One of the big misconceptions with home buyers, especially first time home buyers, is that you need at least 20% down. That’s often not the case with lenders offering FHA loans with as little as 3.5% down and traditional lenders funding loans with as little at 5%. The lower amount is much easier if it’s a single family home but there are options:
If Torrance CA isn’t the only neighborhood you might be interested in, click on any city, neighborhood or photo below to see a real estate website designed specifically to provide valuable information on that area. See the current homes for sale, recent home sales, market statistics, area maps, photos and more. We hope that our information can help you with your home search. If you want other information or would like our assistance with your search please don’t hesitate to contact Keith Kyle for all of your real estate needs.
South Bay Communities and Real Estate Websites
Vista Sotheby’s International Realty, one of the top real estate brokerages for Torrance, Redondo and the entire South Bay, just recently announced their top 25 agents for 2018 . Torrance/Redondo Beach real estate specialist Keith Kyle was named as one of the highest producing realtors for the year. We are proud to, once again, be named to the list of top producing agents at Vista Sotheby’s International Realty. We wanted to thank all of our friends and clients for putting their trust in us and hope we can earn your trust as well.
Keith has been a full time licensed realtor since 2005 and has been recognized as a “top producer” at both South Bay Brokers and Vista Sotheby’s since 2007. See Keith Kyle’s bio and background information on our about your realtor page.
By Keith Kyle
2018 was a banner year for real estate in Torrance CA. Demand was extremely high and prices continued to rise throughout the year with a slight drop towards the winter months which is not unusual. The number of homes for sale really ramped up after spring from a low of 76 homes on the market in January to a high of 167 homes for sale in July. There were 1,195 residential “on market” home sales in Torrance for the year. These statistics do not include the homes in the Hollywood Riviera with Redondo mailing address but actually in Torrance.
Homes Selling At or Above Asking Price
One extremely impressive indicator of just how strong the market remained through the year was the % difference between list price and sold price (how close the sellers were to full asking price). In seven of the months the average home sold at, or above the average list price and in the remaining 5 months they were within a percent or 2 of full list price. That’s a sign of an extremely seller friendly market.
Days on Market Very Low
Another solid indicator was the average days on market with only topped 30 days once….in January of 2018. Median prices for the year generally overed between $700,000 and $800,000.
|Avg. Active Price||$757.000||$749.000||$815.000||$820.000||$814.000||$780.000||$819.000||$809.000||$ 803.000||$771.000||$727.000||$724.000|
|Avg. Sold Price||$714.000||$739.000||$709.000||$739.000||$806.000||$747.000||$715.000||$721.000||$765.000||$744.000||$735.000||$766.000|
|Avg. Sq. Ft. Price (Sold)||488||484||484||483||503||504||482||495||497||469||495||494|
|Sold/List Diff. %||100||101||102||102||102||101||101||100||100||99||99||100|
|Sold/Orig LP Diff. %||99||100||101||101||102||101||100||99||100||98||98||98|
|Avg Days on Market||34||26||22||22||19||20||23||21||25||30||27||29|
|Median Sold Price||700,000||705,000||690,000||740,000||800,000||732,000||695,000||735,000||743,000||716,000||710,000||758,000|
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.
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.
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.