When Days on Market Doesn’t Necessarily Represent the Days on Market

By Keith Kyle

I’m sure most MLS systems are different but here in the South Bay the days on market on the CRMLS can be a bit misleading.  Many buyer and agents use days on market as a negotiating tool….the longer the home has been on the market, the more leverage the buyer has to come in low or negotiate other favorable terms.

The problem is that days on market doesn’t always indicate just how long the home has been available and is not necessarily indicative of “active” status.  As realtors when our clients accept an offer we have the option of changing the status to “pending” or “active under contract”.  Pending stops the days on market from accruing, but active under contract does not.  A home can go into escrow on day one, change the status to active under contract (again meaning it’s in escrow) and if it falls out of escrow 20 days later the days on market for the home will show 20.  It’s very misleading as the home has not been available for those 20 days and now puts the seller and listing agent at a disadvantage…..even though it sold the first day.

The other aspect that leads to misinformation is that with this days on market accruing on many home, it does not allow for an accurate picture of the market.  For instance a certain area of town or city itself may show an average days on market for a certain month to be one thing….when many of those homes were not actually available.  It may show days on market at 45 when the reality is that the homes in the community actually go into escrow after 30.

It’s a problem that needs to be addressed as it can change perceptions….both on an individual home and the market in general.

Torrance Home Sales and Housing Prices for November 2016

By Keith Kyle

Torrance, CA posted some solid home sales numbers in November 2015 with a very healthy 112 homes selling at a median price of $656,000 which was up considerably over November of the previous year.  To see the home sales in Torrance click here.  Torrance is one of the largest cities in the South Bay with a very diverse housing market.

City Homes
Sold
November
2016 Median
November
2015 Median
Year
over Year % Change%
Carson 54 $450,000 $420,000 7%
El Segundo 14 $816,000 $1,171,000 -30.3%
Gardena 44 $504,000 $413,000 22%
Harbor City 9 $523,000 $404,000 29.5%
Hawthorne 37 $575,000 $520,000 10.6%
Hermosa Beach 17 $1,380,000 $1,625,000 -15%
Lawndale 8 $393,000 $521,000 -24.6%
Lomita 6 $473,000 $535,000 -11.6%
Long Beach 298 $490,000 $435,000 12.6%
Manhattan Beach 38 $1,863,000 $1,831,000 1.7%
Marina Del Rey 21 $955,000 $945,000 1.1%
Palos Verdes Estates 25 $1,550,000 $1,675,000 -7.5%
Playa Del Rey 20 $658,000 $612,000 7.5%
Rancho Palos Verdes 47 $1,088,000 $945,000 15.1%
Redondo Beach 75 $900,000 $855,000 5.3%
San Pedro 58 $515,000 $485,000 6.3%
Torrance 112 $656,000 $585,000 12.1%
Westchester 32 $943,000 $892,000 5.7%

See the Torrance Sold Homes for September 2016

September was a strong month for home sales in Torrance CA and the South Bay.  Click any link below to see a Paseo De La Playa Hollywood Riveralist of the homes that sold that month or visit our recent South Bay home sales page to see any month and any city in the area.  We hope that the information is helpful and please do not hesitate to contact us for any of your real estate needs.

 September 2016 Home Sales

El Segundo
Gardena
Hawthorne
Hermosa Beach
Hollyglen
Hollywood Riviera
Lawndale
Manhattan Beach
Palos Verdes Estates
Rancho Palos Verdes
Redondo Beach
Rolling Hills Estates
San Pedro
Torrance

What makes the Torrance real estate market so unique in the South Bay?

By Keith Kyle15412_Roselle_Ave_front3 copy

People often think of the South Bay as one large market but each individual city can mean an entirely different real estate market….just take a look at the monthly median home prices in the South Bay as an indication.

Each city is it’s own real estate market but Torrance is different.  As Torrance is the largest city in the South Bay it’s also the most diverse.  That’s especially true in terms of real estate and home values in Torrance.

What make Torrance so different is the variety of areas, and the diversity of both the homes and the prices.  Torrance is a city that has multi million dollar homes along the Bluff on Paseo De La Playa and also has some of the most affordable homes in all of the South Bay.

Search Torrance homes by area.

The sheer size of Torrance also makes a difference.  Stretching all the way from the ocean to east of the 110 freeway makes for an abundance of options not possible in any other city in the area.  This also allows for everything from single family homes, to condos to even co-ops (rarely seen in the South Bay).

It is definitely not a seen one seen em all type real estate market.

TorranceCA-Real-Estate-Map

Torrance Home Sales Up in May of 2016

Torrance, CA saw a slight gain in year over year home prices in May with 138 homes sold this month at a median price of around $593,000 which was up from $579,000 the prior May.  138 homes is a very strong number for Torrance and shows that the market activity is continuing to pick up with more homes slowly coming on the market.  Click here to see the homes sold in Torrance for May of 2016.

