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%

Why You Should Have a Home Inspection When Purchasing a Home in Torrance

Why You Should Have a Home Inspection – Torrance Real Estate

Whether you’re buying an older home or new construction in the South Bay, a home inspection is an absolute necessity. A home inspection will assess the building code conformity as well as all the systems and structural components that make up the building, such as:

  • Structural elements, foundation, framing etc
  • Plumbing systems
  • Electrical systems
  • Heating and Cooling systems
  • Roofing
  • Cosmetic condition, paint, siding, etc.
  • General Environmental Issues.

When you’ve decided upon the South Bay home you want to buy and you’re about to sign the Offer To Purchase real estate contract, make sure there is an inspection contingency in that contract allowing you to get your own professional Home Inspection. “Pre-Selling” or “Pre-Listing” inspections are not common, however, in some cases, a savvy seller may have had their own structural inspection done which they usually will provide to a prospective home buyer. If they are wise, they will have arranged to have any discovered problems corrected.

However, I still insist that my buyer clients have his or her own independent inspection done. Normally, upon acceptance of the Offer To Purchase, you will have 17 days to have the inspection completed, analyze the report and respond to the seller. We will be your eyes and ears at the structural inspection should it not be possible for you to be present yourself.

In the event that hidden problems are revealed through the structural inspection process, you may do one of two things:

  1. If the inspection reveals conditions that change your desire to buy the home, you may terminate the purchase agreement by notifying the seller in writing and provide a copy of the inspection report disclosing the problems.
  2. You may submit a list of the problems discovered in the inspection report, known as a request for repair, to the seller and request that the seller make the necessary corrections and repairs before the deal is closed, or adjust the price accordingly.

The Inspection Report

When you interview a home inspector, ask him what type of report format he provides. There are several types of reports used by inspectors, such as computer generated reports, the checklist format and the narrative style report. Some reports are completed and generated on site and some may take up to a week to complete. There are good and bad points to all of these formats.

Make sure that the inspector will take pictures that explain their descriptions and potential problems.

Hire an inspector that gives detailed descriptions of the home and potential problems instead of vauge and easily missinterpreted descriptions.

“Bathroom Shower Enclosure: Condition – Minor wear, heavy wear, damaged, rust stains, or chips in enamel finish. Recommend sealing drain and pan at base of tile.”

As you can see, this narrative description includes a recommendation for repair. Narrative reports without recommendations for repairing deficient items may be difficult to interpret, should your knowledge of construction be limited.

Make sure, if you do not understand something, that you ask questions. Items in the inspection report that are not serious quite often can be interpreted by a nonprofessional to be a major factor. A good home inspector should be able to put things into perspective and answer all your questions. If for some reason a question cannot be answered at the time of the inspection, the inspector should research the question and obtain the answer for you.

Take the time to become familiar with your home inspection report. If the report has a legend, key, symbols or icons, read and understand them thoroughly. The more information provided to you about the property, the easier it will be to understand the overall condition. If possible, try to be present when the inspector is doing the inspection. You do not have to be there during the entire process, but if you can walk through with the inspector at the end so he can show you the findings of the structural inspection, you will learn a great deal about the home you are about to purchase.

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

Torrance Home Sales and Median Home Prices for September

September was another busy month in South Bay Real estate with a strong number of home sales along with some impressve prices.  Torrance recorded 126 property sales with a median home price of just under $730,000.  The lowest sale of the month was a sharp 1 bedroom condo on Sepulveda for $269,900 with the high sale of the month being a beautiful 4600 foot single family home in the Seaside Ranchos/Christmas Lights area which sold at $2,400,000.  To see all of the homes sold in the South Bay in September visit our recent home sales page.

