The document provides an analysis of real estate market trends in San Francisco for March/April 2013. Key points include: - Home prices continued to rise significantly year-over-year in February, with median prices up 26.1% for single-family homes and 16.5% for condos. - Sales of single-family homes dropped 33% year-over-year in February while condo sales declined slightly by 0.6%. - The sales to list price ratio remained very high, at 104.4% for single-family homes and 103.1% for condos, indicating a strong seller's market. - Foreclosure activity continued to decline sharply from the previous year.

1. MARCH/APRIL 2013 Robb Fleischer
American Marketing Systems, Inc.
Inside This Issue
2800 Van Ness Avenue
> LOCAL MARKET TRENDS ..................... 1 San Francisco, CA 94109
> MORTGAGE RATE OUTLOOK ............... 2 (415) 447-2009
rfleischer@amsiemail.com
> HOME STATISTICS .............................. 2
http://www.amsires.com/staff/robb
> FORECLOSURE STATS ........................ 3 DRE #01403882
> CONDO STATISTICS ............................ 3
> MOMENTUM CHARTS .......................... 4
The Real Estate Report
local market trends Trends at a Glance
(Single-family Homes)
Feb 13 Jan 13 Feb 12
SAN FRANCISCO
Home Sales: 122 149 182
Median Price: $ 800,500 $ 745,000 $ 635,000
Prices Continue Double-digit Gains Av erage Price: $1,143,784 $ 923,044 $1,086,135
Property prices rose in February by double-digits, SALES MOMENTUM… Sale/List Price Ratio: 104.4% 103.6% 97.6%
again. The median price for single-family homes for single-family, re-sale homes in San Francisco Day s on Market: 42 48 62
was up 26.1%, and for condos/lofts, the gain was plunged 4.4 points to +2.8. Sales momentum for (Lofts/Tow nhomes/TIC)
16.5%. condos/lofts dropped 0.3 of a point to +17. (See Feb 13 Jan 13 Feb 12
That's six months in a row home prices have been charts below) Condo Sales: 180 147 181
up by double-digits compared to the year before, PRICING MOMENTUM… Median Price: $ 756,000 $ 765,000 $ 649,000
and nine months in a row for condos/lofts. gained 1.4 points to +10.9. Pricing momentum Av erage Price: $ 882,558 $ 846,503 $ 739,474
We could be approaching irrational exuberance for condos/lofts was was steady at +13.2. Sale/List Price Ratio: 103.1% 100.8% 99.7%
territory. Day s on Market: 48 63 93
The median price for single-family, re-sale homes
CONDO/LOFT STATISTICS…
Sales were down, year-over-year, for the second San Francisco Price Differences
is up 27% from the bottom of the market, which from January 2012 & Peak & Trough
month in a row, dropping 0.6%, breaking a fourteen
was reached in February 2012. Hom es: detached
month streak in which condo/loft sales had been YTD Peak % Trough % Peak Trough
We are still 15% below the peak which occurred in higher than the year before. 3-month 24% -15% 27% Jun-07 Feb-12
June 2007.
The sales price to list price ratio stayed over 100% 12-month 12% -14% 13% Apr-08 Mar-12
FEBRUARY MARKET STATISTICS for the twelfth month in a row: 103.1%. Hom es: attached
Sales of single-family, re-sale homes dropped 33% This is an extraordinarily tough market for buyers. 3-month 21% -4% 24% Jul-08 Jan-12
year-over-year. It’s important to be calm and realistic. If you don’t 12-month 17% -3% 17% Aug-08 Jan-12
The sales price to list price ratio was at a lofty know what to do or where to begin, give me a call
104.4% last month. The ratio has been over 100% and let’s discuss your situation and your options.
for eleven of the past twelve months.
San Francisco Homes: Year-Over-Year Median Sales Price Change
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
0 FMAMJ JA SOND0 FMAM J JA SOND1 FMAM J JA SOND1 FMA MJ JA SOND1 FMAM J JA SOND1 F
-10.0%
8 9 0 1 2 3
-20.0%
-30.0%
-40.0%
© 2013 rereport.com
Robb Fleischer | rfleischer@amsiemail.com | (415) 447-2009

2. The Real Estate Report
MORTGAGE RATES HEADING BACK UPWARD
30-Year Fixed Mortgage Rates Mar 8, 2012 -- For a brief moment, nervousness about week. FHA-backed 30-year FRMs doubled the FRMI
Eurozone finances, the spending sequester and im- decline with a two basis point fall, landing at a aver-
01-13 pending debt ceiling was pushing money out of age rate of 3.37%. Meanwhile, the overall average
10-12
07-12 stocks and into bonds, driving mortgage rates back rate for 5/1 Hybrid ARMs fell by another two hun-
04-12 down. That came to an end this week when fairly dredths of a percentage point, enough to wander
01-12 solid economic news re-ignited stock markets, with further into record low territory with an average of
10-11
07-11 the Dow Jones Industrial Average returning to record 2.65%.
