The San Francisco real estate market report highlights a continued surge in median prices for single-family re-sale homes, reaching an all-time high of $1,100,000, up 12% from the last peak. Despite increased closed sales, they remain significantly lower than a year ago, with single-family home sales down 40.5% year-over-year. The report indicates a tough market for buyers, as pricing and sales momentum show mixed trends across different property types.

1. local market trends
The Real Estate Report
SAN FRANCISCO
Spring Surge Continues
The median price for single-family, re-sale homes
stayed over $1,000,000 for the third month in a
row. In fact, it made a new, all-time high of
$1,100,000. The median price is now up 12% from
the last peak.
Closed sales continued to increase last month,
although they are still way below year ago levels.
Foreclosure sales and short sales effect on the
market continues to diminish.
APRIL MARKET STATISTICS
Prices of both homes and condos/lofts made
continued to be up, year-over-year, in March. The
median price for single-family, re-sale homes was
up 10% from last April.
Single-family, re-sales home sales fell 40.5% year-
over-year.
The sales price to list price ratio for homes has
been over 100% for twenty-five of the past twenty-
six months. It was 111.8% last month.
SALES MOMENTUM…
for homes plummeted 16.2 points to -11.4. Sales
momentum for condos/lofts rose one point to
+1.9.
PRICING MOMENTUM…
for single-family homes was down 1.3 points to
16.9. Pricing momentum for condos/lofts was
down one point to +12.1.
CONDO/LOFT STATISTICS
After setting an all-time record in March at
$970,000, the median price of condos/lofts took a
breather last month and dropped 6.7% from March.
Year-over-year, the median price was up 5.8%.
Condo/loft sales rose 7% compared to last April.
The sale price to list price ratio stayed over 100%
for the twenty-sixth month in a row: 107.3%.
This is an extraordinarily tough market for buyers.
It's important to be calm and realistic. If you don't
know what to do or where to begin, give me a call
and let's discuss your situation and your options.
American Marketing Systems, Inc.
2800 Van Ness Avenue
San Francisco, CA 94109
(415) 447-2009
rfleischer@amsiemail.com
http://www.amsires.com/staff/robb
DRE #01403882
Robb Fleischer
Robb Fleischer | rfleischer@amsiemail.com | (415) 447-2009
MAY/JUNE 2014
Inside This Issue
> LOCAL MARKET TRENDS.....................1
> MORTGAGE RATE OUTLOOK ...............2
> HOME STATISTICS ..............................2
> FORECLOSURE STATS ........................3
> CONDO STATISTICS ............................3
> MOMENTUM CHARTS ..........................4
Apr 14 Mar 14 Apr 13
Home Sales: 207 168 418
Median Price: 1,100,000$ 1,000,032$ 1,000,000$
Average Price: 1,500,863$ 1,459,325$ 1,365,340$
Sale/List Price Ratio: 111.8% 110.0% 108.2%
Days on Market: 35 32 32
Apr 14 Mar 14 Apr 13
Condo Sales: 305 255 285
Median Price: 905,000$ 970,000$ 855,000$
Average Price: 1,122,513$ 1,067,657$ 992,316$
Sale/List Price Ratio: 107.3% 108.2% 105.2%
Days on Market: 31 31 38
(Lofts/Tow nhomes/TIC)
Trends at a Glance
(Single-family Homes)
Homes: detached
YTD Peak % Trough % Peak Trough
3-month 64% 12% 68% Jun-07 Feb-12
12-month 42% 9% 42% Apr-08 Mar-12
Homes: attached
3-month 52% 19% 56% Jul-08 Jan-12
12-month 38% 15% 38% Aug-08 Jan-12
San Francisco Price Differences
from January 2012 & Peak & Trough
-40.0%
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San Francisco Homes: Year-Over-Year Median Sales Price Change
© 2014 rereport.com

2. Page 2
The Real Estate Report
The chart above shows the Na-
tional monthly average for 30-
year fixed rate mortgages as
compiled by HSH.com. The av-
erage includes mortgages of all
sizes, including conforming,
"expanded conforming," and
jumbo.
MORTGAGE RATE OUTLOOK
Economy Growing But Rates Easing. Is Pres-
sure Building?