City Homes
Sold
May
2016 Median
May
2015 Median
Year
over Year % Change%
Carson 57 $453,000 $410,000 10.4%
El Segundo 12 $802,500 $803,500 -.1%
Gardena 47 $425,000 $405,000 4.9%
Harbor City 26 $439,000 $415,000 5.8%
Hawthorne 39 $485,000 $525,000 -7.7%
Hermosa Beach 21 $1,285,000 $1,450,000 -11.4%
Lawndale 14 $455,000 $431,000 5.6%
Lomita 15 $488,000 $509,000 -4.1%
Long Beach 349 $485,000 $433,000 11.9%
Manhattan Beach 48 $1,875,000 $2,239,000 -16.2%
Marina Del Rey 31 $925,000 $918,000 .8%
Palos Verdes Estates 55 $1,499,000 $1,515,000 -1.1%
Playa Del Rey 24 $560,000 $615,000 -8.9%
Rancho Palos Verdes 58 $1,060,000 $1,100,000 -3.6%
Redondo Beach 96 $950,000 $845,000 12.5%
San Pedro 66 $489,000 $449,000 8.8%
Torrance 138 $593,000 $579,000 2.4%
Westchester 30 $1,130,000 $900,000 25.6%

Torrance home sales for March of 2016

By Keith KyleHollywood Riviera homes for sale

March was yet another very busy month for home sales in Torrance and the South Bay with home prices continuing to go up and the number of home sales rising as well.  The demand has been pretty overwhelming in certain areas such as West Torrance, South Torrance and the Hollywood Rivera and multiple offer situations selling over the list price being the norm.

Torrance saw 109 home sales in March of 2016 with the average list price of $648, 831 and the average sales price at $648,460 which again shows that very few homes are selling below list price….even in a market in which inflated prices are becoming more common.  The lowest priced home of the month was a 1 bedroom condo in the County Strip area (not actually part of Torrance but a Torrance P.O. making for much lower prices)at $172,900 and the most expensive was $1,160,000 for a 5 bed/4 bath, 3000 square foot single family home in the Hollywood Riviera.

Click any link below to see the homes sold in March of 2016.
El Segundo
Gardena
Hawthorne
Hermosa Beach
Hollywood Riviera
Lawndale
Manhattan Beach
Palos Verdes Estates
Rancho Palos Verdes
Redondo Beach
Rolling Hills Estates
San Pedro
Torrance

Torrance Housing Inventory Still Down But on the Rise

By Keith Kyle1310_Portola_Ave_frontdoor1 copy

The real estate market in Torrance CA continues to be driven by the lack of homes for sale but for the third straight month we have seen an increase in the number of homes for sale.  Inventory has been on the rise since the low point in December but still far below the norm.  We have also seen an increase in the pending home sales over that same period of time and it appears that the inventory will continue to rise as we head towards the usually busy summer buying and selling season.  See all of the Torrance homes for sale or search by neighborhoods.  To see the most recent Torrance home sales visit our closed sale pages.

Neighborhood Spotlight – West Torrance

By Keith Kyle

Sitting just east of Redondo Beach and little further than a mile from the beach, West Torrance is a fantastic South Torrance Homescommunity with tree lined streets, award winning neighborhood schools that are often within walking distance, loads of great parks and all just a short drive to the beach.  Bordered by 190th to the north it enjoys mild coastal weather, proximity to shopping and dining, and has a wonderful community feel.

See the current homes for sale in West Torrance 90503

The homes in the area are generally 3 bedroom 1200 feet single family homes that are remodeled or updated and built in the 1940’s and 50s.  Unlike some of the nearby communities such as Manhattan and Hermosa Beach in which “mansionization” has become a big problem, west Torrance still retains much of it’s original charm and feel with the majority of the homes West-Torranc-Real-Estate-Mapbeing appropriately sized for the lots.  Lot sizes range from around 5000 feet to larger 8000+ foot lots and all are highly sought after.  Prices have skyrocketed in the past several years with smaller 3 bed/1 bath homes nearing the low $700,000 with updated and expanded (many of the homes added a living room and bath in the distant past giving many homes square footage ranging between 1400 and 1700 feet) homes selling in the lower to mid $800,000s.  Although only 4 homes sold in November 2015 the average sales price was a whopping $951,000.

The many appealing factors to west Torrance are the numerous parks including Entradero, La Romeria, Sunnyglen and Victor, the fantastic schools of the Torrance Unified system including Lynn Middle School, Towers and Victor Elementary and West Torrance High School.  West High was even named to the Newsweek 500 top public high schools in the country.

Fed Opens Door to Rate Increase but Remains Wary on Growth – WSJ

2014-10-09 13.25.16

The Federal Reserve offered several reasons it is still in no great rush to raise short-term interest rates and said it would move when it is reasonably confident that low inflation is on track to return to its 2% target.

Source: Fed Opens Door to Rate Increase but Remains Wary on Growth – WSJ

So Where’s The Big Seasonal Increase in Homes in Torrance?

By Keith KyleHomes for sale in Torrance CA

As a realtor who has been doing this a while, I’ve come to expect a nice increase in houses for sale in mid to late January. As the holidays wrap up, football season ends, and everyone gets back to work, we generally see a nice increase in homes that hit the market. It can often set the tone for much of the year as and abundance of homes early in the year often seems to stabilize the market one way or another. Unfortunately 2015 hasn’t seen that increase as the number of active homes for sale continues to go down at a time when the homes for sale should be going up. It’s still early enough that sellers may yet be holding off for a week or two to put their homes on the market and it would be welcome relief for the home buyers sitting and waiting.

The chart below shows the number of homes for sale represented by the light green bar. As of January 29th there are only 161 homes for sale in all of Torrance.