and price spectrum, baby
boomers are expected to make up nearly one-third of all
buyers in 2017. By and large, this group is not looking to
invest in oversized homes, yet we could see improvement
in higher price ranges as a hedge against inflation and risk.
Shifting wealth away from the stock market into valuable
homes may be seen as a safer bet during a transition of
power and a period of pronounced change.

3. SF District 6 + 19.5% SF District 7 + 9.7%
SF District 7 + 11.4% SF District 6 + 9.2%
SF District 8 + 10.9% SF District 3 + 7.6%
SF District 3 + 2.6% SF District 8 - 1.6%
SF District 9 + 0.5% SF District 2 - 2.6%
SF District 5 - 2.8% SF District 9 - 6.9%
SF District 1 - 6.2% SF District 5 - 7.9%
SF District 2 - 7.5% SF District 1 - 9.1%
SF District 4 - 8.2% SF District 4 - 9.7%
SF District 10 - 17.9% SF District 10 - 13.1%
SF District 3 + 18.8% SF District 8 + 6.7%
SF District 7 + 14.4% SF District 7 - 10.4%
SF District 6 + 10.3% SF District 5 - 14.3%
SF District 8 + 0.6% SF District 1 - 17.2%
SF District 2 - 2.2% SF District 9 - 17.9%
SF District 1 - 6.9% SF District 3 - 20.0%
SF District 9 - 7.9% SF District 10 - 37.0%
SF District 5 - 8.4% SF District 6 - 37.5%
SF District 4 - 11.9% SF District 4 - 37.9%
SF District 10 - 13.9% SF District 2 - 56.5%
At the end of the year.
2016 Annual Report on the San Francisco County Housing Market
Current as of January 11, 2017. All data from the San Francisco MLS. Report © 2017 ShowingTime. | 3
Bottom 5 Areas: Change in Sold Listings from 2015 Bottom 5 Areas: Change in Active Listings from 2015
Top 5 Areas: Change in Pending Sales from 2015
Bottom 5 Areas: Change in Pending Sales from 2015
Top 5 Areas: Change in Sold Listings from 2015 Top 5 Areas: Change in Active Listings from 2015
Bottom 5 Areas: Change in New Listings from 2015
Top 5 Areas: Change in New Listings from 2015
Quick Facts
729
599
488
598
462
2012 2013 2014 2015 2016
5,803 5,993
5,555 5,195 4,992
2012 2013 2014 2015 2016
5,801
5,973
5,552
5,236
5,005
2012 2013 2014 2015 2016
6,559
6,853
6,378
6,293 6,246
2012 2013 2014 2015 2016
New Listings Pending Sales
+ 4.5% - 6.9% - 1.3%
Sold Listings Active Listings
- 0.7% + 3.0% - 7.0% - 5.7% - 4.4%
+ 3.3% - 7.3% - 6.5% - 3.9% - 17.8% - 18.5% + 22.5% - 22.7%

