State of the Torrance Real Estate Market Heading into 2019

Torrance is far more than one uniform real estate market.  With neighborhoods that range from sub $500,000 to homes in the multi millions, each area has it’s own localized market.

Visit Torrance Real Estate for more information on the community and market in Torrance CA

In general the real estate market seems to be slowing down heading into 2019.  Demand is cooling with higher interest rates and a fairly regular slow down this time of year when people are busy with the holidays.

According to Torrance realtor Keith Kyle, “It’s clear that the market is cooling off as there has been an increase in new listings coupled with fewer sales and homes going into escrow since summer.”  The chart above shows that the number of active listings has held pretty steady between 150 and 170 since summer, but the number of sold homes as well as new escrows has continued to decrease.  If this trend continues the market will shift more in favor of buyers and less in favor of sellers.  It’s clearly been a sellers market over the past few years.

The chart below shows the upward trend over the past few months with avarage “months of inventory” of unsold homes on the rise.

Schools are Very Important to the Torrance Real Estate Market

It’s no real secret that good schools help drive real estate values in certain neighborhoods and communities.  Buyers with kids want to be in areas with good schools and that higher demand helps keep values up.  Even those without kids greatly benefit from a strong school system.  The stronger the schools the more insulated a market is from any downturns.  That was very evident in Redondo Beach that saw home prices drop during the recession and housing crisis, but only a very small amount compared with other local areas that do not have as strong a school system.

A recent CAR study showed that 47% of home buyers said good schools were very importan, 23% said that they were somewhat important, 11% said not very important and 19% said that it was not important at all.

The 19% may not realize just how much of an influence schools play on values and demand.  Good elementary schools are often part of a good community and without question most buyers would like to live in a good community.

The Torrance Unified School District is highly ranked and that creates a very high demand, especially for families thinking of living in this coastal community.

The study also conclued that 43% of consumers age 34 or under believe highly rated schools are very important.  58% of consumers earning more than $100,000 a year think that highly rated schools are very important.

Historical Interest Rates since 1972

Many Torrance CA buyers are concerned with interest rates rising with the Fed making it clear that rates will slowly increats.  That’s certainly a valid concern for potential Torrance homebuyers as a higher interest rate means a higher monthly payment which most often means a lower priced home.  Taken in historical standpoint the current rates are dramatically lower than at just about any other time.  The chart below shows the interest rate on conventional and conforming 30 year fixed rate mortgages.  As we’ll see we’ve basically seen rates drop consistently since the high water mark of 16.3% in 1981.  It certainly makes todays current rate in the mid 4% range seem pretty enticing.

The Incredible California and Torrance Real Estate Market

California real estate is absolutely incredible and the markets in the South Bay and Torrance is even more frenzied.  According to the CAR 2017 annual housing survey 60.4% of all homes listed received multiple offers and 32.9% sold over the list price!  Click here to see the latest Torrance real estate statistics including prices, days on market % of list price homes are selling for and more.

November 2017 Median Home Prices in Torrance, CA

November 2017 was a solid month for home sales in Torrance, CA.  There were 117 homes, townhomes, condos and multi unit properties sold  in the month at a median home price of $700,000 which was a 6.6% increase from the same month a year earlier.  The number of sales was down slighty from October which saw 127 homes sell.

The lowest price of the month was $265,000 for a one bedroom condo with the highest priced sale of the month being $1,550,000 for a 4 bedroom single family home in South Torrance.

To see the sold homes in Torrance CA visit our recent home sales page.

City Homes
Sold
November
2017  Median
November
2016  Median
Year over Year % Change%
Carson 49 $476,000 $450,000 5.9%
El Segundo 12 $1,243,000 $816,000 52.3%
Gardena 52 $533,000 $504,000 5.7%
Harbor City 10 $555,000 $523,000 6.1%
Hawthorne 30 $577,000 $575,000 .3%
Hermosa Beach 20 $1,550,000 $1,380,000 12.3%
Lawndale 18 $515,000 $393,000 31.2%
Lomita 11 $599,000 $473,000 26.8%
Long Beach 318 $510,000 $490,000 4%
Manhattan Beach 35 $2,300,000 $1,863,000 23.5%
Marina Del Rey 33 $925,000 $955,000 -3.1%
Palos Verdes Estates 27 $1,510,000 $1,550,000 -2.6%
Playa Del Rey 21 $710,000 $658,000 7.9%
Rancho Palos Verdes 31 $1,108,000 $1,088,000 1.8%
Redondo Beach 79 $955,000 $900,000 6.1%
San Pedro 55 $550,000 $515,000 6.8%
Torrance 117 $700,000 $656,000 6.6%
Westchester 35 $1,015,000 $943,000 7.6%

October 2017 Torrance and South Bay Home Sales

October 2017 was a big month for home sales in Torrance with 127 closed sales.  Median home prices through all of Torrance CA was $675,000 which was slightly under 7% gain over October 2016.  The Torrance market has been extremely busy with prices continuing to rise.  The rest of the South Bay saw a mix of year over year increases and decreases.  See the Torrance homes that sold in October