City Homes Sold September 2017 Median September 2016 Median Year over Year % Change%
Carson 55 $511,000 $462,000 10.5%
El Segundo 9 $1,130,000 $840,000 34.5%
Gardena 48 $475,000 $444,000 7.1%
Harbor City 22 $553,000 $465,000 19%
Hawthorne 46 $595,000 $558,000 6.6%
HermosaBeach 12 $2,150,000 $1,449,000 48.4%
Lawndale 15 $490,000 $479,000 2.3%
Lomita 12 $576,000 $593,000 -2.9%
Long Beach 326 $520,000 $478,000 8.8%
Manhattan Beach 38 $1,877,000 $2,200,000 -14.7%
Marina Del Rey 24 $933,000 $900,000 3.7%
Palos Verdes Estates 43 $1,600,000 $1,4023,000 14.1%
Playa Del Rey 17 $753,000 $538,000 39.9%
Rancho Palos Verdes 52 $1,250,000 $1,035,000 20.8%
Redondo Beach 86 $1,021,000 $1,035,000 20.8%
San Pedro 71 $558,000 $534,000 4.7%
Torrance 126 $728,000 $648,000 12.4%
Westchester 25 $1,140,000 $890,000 15.2%

Happy Halloween from Torrance Real Estate & Homes

From all of us at Torrancerealestatehomes.com, Keith Kyle Homes and Vista Sotheby’s International we wish you and yours a very happy and safe Halloween.  There are so many great areas throughout the South Bay to enjoy Halloween an we hope you have a great one.

The Home Selling Process in Torrance CA

Selling your home in Torrance can be a stressful process. Making the decision to sell, preparing the home for sale, keeping it clean, dealing with showings and open house, search for the right buyer, negotiating offers, and going through the escrow and inspection process…all of these steps can be challenging, stressful and inconvenient. Selling a home both a huge financial transaction but also a very emotional process.

With the help of the right realtor you can get it done, and it may even be easier than you anticipate. Keep in mind that you’re not alone.  An experienced, professional real estate agent can guide you through the process, help resolve any issues that come up, and ensure that your home sells for the optimal price in a timely manner.  It’s critical to find a realtor that you trust as it will make the process far less stressful.  Here are some of the steps:

Choosing a Realtor

Like choosing any service professional it’s important to do your homework before deciding on a real estate agent. Your home purchase or sale likely represents one of the most significant financial transactions of your life, and you definitely want to find the right person for you.  Not all sellers are the same and not all realtors are the same….find the right match is important.

Abilities, production and knowledge matter.  You want someone with experience, knowledge of your home, neighborhood and market, and a Realtor with a proven track record of successful closings.  Keep in mind that you pay most agents the same commission so do your homework and find out which agents do more, sell more, and have a record of success.  Also read online reviews and ask around.  See our reviews and testimonials on Zillow and Yelp

Pricing Your Home

When you want to sell your home, one of the most important steps is setting a price. To best determine what your home is really worth, you’ll need to put aside your personal feelings about the home and ask yourself what homebuyers may actually be willing to pay. It is usually detrimental to base your asking price on emotion and can actually cost you in the long run. Although the home means a great deal to you, homebuyers aren’t likely to take that into account.  Unfortunately what are upgrades to some, may mean some remodeling to others.  Let your realtor give you their honest and professional opinion based on homes they’ve seen, market conditions and a realistic understanding of how potential buyers will see the home.

Market conditions are likely to have the most significant impact on the sale price of your home, so take note of whether the homes in your area are priced high or low and if they’re selling quickly.  Successful realtors will know how your home compares with other homes on the market and recent sales.  This unbiased opinion is critical in coming up with the market value of your home

Feel free to contact me for an opinion of your Torrance home’s proper selling price. I can provide you with a marketing consultation and information about property values in your area. I have been one of the top agents in the Redondo area for over a decade and can use that experience and knowledge to help guide you successfully through the process from start to finish.

Getting the Process Moving

Once you decide to sell your home, you want the process to go quickly. But what do buyers want? It varies with the needs of each individual, but typically buyers are looking for a good neighborhood, good schools,  a clean home that is priced appropriately.

You can’t control all of these factors, but there are some things you can do to make your home sell faster. Start by realizing that you’re competing with other sellers, so your price must be competitive. If it’s not, potential buyers are likely to take their business elsewhere.  Ask your realtor to show you some competing homes and get a sense of why some homes sell quickly and others don’t.