4. SF District 3 + 8.7% SF District 3 + 10.6%
SF District 10 + 4.5% SF District 1 + 7.9%
SF District 2 + 4.3% SF District 2 + 5.5%
SF District 1 + 3.6% SF District 10 + 4.9%
SF District 5 + 3.2% SF District 5 + 4.2%
SF District 7 + 2.8% SF District 4 - 0.0%
SF District 4 + 2.8% SF District 7 - 0.3%
SF District 6 - 3.0% SF District 9 - 2.3%
SF District 9 - 3.3% SF District 6 - 3.5%
SF District 8 - 6.4% SF District 8 - 7.6%
SF District 7 + 48.0% SF District 2 - 1.5%
SF District 9 + 35.5% SF District 3 - 1.6%
SF District 5 + 29.2% SF District 10 - 2.2%
SF District 6 + 27.6% SF District 9 - 3.2%
SF District 4 + 24.0% SF District 8 - 3.5%
SF District 1 + 22.2% SF District 4 - 3.6%
SF District 2 + 7.4% SF District 1 - 4.0%
SF District 10 + 5.3% SF District 6 - 4.5%
SF District 8 + 2.9% SF District 5 - 5.0%
SF District 3 - 3.1% SF District 7 - 5.1%
Current as of January 11, 2017. All data from the San Francisco MLS. Report © 2017 ShowingTime. | 4
Bottom 5 Areas: Change in Days on Market from 2015 Bottom 5 Areas: Change in Pct. of List Price Received from 2015
Top 5 Areas: Change in Days on Market from 2015 Top 5 Areas: Change in Pct. of List Price Received from 2015
Top 5 Areas: Change in Median Sales Price from 2015 Top 5 Areas: Change in Avg. Sales Price from 2015
Bottom 5 Areas: Change in Median Sales Price from 2015 Bottom 5 Areas: Change in Avg. Sales Price from 2015
2016 Annual Report on the San Francisco County Housing Market
Quick Facts
$735,000
$850,000
$993,000
$1,150,000 $1,195,000
2012 2013 2014 2015 2016
102.8%
107.3%
109.2%
111.6%
107.7%
2012 2013 2014 2015 2016
57
38
34
30
36
2012 2013 2014 2015 2016
$948,061
$1,108,504
$1,246,884
$1,415,277 $1,443,923
2012 2013 2014 2015 2016
Median Sales Price Average Sales Price
+ 15.6% + 16.8% + 15.8%
Days on Market Until Sale Percent of List Price Received
+ 3.9% + 16.9% + 12.5% + 13.5% + 2.0%
- 33.3% - 10.5% - 11.8% + 20.0% + 4.4% + 1.8% + 2.2% - 3.5%

5. Top Areas: Condo/TIC/Coo Market Share in 2016
SF District 8 97.1%
SF District 6 90.1%
SF District 9 79.5%
SF District 7 74.4%
SF District 5 55.6%
SF District 1 44.1%
SF District 3 21.5%
SF District 10 16.2%
SF District 2 11.6%
SF District 4 7.3%
2016 Annual Report on the San Francisco County Housing Market
Current as of January 11, 2017. All data from the San Francisco MLS. Report © 2017 ShowingTime. | 5
One-Year Change in Price
Single-Family
One-Year Change in Price
Condo/TIC/Coo
Pct. of List Price Received
Single-Family
Pct. of List Price Received
Condo/TIC/Coo
+ 6.0% - 0.9% 111.6% 104.6%
This chart uses a rolling 12-month average for each data point.
Property Type Review
32 38
Single-Family
Average Days on Market Average Days on Market
Condo/TIC/Coo
104.4%
101.5%
109.8%
105.3%
112.3%
106.9%
115.4%
108.7%
111.6%
104.6%
Single-Family Condo/TIC/Coo
2012 2013 2014 2015 2016
$760K
$708K
$910K
$820K
$1070K
$941K
$1250K
$1095K
$1325K
$1085K
Single-Family Condo/TIC/Coo
2012 2013 2014 2015 2016
20
30
40
50
60
70
80
90
1-2012 1-2013 1-2014 1-2015 1-2016
Single-Family Condo/TIC/Coo
Days on Market Until Sale
Median Sales Price Percent of List Price Received
97.1%
90.1%
79.5%
74.4%
55.6%
44.1%
21.5%
16.2%
11.6%
7.3%
SF District 8
SF District 6
SF District 9
SF District 7
SF District 5
SF District 1
SF District 3
SF District 10
SF District 2
SF District 4