City Homes Sold October 2017 Median October 2016 Median Year over Year % Change%
Carson 58 $495,000 $455,000 8.8%
El Segundo 19 $875,000 $925,000 -5.4%
Gardena 43 $545,000 $490,000 11.2%
Harbor City 17 $510,000 $4145,000 23%
Hawthorne 50 $578,000 $540,000 6.9%
Hermosa Beach 21 $1,414,000 $2,038,000 -30.6%
Lawndale 21 $505,000 $411,000 23%
Lomita 17 $575,000 $580,000 -.9%
Long Beach 322 $525,000 $475,000 10.5%
Manhattan Beach 28 $2,875,000 $2,250,000 27.8%
Marina Del Rey 25 $979,000 $1,150,000 14.9%
Palos Verdes Estates 30 $1,600,000 $1,825,000 -12.3%
Play Del Rey 16 $665,000 $635,000 4.8%
Rancho Palos Verdes 47 $1,265,000 $1,250,000 1.2%
Redondo Beach 72 $1,105,000 $878,000 25.8%
San Pedro 69 $530,000 $588,000 -9.8%
Torrance 127 $675,000 $632,000 6.9%
Westchester 38 $1,089,000 $1,050,000 3.7%

Torrance Real Estate Statistics

Information is critical in real estate and the right information can help you determine where the market has been and where the market is heading.  See the various charts below to view some important real estate statistics such as average sales price in Torrance, number of active v pending listings, etc.

Median Home Prices in Torrance

Number of active Listings

Number of Pending Home Sales

Number of Closed Sales

Median Price Per Foot

Torrance Real Estate – By the Numbers

Information is key to making sound real estate decisions. The information below should help you keep up with the market and provide valuable insight into where the market currently is and where it’s going in the future.  See below for updated information such as number of active homes, pending sale, recent closed home sales and home prices for Torrance, Manhattan Beach, Hermosa Beach and Redondo Beach

New Listings

Active Listings

Pending Sales

Closed Sales

Days on Market

Price Per Foot

Average Sales Price

August 2017 Home Sales and Home Prices for Torrance CA

Torrance saw a nice jump in home sales with a 154 recorded property sales for August of 2017.  Overall the South Bay trended up from the previous year in terms of median home prices with only a few local cities seeing a decrease in y over year prices.

Torrance saw a median home price of just under $700,000 and the numbers continue to trend upward.  To see all of the home sales in Torrance and the cities below visit our recent home sales page.

City Homes
Sold
August
2017 Median
August
2016 Median
Year
over Year % Change%
Carson 52 $470,000 $450,000 4.3%
El Segundo 15 $1,235,000 $1,075,000 14.9%
Gardena 53 $495,000 $472,000 4.9%
Harbor City 20 $521,000 $522,000 -.2%
Hawthorne 45 $583,000 $575,000 1.4%
Hermosa Beach 22 $1,358,000 $1,723,000 21.2%
Lawndale 17 $460,000 $498,000 -7.5%
Lomita 19 $610,000 $619,000 -1.5%
Long Beach 404 $490,000 $463,000 5.9%
Manhattan Beach 36 $2,230,000 $1,815,000 22.9%
Marina Del Rey 37 $940,000 $1,059,000 -11.2%
Palos Verdes Estates 37 $1,545,000 $1,413,000 9.4%
Playa Del Rey 27 $625,000 $623,000 .3%
Rancho Palos Verdes 60 $1,088,000 $1,065,000 2.2%
Redondo Beach 118 $975,000 $969,000 .6%
San Pedro 78 $572,000 $481,000 19%
Torrance 154 $698,000 $645,000 8.2%
Westchester 50 $1,180,000 $1,093,000 8%

Torrance Median Home Prices Up in July

What a month it was for home sales in Torrance and the South Bay.  Double digit year over year changes were the norm but there was really no sense to it with some cities seeing major increases over June of 2016 and some seeing just as major drops in home prices.

Real estate in Torrance CA was no different with another double digit jump for the median home prices compared with July of 2016. Torrance was actually a bit more moderate than other areas but still saw 113 homes close escrow in July with a median home price of just under $687,000  Click here to see the recent home sales in Torrance and the South Bay.

City Homes Sold July 2017 Median July 2016 Median Year over Year % Change%
Carson 60 $480,000 $445,000 8%
El Segundo 20 $1,055,000 $1,310,000 -19.5%
Gardena 65 $549,000 $454,000 21%
Harbor City 15 $439,000 $550,000 -20.2%
Hawthorne 35 $730,000 $562,000 30%
Hermosa Beach 19 $2,025,000 $1,410,000 43.6%
Lawndale 15 $515,000 $430,000 19.8%
Lomita 21 $598,000 $585,000 2.1%
Long Beach 331 $520,000 $471,500 10.3%
Manhattan Beach 48 $2,449,000 $2,200,000 11.3%
Marina Del Rey 36 $921,000 $974,000 -5.4%
Palos Verdes Estates 28 $1558,000 $1,800,000 -13.4%
Playa Del Rey 20 $613,000 $629,000 -2.5%
Rancho Palos Verdes 63 $1,345,000 $1,160,000 15.9%
Redondo Beach 95 $975,000 $920,000 6%
San Pedro 63 $542,000 $542,000 0%
Torrance 113 $687,000 $617,000 11.4%
Westchester 33 $1,185,000 $1,116,000 6.2%