May 2, 2014 -- An ongoing litany of economic data sug-
gests that we're back on a growing path after a rough
winter; that stumbling period produced some of
2014's lowest mortgage rates. However, in recent
weeks the temperature of the economic data has
tuned decidedly warmer, and it is supposed that
mortgage rates would be firming along with the econ-
omy... except they're not.
Even a typically market-moving report like the one
covering monthly employment metrics seems to have
had little immediate effect on interest rates. Do the
markets not trust the information of a rebounding
economy? Is it that, for every solid piece of data,
there is sufficient nagging concern as to cause it to
be discounted in some way? Certainly, there have
been some regular offsets to stronger reports, but
they seem to be dwindling in number, and important
indicators appear to be moving in the right direction,
and have been revised upward more often than not.
Global issues of course continue to play a role as a
slower expansion in China and the ongoing Ukraine
drama have seen investors parking more of their
funds in Treasuries, and it also may be that sky-high
stock market is seeing some folks employing the old
"sell in May and go away" strategy. Whatever the
reason for the relative tranquility for mortgage rates,
we cannot help a sneaking suspicion that without
some regular upward trend for rates that pressure is
building, making a pop higher in rates more likely
than a more muted progression at some point.
HSH.com's broad-market mortgage tracker -- our
weekly Fixed-Rate Mortgage Indicator (FRMI) --
found the overall average rate for 30-year fixed-rate
mortgages took back a four basis point increase from
last week, sliding four basis points (0.04%) to return
to 4.38%. The FRMI's 15-year companion recovered
as well, easing by three basis points (0.03%), dipping
to 3.58% for the week. Popular FHA-backed 30-year
FRMs managed a decline of only a single basis point,
wobbling downward to 4.09% for the period, as these
fully-insured loans continue to have the lowest prices
in the market by a fair margin. Finally, the overall 5/1
Hybrid ARM by the bare minimum, falling by one
one-hundredth of a percentage point (0.01%) to end
the week at an average 3.12 percent.
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$1,100
$1,300
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$1,700
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San Francisco Homes: Sold Prices & Unit Sales
(3-month moving average — $000's)
Ave Med Units © 2014 rereport.com
Unit
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco 1,100,000$ 1,500,863$ 207 35 111.8% 10.0% 9.9% -50.5% 10.0% 2.8% 23.2%
D1: Northwest 1,588,000$ 2,051,128$ 20 21 112.8% -1.1% -1.9% -52.4% 25.7% 31.1% 66.7%
D2: Central West 1,060,000$ 1,168,134$ 38 42 117.3% 24.0% 24.6% -42.4% 11.3% 19.9% 5.6%
D3: Southwest 923,500$ 1,040,107$ 14 24 114.2% 38.2% 44.0% -58.8% 24.3% 25.1% 40.0%
D4: Twin Peaks 1,312,500$ 1,429,528$ 18 26 116.2% 17.4% 21.1% -59.1% -3.1% -4.8% -30.8%
D5: Central 1,898,500$ 2,103,644$ 32 23 114.4% 16.5% 14.3% -50.0% -24.2% -20.7% 28.0%
D6: Central North 1,958,000$ 2,024,000$ 4 14 112.1% 78.0% 43.2% -60.0% n/a n/a n/a
D7: North 4,367,500$ 5,656,550$ 8 132 98.5% 48.1% 69.9% -63.6% -2.9% 27.0% 14.3%
D8: Northeast 2,750,000$ 2,575,000$ 3 62 103.0% -63.6% -66.0% -25.0% -57.7% -60.4% 200.0%
D9: Central East 1,010,000$ 1,085,960$ 25 35 117.0% -0.7% -6.2% -58.3% -17.2% -9.8% 108.3%
D10: Southeast 680,000$ 654,112$ 45 33 113.1% 22.4% 18.6% -37.5% 5.4% -0.1% 15.4%
April Sales Statistics
(Single-family Homes)
Prices Yearly Change Monthly Change
3.0% 4.0% 5.0% 6.0% 7.0% 8.0%
01-06
04-06
07-06
10-06
01-07
04-07
07-07
10-07
01-08
04-08
07-08
10-08
01-09
04-09
07-09
10-09
01-10
04-10
07-10
10-10
01-11
04-11
07-11
10-11
01-12
04-12
07-12
10-12
01-13
04-13
07-13
10-13
01-14
04-14
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 of properties actively
for sale as of the last day of the
month.
