Torrance CA Home Prices Continue to Rise in December

By Keith KyleSold Sign Torrance

The December numbers are in and if there was any thought that the real estate market in Torrance was slowing down or leveling the numbers certainly say otherwise.

The average home price in Torrance for the homes that closed escrow during December was $620,851* with a median price of $619,000*.  Those are big numbers that still shows no sign of slowing or reversing.   See the chart below for the December home sales numbers for Torrance and the South Bay for December of 2015.

*Based on MLS sales only.  Does not include off market sales information

City Homes
Sold
December
2015 Median
December
2014 Median
Year
over Year % Change
Carson  73 $360,000 $365,000 -1.4%
El Segundo 10 $949,000 $735,000 20.2
Gardena 41 $420,000 $385,000 9.1%
Harbor City 15 $483,000 $467,000 9.1%
Hawthorne 35 $508,500 $667,750 -23.8%
Hermosa Beach 24 $1,475,000 $1,360,000 8.5%
Lawndale 13 $420,000 $415,000 1.2%
Lomita 16 $520,000 $490,000 6.1%
Long Beach 339 $456,000 $395,000 15.4%
Manhattan Beach 34 $2,184,000 $1,689,000 29.3%
Marina Del Rey 31 $905,000 $759,000 19.2%
Palos Verdes Estates 29 $1,456,000 $1,150,000 26.7%
Playa Del Rey 17 $605,000 $482,000 25.5%
Rancho Palos Verdes 48 $1,170,000 $1,135,000 3.1%
Redondo Beach 89 $836,250 $770,000 7.3%
San Pedro 72 $517,500 $492,000 5.2%
Torrance 122 $619,000 $562,000 10.1%
Westchester 34 $951,000 $807,500 17.8%

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.

Torrance Home Inventory Continues to Decline in Early 2015

By Keith Kyle

The housing inventory in Torrance, CA is continuing to shrink with the number of available homes for sale decreasing every month since July of 2014.    The first half of 2014 saw a month over month increase in the available homes peaking in the busy summer buying season but that momentum didn’t last.  The peak month of July saw 232 homes available which has gone down every month since.  As of this post there are currently 151 homes currently on the market in the South Bay’s largest city.  The chart below shows the monthly numbers for active homes for sale (light green) current escrows (red line) and closed home sales (dark green).  Please don’t hesitate to contact us with any questions about the market or to receive an updated list of the current homes for sale.

Current Torrance CA Foreclosures and Short Sales

Updated January 20th, 2015Torrance Home Values

While the number of distressed home sales in Torrance has dropped considerably in the past 2 years there are still a number of homes for sale at some stage of the foreclosure process.  Although these homes are not quite the bargains they were there are some homes that are still priced below market value due to the extra work and patience required by the home buyers.  The process has certainly gotten streamlined by the banks but they are still not as straightforward as traditional sales.

Current Torrance short sales

MLS# Type   Address Type  Price  Bed/Bath Year Built Sq Feet
PW14096768 CONDO/A 22334 Harbor Ridge LN #2 FOR, NOD, SPAY  $340,000 3/2,0,1,0 1980/ASR 1553/A
CV14230210 SFR/D 1157 W 225th ST #A FOR, NOD, SPAY  $639,000 5/3,0,0,0 2007/ASR 3068/A
PV14142427 TWNHS/A 3090 Newton ST NOD, SPAY  $629,000 2/3,0,0,0 2003/ASR 1852/A
OC14157232 SFR/D 2693 Hillside DR FOR, NOD, SPAY  $899,900 4/3,0,0,0 1983/ASR 2698/A
14811725 SFR/D 3227 W 188TH ST SPAY  $549,000 4/3,0,0,0 1950 1854
14797349 SFR/D 2701 W 182ND ST SPAY  $450,000 2/1,0,0,0 1946 961
PW14211431 SFR/D 2756 Border AV SPAY  $565,000 3/2,0,1,0 2003/ASR 2020/A

Current Bank Owned Homes and Foreclosures

MLS# Type   Address Type  Price  Bed/Bath Year Built Sq Feet
SB14231286 SFR/D 1323 W 227th ST REO  $369,900 4/2,0,0,0 1956/ASR 1377/A
DW15005743 SFR/D 2119 W 187th ST REO  $508,300 3/2,0,0,0 1959/ASR 1420/A

Torrance Sees Gain in Home Prices for November 2014

It’s clear that the real estate market slowdown for the holidays didn’t start in November.  At least not for the number of home sales and home prices in Torrance CA.  Torrance posted another strong month with 99 sold homes at a median price of $575,000.  To see the homes that sold in November visit our South Bay monthly home sales site.