6. Top Areas: 4 Bedrooms or More Market Share in 2016
SF District 2 40.8%
SF District 3 40.7%
SF District 4 37.5%
SF District 5 35.9%
SF District 10 35.6%
SF District 1 34.2%
SF District 7 30.4%
SF District 6 23.8%
SF District 9 15.5%
SF District 8 10.4%
This chart uses a rolling 12-month average for each data point.
2016 Annual Report on the San Francisco County Housing Market
Current as of January 11, 2017. All data from the San Francisco MLS. Report © 2017 ShowingTime. | 6
107.7% 103.3% 107.6% 109.5%
Percent of Original List Price
Received in 2016 for
All Properties
Percent of Original List Price
Received in 2016 for
2 Bedrooms or Less
Percent of Original List Price
Received in 2016 for
3 Bedrooms
Percent of Original List Price
Received in 2016 for
4 Bedrooms or More
Reduction in Closed Sales
2 Bedrooms or Less
Reduction in Closed Sales
4 Bedrooms or More
Bedroom Count Review
- 1.3% - 6.3%
1,036
1,960
1,485
1,023
1,880
1,392
2 Bedrooms or Less 3 Bedrooms 4 Bedrooms or More
2015 2016
92%
94%
96%
98%
100%
102%
104%
106%
108%
110%
112%
114%
116%
1-2012 1-2013 1-2014 1-2015 1-2016
2 Bedrooms or Less 3 Bedrooms 4 Bedrooms or More
Closed Sales
Percent of Original List Price Received
- 1.3% - 4.1% - 6.3%
40.8%
40.7%
37.5%
35.9%
35.6%
34.2%
30.4%
23.8%
15.5%
10.4%
SF District 2
SF District 3
SF District 4
SF District 5
SF District 10
SF District 1
SF District 7
SF District 6
SF District 9
SF District 8

7. Top Areas: 1,000 to 1,999 Sq Ft Market Share in 2016
SF District 2 65.6%
SF District 10 63.6%
SF District 3 58.9%
SF District 5 46.8%
SF District 9 46.6%
SF District 4 46.0%
SF District 1 45.0%
SF District 6 40.2%
SF District 8 35.3%
SF District 7 34.2%
Current as of January 11, 2017. All data from the San Francisco MLS. Report © 2017 ShowingTime. | 7
Growth in Closed Sales
999 Sq Ft or Less
Reduction in Closed Sales
1,000 to 1,999 Sq Ft
104.2% 108.9% 106.8% 99.8%
Percent of Original List Price
Received in 2016 for
999 Sq Ft or Less
Percent of Original List Price
Received in 2016 for
1,000 to 1,999 Sq Ft
Percent of Original List Price
Received in 2016 for
2,000 to 2,999 Sq Ft
Percent of Original List Price
Received in 2016 for
3,000 Sq Ft or More
This chart uses a rolling 12-month average for each data point.
2016 Annual Report on the San Francisco County Housing Market
Square Foot Range Review
+ 3.7% - 3.2%
995
2,472
591
190
1,032
2,394
563
226
999 Sq Ft or Less 1,000 to 1,999 Sq Ft 2,000 to 2,999 Sq Ft 3,000 Sq Ft or More
2015 2016
92%
94%
96%
98%
100%
102%
104%
106%
108%
110%
112%
114%
116%
1-2012 1-2013 1-2014 1-2015 1-2016
999 Sq Ft or Less 1,000 to 1,999 Sq Ft 2,000 to 2,999 Sq Ft 3,000 Sq Ft or More
Closed Sales
Percent of Original List Price Received
+ 3.7% - 3.2% - 4.7% + 18.9%
65.6%
63.6%
58.9%
46.8%
46.6%
46.0%
45.0%
40.2%
35.3%
34.2%
SF District 2
SF District 10
SF District 3
SF District 5
SF District 9
SF District 4
SF District 1
SF District 6
SF District 8
SF District 7