Notices of default, the first step in the foreclosure proc-
ess, in San Francisco continues to drop. They were
down 28% in March from February. Year-over-year,
notices were down 52%. There were 36 notices in
March.
Notices of sale, which set the date and time of an auc-
tion, and serve as the homeowner's final notice before
sale, dropped 50% from February, and they were down
71.4% year-over-year. There were 18.
After the filing of a Notice of Trustee Sale, there are
only three possible outcomes. First, the sale can be
cancelled for reasons that include a successful loan
modification or short sale, a filing error, or a legal re-
quirement to re-file the notice after extended postpone-
ments.
FORECLOSURE STATISTICS
Alternatively, if the property is taken to sale, the bank
will place the opening bid. If a third party, typically an
investor, bids more than the bank's opening bid, the
property will be sold to the third party; if not, it will go
back to the bank.
There were 33 sales cancelled last month.
Only five homes went back to the bank in March.
There are currently 110 properties scheduled for sale.
With the recent surge in prices, many of them will
probably be cancelled.
The total number of properties owned by the banks was
down 31.6 year-over-year. The banks now own approxi-
mately 238 properties in the city.
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San Francisco Condos: Sold Prices & Unit Sales
(3-month moving average — $000's)
Ave Med Units © 2014 rereport.com
-30.0%
-20.0%
-10.0%
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30.0%
40.0%
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San Francisco Condos/Lofts: Year-Over-Year Median Sales Price Change
© 2014 rereport.com
Unit
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco 905,000$ 1,122,513$ 305 31 107.3% 5.8% 13.1% 7.0% -6.7% 5.1% 19.6%
D1: Northwest 752,500$ 784,971$ 17 55 104.4% -9.9% -2.6% 54.5% -31.6% -26.2% 88.9%
D2: Central West 775,888$ 804,178$ 5 30 105.8% 95.2% 102.3% 150.0% -11.8% -8.6% 150.0%
D3: Southwest 525,000$ 599,333$ 3 24 107.4% 41.9% 57.7% 0.0% 10.5% 7.2% 0.0%
D4: Twin Peaks 546,500$ 533,000$ 8 21 107.8% 66.1% 10.9% 60.0% -11.9% -17.6% 100.0%
D5: Central 959,000$ 1,064,444$ 45 24 115.1% 3.7% 7.6% 0.0% -9.4% -1.8% -11.8%
D6: Central North 913,500$ 1,006,387$ 25 44 111.3% 8.4% 13.3% -21.9% -0.8% 2.2% -13.8%
D7: North 1,385,000$ 1,711,194$ 44 28 108.6% 20.4% 45.6% 7.3% 8.2% 10.7% 131.6%
D8: Northeast 970,000$ 1,306,390$ 41 36 100.7% 4.8% 1.3% -16.3% 9.6% 22.7% -25.5%
D9: Central East 880,000$ 1,016,968$ 113 27 106.2% 15.0% 13.4% 20.2% -7.9% -3.0% 43.0%
D10: Southeast 572,500$ 529,133$ 3 16 118.1% 84.7% 60.1% 0.0% 21.8% 1.4% 0.0%
April Sales Statistics
(Condos/TICs/Co-ops/Lofts)
Prices Yearly Change Monthly Change

4. The Real Estate Market Trends Report is published and copyrighted by http://rereport.com.
THE REAL ESTATE REPORT
San Francisco
Robb Fleischer
American Marketing Systems, Inc.
2800 Van Ness Avenue
San Francisco, CA 94109
Go online to see the full report
with the district by district breakdown:
HTTP://WWW.AMSIRES.COM/STAFF/ROBB
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San Francisco Homes: Sales Momentum
Sales Pricing © 2014 rereport.com
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San Francisco Condos/Lofts: Sales Momentum
Sales Pricing © 2014 rereport.com