City Homes
Sold
November
2014 Median
November
2013 Median
Year
over Year % Change
Carson 44 $385,000 $337,500 14.07%
El Segundo 7 $853,000 $710,000 20.14%
Gardena 36 $394,000 $366,000 7.65%
Harbor City 16 $450,000 $343,750 30.91%
Hawthorne 35 $436,250 $465,000 -6.18%
Hermosa Beach 12 $1,050,000 $1,089,000 -3.58%
Lawndale 12 $432,500 $320,000 35.16%
Lomita 13 $490,000 $400,000 22.50%
Long Beach 262 $380,000 $365,000 4.11%
Manhattan Beach 40 $1,900,000 $1,987,000 -4.38%
Marina Del Rey 32 $822,100 $1,000,000 -17.79%
Palos Verdes Estates 21 $1,860,000 $1,300,000 43.08%
Playa Del Rey 18 $519,750 $525,000 -1.00%
Rancho Palos Verdes 34 $935,000 $1,010,000 -7.43%
Redondo Beach 66 $790,000 $720,000 9.72%
San Pedro 47 $462,000 $422,500 9.35%

Torrance

99

$575,000

$517,000

11.22%

Westchester 27 $805,000 $749,000 7.48%

Torrance Real Estate Market Trends

The market in Torrance has continued to be very favorable to sellers with the demand so high and the inventory still considerably low.  The past 3 months have seen a slight increase in inventory which may be temporary or may be showing signs that the very beginning of a more balanced market is on it’s way.  Keep in mind that Torrance is a big city and prices, demand, values, and trends can vary considerably throughout the city.  The chart below shows the number of active Torrance homes for sale (light green bar) the number of homes that went into escrow (red line) and the number of homes sold in that month (teal bar).  When the trend shows a monthly increase in homes for sale the market is heading towards a more balanced situation.  At the moment it is very much a sellers market.

For buyers, and especially first time buyers, the chart below is a helpful tool to determine what price to offer.  This is for all of Torrance and different neighborhoods vary, and certainly individual homes can be a different situation depending on what price is was listed at.  For the month of September selling prices were within 3% of the list prices.

What does this mean?

For buyers this generally means that “going in low” is probably not the right strategy.  Consult with your realtor as they should have a handle on what the value of the home should be and whether the asking price was set too high, or too low in the hopes of generating multiple offers and a potential bidding war.

July 2014 Median Home Prices in Torrance CA

By Keith KyleNorth Torrance Homes

July 2014 saw some big numbers in terms of both number of homes sold as well as median prices.  Torrance CA  had 142 sold homes at a median price of $540,000 which was down from the same month in 2013.  Most other South Bay cities also saw some significant year over year increases in prices with the other exceptions being  Marina Del Rey and Playa Del Rey.  To see the actual homes sales in each city visit our recent home sales price and information site.

City Homes Sold July 2014 Median July 2013 Median Year over Year % Change
Carson 48 $382,500 $350,000 9.29%
ElSegundo 15 $872,000 $797,000 9.41%
Gardena 50 $385,000 $332,500 15.79%
HarborCity 13 $480,000 $465,000 3.23%
Hawthorne 51 $505,000 $400,000 26.25%
Hermosa Beach 26 $1,230,000 $1,097,500 12.07%
Lawndale 8 $412,000 $331,250 24.38%
Lomita 13 $555,000 $452,000 22.79%
Long Beach 330 $400,000 $365,000 9.59%
Manhattan Beach 43 $1,795,000 $1,521,250 18.00%
Marina Del Rey 33 $757,500 $862,500 -12.17%
Palos Verdes Estates 51 $1,600,000 $1,291,000 23.93%
Playa Del Rey 23 $507,000 $512,000 -0.98%
RanchoPalos Verdes 54 $1,069,000 $1,100,000 -2.82%
Redondo Beach 97 $865,000 $758,000 14.12%
San Pedro 49 $440,000 $420,500 4.64%
Torrance 142 $540,000 $576,250 -6.29%
Westchester 48 $777,500 $715,000 8.74%

Who Pays for What During Escrow in Torrance?

By Keith Kyle21345_Hawthorne_Blvd_#415_bed1 copy

Closing Costs – Who Generally Pays What In a Torrance CA Escrow

Keep in mind that the charts below are based on the standard allocation of costs in Torrance.  As with any detail of buying a home everything is negotiable including who pays what costs during the transaction.  In addition not all of these costs exist in every transaction and many are dependent on the lender, escrow company and the details of the offer.