04-11 high territory. The shift in investor fancy caused a rise
01-11 The Federal Reserve's latest survey of regional eco-
in the influential 10-year Treasury, which moved
10-10 nomic conditions added some cheer this week. The
07-10 strongly upward as the week progressed.
04-10
Beige Book found that "economic activity generally
01-10 A long time ago, a former Federal Reserve Chairman expanded at a modest to moderate pace" in the six
10-09 pondered equity prices and wondered if they were a week period which ended on February 22. Manufac-
07-09
04-09 result of "irrational exuberance." With the economy turing, consumer spending, residential real estate
01-09 being propped up by unprecedented monetary policy markets and labor markets all sported some improve-
10-08 (and unconventional means being employed abroad, ment, if in a mixed fashion. The recovery does seem
07-08
04-08 too), record federal debts and deficits, unemployment to be firming and mostly expanding and gives the
01-08 rates still at very high levels and a myriad list of other Fed additional material to justify that its unconven-
10-07 fiscal and economic troubles, it might be fair to again tional monetary policy tools are working as intended
07-07
04-07 wonder about that. and should continue for a while.
01-07
10-06 HSH.com's broad-market mortgage tracker -- our It goes without saying that with every firmer eco-
07-06 weekly Fixed-Rate Mortgage Indicator (FRMI) -- nomic report that a return to the 60-plus year lows of
04-06
01-06 found that the overall average rate for 30-year fixed- early December are becoming increasingly unlikely.
3.0% 4.0% 5.0% 6.0% 7.0% 8.0% rate mortgages did slip by a single basis point
(0.01%) to 3.79%, its best showing since late Janu-
ary. The FRMI's 15-year companion also slid a lone
basis point (.01%) to drop back to 3.04% for the
San Francisco Homes: Sold Prices & Unit Sales
The chart above shows the Na- (3-month moving average — $000's)
tional monthly average for 30-
year fixed rate mortgages as $1,500 300
compiled by HSH.com. The av- $1,300 250
erage includes mortgages of all
sizes, including conforming, $1,100 200
"expanded conforming," and $900 150
jumbo.
$700 100
$500 50
$300 0
0 FMAMJ JA SOND0 FMAMJ JA SOND1 FMAMJ JA SOND1 FMAMJ JA SOND1 FMAMJ JA SOND1 F
8 9 0 1 2 3
Ave Med Units © 2013 rereport.com
February Sales Statistics
(Single-family Homes)
Prices Unit Yearly Change Monthly Change
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales
San Francisco $ 800,500 $1,143,784 122 42 104.4% 26.1% 5.3% -33.0% 7.4% 23.9% -18.1%
D1: Northw est $1,031,250 $1,969,110 10 65 103.1% 47.3% 123.8% -33.3% 24.2% 30.3% -9.1%
D2: Central West $ 800,000 $ 904,940 17 49 106.6% 31.6% 35.6% -46.9% 5.3% 13.4% -37.0%
D3: Southw est $ 561,000 $ 605,667 6 34 110.5% 23.3% 20.1% -40.0% -8.8% -10.2% -53.8%
D4: Tw in Peaks $ 950,000 $1,138,133 21 30 108.3% 34.2% 38.7% 40.0% 3.0% -7.4% 50.0%
D5: Central $1,537,500 $1,832,229 18 31 100.8% -2.8% 12.1% -30.8% 21.9% 16.6% 38.5%
D6: Central North $2,675,000 $2,675,000 2 120 93.9% 191.6% 204.0% -50.0% -0.7% -0.7% 100.0%
D7: North $3,950,000 $4,200,000 3 65 98.8% -8.1% -24.5% -70.0% 82.4% 79.6% 0.0%
D8: Northeast $ - $ - 0 0 0.0% n/a n/a n/a n/a n/a n/a
D9: Central East $ 715,000 $ 740,833 12 58 109.1% 7.5% -0.1% -33.3% -15.8% -14.7% -42.9%
Page 2 D10: Southeast $ 525,000 $ 518,536 33 34 110.8% 14.8% 18.0% -13.2% -2.8% -1.6% -25.0%

3. San Francisco Condos/Lofts: Year-Over-Year Median Sales Price Change
40.0%
30.0%
20.0%
10.0%
0.0%
0 FMAMJ JA SOND0 FMAM J JA SOND1 FMAM J JA SOND1 FMA MJ JA SOND1 FMAM J JA SOND1 F
-10.0% 8 9 0 1 2 3
-20.0%
-30.0%
© 2011 rereport.com
FORECLOSURE STATISTICS
Notices of default, the first step in the foreclosure proc- Alternatively, if the property is taken to sale, the bank
ess, in San Francisco plunged in January: down 73.9% will place the opening bid. If a third party, typically an
from December. Year-over-year, notices were off investor, bids more than the bank's opening bid, the
86.4%. property will be sold to the third party; if not, it will go
back to the bank.