8. Price Range with the
Most Closed Sales
Price Range with Strongest
One-Year Change in Sales:
$1,098,000 or More
Price Range with the
Fewest Closed Sales
Price Range with Weakest
One-Year Change in Sales:
$565,000 to $758,999
+ 9.1%
2016 Annual Report on the San Francisco County Housing Market
Current as of January 11, 2017. All data from the San Francisco MLS. Report © 2017 ShowingTime. | 8
Price Range with
Shortest Average
Market Time
Price Range with
Longest Average
Market Time
of Homes for Sale
at Year End Priced
$564,999 or Less
One-Year Change
in Homes for Sale Priced
$564,999 or Less
$1,098,000 or
More + 0.5%
$564,999 or
Less - 12.0%
Share of Homes for Sale
$564,999 or Less
Days on Market Until
Sale by Price Range
Price Range Review
$1,098,000 or
More
$564,999 or
Less 10.4%
61
40
37
32
$564,999 or Less
$565,000 to $758,999
$759,000 to $1,097,999
$1,098,000 or More
467
1,059
1,624
2,405
215
643
1,490
2,847
198
566
1,366
2,862
$564,999 or Less $565,000 to $758,999 $759,000 to $1,097,999 $1,098,000 or More
2014 2015 2016
Closed Sales by Price Range
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
1-2012 1-2013 1-2014 1-2015 1-2016

9. Total
Closed Sales
Change
from 2015
Percent Single-
Family
Percent
Townhouse-
Condo
Months Supply of
Inventory Days on Market
Pct. of Orig. Price
Received
SF District 1 322 - 6.9% 55.9% 44.1% 0.9 33 108.7%
SF District 2 448 - 2.2% 88.4% 11.6% 0.5 29 117.2%
SF District 3 246 + 18.8% 78.5% 21.5% 1.0 31 110.7%
SF District 4 341 - 11.9% 92.7% 7.3% 0.6 31 110.3%
SF District 5 711 - 8.4% 44.4% 55.6% 0.8 31 107.8%
SF District 6 353 + 10.3% 9.9% 90.1% 0.8 37 104.6%
SF District 7 398 + 14.4% 25.6% 74.4% 1.3 37 102.3%
SF District 8 479 + 0.6% 2.9% 97.1% 1.6 36 101.8%
SF District 9 1,205 - 7.9% 20.5% 79.5% 1.4 42 104.3%
SF District 10 489 - 13.9% 83.8% 16.2% 1.4 40 108.6%
Area Overviews
Current as of January 11, 2017. All data from the San Francisco MLS. Report © 2017 ShowingTime. | 9
2016 Annual Report on the San Francisco County Housing Market

10. 2012 2013 2014 2015 2016
Change
From 2015
Change
From 2012
SF District 1 $832,250 $1,000,000 $1,219,000 $1,372,500 $1,422,500 + 3.6% + 70.9%
SF District 2 $729,000 $835,000 $950,000 $1,150,000 $1,200,000 + 4.3% + 64.6%
SF District 3 $503,000 $657,500 $715,000 $863,000 $938,000 + 8.7% + 86.5%
SF District 4 $854,000 $985,000 $1,115,000 $1,350,000 $1,388,000 + 2.8% + 62.5%
SF District 5 $1,007,000 $1,188,500 $1,350,000 $1,458,500 $1,505,000 + 3.2% + 49.5%
SF District 6 $731,000 $805,000 $947,000 $1,172,500 $1,137,500 - 3.0% + 55.6%
SF District 7 $1,239,000 $1,450,500 $1,732,500 $1,808,500 $1,860,000 + 2.8% + 50.1%
SF District 8 $699,000 $820,000 $910,000 $1,095,000 $1,025,000 - 6.4% + 46.6%
SF District 9 $702,036 $825,000 $952,444 $1,138,000 $1,100,000 - 3.3% + 56.7%
SF District 10 $470,000 $575,000 $676,500 $775,000 $810,000 + 4.5% + 72.3%
Area Historical Median Prices
2016 Annual Report on the San Francisco County Housing Market
Current as of January 11, 2017. All data from the San Francisco MLS. Report © 2017 ShowingTime. | 10