You can also increase the perceived value of your home by adding a few welcoming touches and cleaning it up – both inside and out. Although you can’t do much to change your neighborhood, you can focus on the positive aspects of the area when speaking with potential buyers.

Find out more about Keith Kyle with Vista Sotheby’s International Real Estate or contact me via email, phone or text.

 

How Do I find Off Market and Pocket Listings in Torrance CA?

In this incredibly competitive real estate environment many homes are not even making it to the market.   So how do you find out about these homes?  First it’s important to understand just what we’re talking about.

What does off market or a pocket listing mean?

It can actually mean a few different things but in general, when we refer to homes sold off market or pocket listings these are homes that are never put on the MLS and therefore unknown to most buyers and many realtors.  That means that searching the Redfins and Zillows of the world may mean that you’re not aware of these types of opportunities.

Why would a Torrance homeseller want to sell the home off market?

In general it’s not a great idea.  Fewer buyers that know about the home usually means less competition and ultimately a lower sales price.  That’s certainly not always the case but usually accurate to some extent.  Sellers have many reasons for not wanting to put their home on the market.  It may be due to privacy reasons such as not wanting the neighbor or even the tenant know that the home is for sale.  It may be that they don’t want to deal with some of the hassles that come along with listing a home…..buyer’s and agents that want to show the home at all hours, open houses on the weekends and more people simply curious with few legitimate buyers.  Whatever the reason it does limit the exposure and again usually limits the price.

That’s why it can be a good opportunity for buyers….less competition, fewer bidding wars which generally leads to a lower sales price.

How do I find out about these homes?

Unlike the MLS listings, off market, upcoming and pocket listings are much more elusive.  The key is to work with an agent that has deep connections in the Torrance real estate market and community.  Some of the top realtors in certain areas may share information on these hard to find opportunities and the larger or more numerous the seller and agent networks, the more information the agent can obtain.

We are happy to help you find off market homes in Torrance but this requires a good deal of work, considerable communication with sellers and agents and a readiness to act should the right home come available.  If you would like us to help find off market opportunities and are not currently working with a realtor please feel free to text us at 310-251-2344 or email us with the details of your home search.

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%

Village Palos Verdes – Oceanview Townhomes in the Hollywood Riviera

For many, an oceanview home in the Hollywood Riviera is unaffordable.  One option may be Village Palos Verdes located just south of Palos Verdes drive.  Not only do many of the townhomes have great ocean views but the location is ideal with the community just a short walk to Torrance beach and Paseo De La Playa.  The complex consists of approximately 180 units with current HOA (as of 8/17) around $480 a month.  The street addresses for the homes in Village Palos Verdes are either Calle Mayor, Calle Miramar, Camino De Las Colinas or Palos Verdes Blvd (see map below).

The homes are located very close to Riviera Village shopping and downtown areas.

The homes are a combination of 2 and 3 bedrooms generally on 3 levels ranging between 1350 square feet and 1905 square feet. All have attached garages.  The townhomes were built between 1974 and 1978 with some still having a fairly original feel and some being extensively remodeled.  The community offers a pool and spa and is ideally located just a few blocks from the beach.  Click here to see the current homes for sale in the Hollywood Riviera and Village Palos Verdes.  For many years the concern about the community had been the large special assessment needed to update and renovate the exteriors from the original wood siding.  Those changes took place several years ago and the community now has a wonderful look and feel.

Market Update – Paseo De La Playa

Paseo De La Playa, the oceanfront street in the Hollywood Riviera of Torrance and Redondo Beach, has seen some busy days in the real estate market.  Currently there is the enormous gated estate of 433 Paseo De La Playa listed at a “mere” $16,000,000.  The recent high water mark was set by 517 Paseo De La Playa, a completely renovated home, selling at $5,920,000.  See the current homes for sale on Paseo De La Playa in Redondo Beach.