Title Fees

Cost

Customarily Charged By/To:
Description
Owners Title Policy Title:To Seller Fee for the title policy. Calculated using the sales price.May be reduced if home was purchased or refinanced inthe last 5 years. Insures that the title is as agreedto at closing
LendersTitle Policy Title:To Buyer Title policy issued to lender to cover the amount of the loan.Based on the loan amount unless it is a negative amortizationloan.
Sub Escrow Fee Title:to Buyer & Seller Fee to administer the payoff of loans or property taxes of the seller and collection of funds from the new lender
Document Transfer Tax County: to Seller at $1.10 per thousand of sales priceCity:  No transfer tax in Torrance Fee charged on all properties that transfer title – based on sales price.
Record Release/Reconveyance County:To Seller Charge to record the release/reconveyance
Federal Express/Messanger Fees Federal Express: to Buyer & Seller Charge to deliver all time sensitive documents and monies
Title/Wire Fee Banking Instituion: to Buyer & Seller Charge to wire funds to escrow, seller, lenders, etc
Electronic Recording County: to Buyer Charge to electronically record the document
Record Grant Deed County: To Buyer Charge to record the grant deed
Record Trust Deed County: To Buyer Charge to record the trust deed.
Messenger Messenger Service: To Buyer and Seller Charge to special messenger documents during the escrow: Fee
varies with distance
Lender’s Endorsement Title: to Buyer Charge for endorsements required by lender to cover “outside
the normal” risk circumstances

Escrow Fees

Cost
Customarily Charged By/To:
Description
Escrow Fee Escrow: Each pays own Covers liability assumed as well as standard processing costs.
Demand Fee Escrow: to Seller Charge to request a statement & process involved in getting a payoff figure
to escrow on the outstanding amount of the current loan. One demand fee per loan.
Process HOA Docs & Transfer Fee Escrow: Seller Fee for processing required to assign membership for HOA a& copying all governing documents
Document Fee Escrow: to Buyer Covers the cost of all processing required to meet new lender requirements
Loan Tie-In Fee Escrow: to Buyer Covers the cost of all processing required to meet new lender requirements
Federal Express Federal Express: to Buyer For document packages to out of County Lenders.

Lender Fees

Cost
Customarily
Charged By/ To
Description
Origination Fee Lender: to Buyer Charge for lending money at 1% of the loan amount
Documentation Preparation Lender: to Buyer Paid to lender for preparation of final loan documents
Tax service Tax Service: to Buyer Fee charged to buyer to set up property taxes with the state
Wire Banking institution Charge for the wiring of funds to title for closing
Underwriting Lender: to Buyer Fee to direct lender for the process of approving
Tax impounds Lender: to Buyer Collected to create an impound reserved account for the lender to pay property taxes twice a year
Prepaid Insurance Lender:to Buyer Generally 1yr of hazard insurance collected for impound reserve
account
Appraisal Appraiser:to Buyer Paid directly to appraiser for appraisal of property
Credit Report Lender: to Buyer Paid to credit bureau for report containing 3 credit scores
Processing Lender: to Buyer Paid to mortgage broker for processing loan package from application to closing

Disbursements

Cost
Customarily Charged By/ To
Description
HOA Transfer Fee HOA Management: to Buyer To transfer ownership and handle new accounting set up
HOA Dues HOA Management: to Seller Paid through month of closing
Fire Insurance Insurance Agency: to Buyer 1 year prepaid premium for Homeowners insurance
Notary Notary: to Buyer

Payoffs

Cost
Customarily Charged By/ To
Description
Recording Fee Existing Lender: to Borrower Charge for having reconveyance recorded.
Statement forwarding fee Existing Lender: to Borrower Charge for issuing a payoff statement

Credits and Prorations

Cost
Customarily Charged By/ To
Description
HOA Dues Seller: to Buyer Calculated from date of COA through month-end
County Property Taxes Seller: to Buyer Calculated from the date of payoff through end of period paid for.

Stunning 55+ Condo for Sale in Torrance – 21345 Hawthorne Blvd

By Keith Kyle21345_Hawthorne_Blvd_#415_kitchen1 copy

The 55+ community of Village Court is possibly the best location in the nicest complex in the South Bay. This home is absolutely turnkey and features a spacious bedroom, kitchen with granite counters and large island, big views of the pool and spa area as well as wonderful western exposure offering sunset views and cool ocean breezes. Village Court is a 55+ complex built in 2005 offering all of the best amenities including a resort style pool and spa, large outdoor dining and relaxation area, gym, clubhouse with pool table, beautiful lobby and more.

Spectacular Estate for Sale at 23135 Doris Way in South Torrance

Looking more like an estate found in Palos Verdes than a home in South Torrance, the recent listing at 23135 Doris Way is spectacular in just about every way.  Sitting on a 15,000+ lot, which is extremely rare, even in South Torrance, the home offers the best of all worlds.  Spacious and luxurious interiors with 4600 square feet, 5 bedrooms, and 7 baths.  Built in 2005 this beautiful home offers a level of luxury usually only seen in nearby Palos Verdes and Manhattan Beach.  Contact us for more information.

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