Notices of sale, which set the date and time of an auc-
tion, and serve as the homeowner's final notice before In December, cancellations were up 17.1% from De-
sale, fell 53.7% from December, and were down 77.1% cember, but down 17.6% year-over-year.
year-over-year.
Properties going back to the bank were down 15.4% in
After the filing of a Notice of Trustee Sale, there are January from December. Year-over-year, the number of
only three possible outcomes. First, the sale can be properties going back to the bank was down 78.9%.
cancelled for reasons that include a successful loan
The total number of properties that have had a notice of
modification or short sale, a filing error, or a legal re-
default filed fell by 59.4% compared to January 2012.
quirement to re-file the notice after extended postpone-
ments.
(Continued on page 4)
San Francisco Condos: Sold Prices & Unit Sales
(3-month moving average — $000's)
$1,000 350
Table Definitions
$900 300 _______________
$800 250
$700 200 Median Price
The price at which 50% of
$600 150
prices were higher and
$500 100 50%were lower.
$400 50
$300 0 Average Price
0 FMAMJ JA SOND0 FMAMJ JA SOND1 FMAMJ JA SOND1 FMAMJ JA SOND1 FMAMJ JA SOND1 F Add all prices and divide by the
8 9 0 1 2 3 number of sales.
Ave Med Units © 2013 rereport.com
SP/LP
February Sales Statistics Sales price to list price ratio or
the price paid for the property
(Condos/TICs/Co-ops/Lofts) divided by the asking price.
Prices Unit Yearly Change Monthly Change
Median Average Sales DOM SP/LP Median Average Sales Median Average Sales DOI
San Francisco $ 756,000 $ 882,558 180 48 103.1% 16.5% 19.3% -0.6% -1.2% 4.3% 22.4% Days of Inventory, or how many
days it would take to sell all the
D1: Northw est $ 570,000 $ 584,792 12 42 102.7% -3.0% -6.7% 0.0% -10.8% -14.5% 50.0%
property for sale at the current
D2: Central West $ 963,000 $ 963,000 2 14 110.4% 70.4% 70.4% 0.0% -19.8% 0.1% -33.3% rate of sales.
D3: Southw est $ 320,088 $ 399,029 3 29 114.8% 35.5% 48.6% -25.0% 2.6% 27.9% 200.0%
D4: Tw in Peaks $ 389,500 $ 399,750 4 77 103.7% 32.9% 36.4% 300.0% -27.7% -25.8% 100.0% Pend
Property under contract to sell
D5: Central $ 917,500 $ 949,997 36 53 109.1% 10.9% 4.4% 28.6% 20.7% 34.5% 111.8%
that hasn’t closed escrow.
D6: Central North $ 695,000 $ 748,400 10 34 104.5% -2.1% 3.1% -16.7% 8.6% 12.0% -28.6%
D7: North $1,085,000 $1,157,167 21 71 99.3% 14.0% 20.8% 31.3% 30.7% 19.1% 31.3% Inven
D8: Northeast $ 696,000 $ 886,944 28 43 101.2% 12.9% 9.9% -33.3% 3.1% 25.3% 33.3% Number of properties actively
D9: Central East $ 779,500 $ 916,749 60 41 101.6% 31.1% 39.8% 25.0% -8.3% -9.2% -1.6% for sale as of the last day of the
month.
D10: Southeast $ 220,300 $ 220,300 2 53 100.0% -15.3% -15.3% 100.0% -35.8% -32.4% -33.3%

4. 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
San Francisco Homes: Sales Momentum
(Continued from page 3)
25.0
The total number of properties sched- 20.0
uled for sale declined by 55.3% year- 15.0
over-year 10.0
5.0
The total number of properties owned 0.0
by the bank was down 36.3% year- -5.0 0 FMAMJ JASOND0 FM AMJ JASOND0 FMAMJ JASOND1 FMAMJ JASOND1 FMAMJ JASOND1 FMAMJ JASOND1 F
over-year. The banks now own approxi- -10.0
7 8 9 0 1 2 3
mately 417 properties in the city. -15.0
For further details and a city-by-city -20.0
breakdown of foreclosure statistics, go -25.0
Sales Pricing © 2013 rereport.com
to http://foreclosureradar.com.
San Francisco Condos/Lofts: Sales Momentum
40.0
30.0
20.0
10.0
0.0
0 FMAMJ JASOND0 FMAMJ JASOND0 FMAMJ JASOND1 FMAMJ JASOND1 FMAMJ JASOND1 FMAMJ JASOND1 F
-10.0
7 8 9 0 1 2 3
-20.0
-30.0
-40.0
-50.0
Sales Pricing © 2013 rereport.com
The Real Estate Market Trends Report is published and copyrighted by http://rereport.com.