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Torrance Real Estate – By the Numbers

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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

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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%

Prop 60 and 90 Information for Torrance Home Buyers and Sellers

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Please note that these propositions are no longer in effect and have been replaced by the information in Prop 19 in signing real estate paperworkCalfornia

**Propositions 60 and 90 are Constitutional initiatives passed by California voters. They provide property tax relief by preventing reassessment when a senior citizen sells his/her existing residence and purchases or constructs a replacement residence worth the same or less than the original. They were enacted to encourage a person, age 55 or older to “move down” to a smaller residence. When a senior citizen acquires a replacement property worth less than the original property, he/she will continue to pay approximately the same amount of annual property taxes as before.

How Do These Propositions Work?

When the senior citizen purchases or constructs a new residence, it is not reassessed, if he/she qualifies. The Assessor transfers the factored base value of the original residence to the replacement residence. Proposition 60 originallyrequired that the replacement and the original be located in the same county. Later, Proposition 90 enabled this to be modified by local ordinance. Los Angeles County enacted an ordinance to provide that when the replacement is located in Los Angeles County, the original property may be located in any other California county.

Who Qualifies?

If you or your spouse that resides with you are age 55 or older, you may buy or construct a new home of equal or lesser value than your existing home and transfer the trended base value to your new property. This is a one-time only benefit. You must buy or complete construction of your replacement home within two years of the sale of the original property. Both the original home and the new home must be your principal place of residence. A claim must be filed within three years of purchasing or completing new construction of the replacement property. If a claim is filed after the three-year period, relief will be granted beginning with the calendar year in which the claim was filed.
Once you have filed and received this tax relief, neither you nor your spouse who resides with you can ever file again.

Eligibility Requirements

  1. The replacement property must be your principal residence and must be eligible for the Homeowners’ Exemption or Disabled Veterans’ Exemption.
  2. The replacement property must be of equal or lesser “current market value” than the original property. The “equal or lesser” test is applied to the entire replacement residence, even if the owner of the original property acquires only a partial interest in the replacement residence. Owners of two qualifying original residences may not combine the values of those properties in order to qualify for a Proposition 60 base-year transfer to a replacement residence of greater value than the more valuable of the two original residences.
  3. The replacement property must be purchased or built within two years (before or after) of the sale of the original property.
  4. Your original property must have been eligible for the Homeowners’ or Disabled Veterans’ Exemption.
  5. You, or a spouse residing with you, must have been at least 55 years of age when the original property was sold.  Back to home buyer tips and FAQs

When Are These Propositions Effective?

The replacement residence must have been purchased or constructed on or after November 5, 1986 if the original was located in Los Angeles County. The replacement residence must have been purchased or constructed on or after November 9, 1988 if the ongmal was located in any other California county. Claims must be filed within three years following the purchase of the replacement residence.

Were Are Claim Forms Available?

They are distributed at Assessor’s public counters, in Room 225 of the
Kenneth Hahn Hall of Administration, and in district offices. If you need additional information, call (213) 893-1239.

Counties Accepting Prop 90 Transfers:

 

Alameda
Orange
San Diego
Tuolumne
El Dorado * (set to expire 2021)
Riverside
San Mateo
Ventura
Los Angeles
San Bernardino
Santa Clara

**much of the information above and some additional information can be found at the County Assessor flyer at https://assessor.lacounty.gov/wp-content/uploads/2015/02/E-20.pdf

 

 

August 2017 Home Sales and Home Prices for Torrance CA

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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%

The Home Selling Process in Torrance CA

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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.