The Torrance average sales price decreased 10.1 percent in May 2009 compared to May 2008, bringing the average price to $514,395. The number of sales increased to 96 closed sales a 23% increase in volume! Meanwhile, the average market time decreased from 69 days a year ago to 68 days last month..
| Torrance | Sold Listings |
Average Sales Price |
Average DOM |
| May 2009 | 96 | $514,395 | 68 |
| May 2008 | 78 | $566,442 | 69 |
*All stats are compiled from the Multi Regional Multiple Listing Service. Information is deemed reliable but not guaranteed.
Increased sales in Torrance reflect a stabilization of the South Bay real estate market as home buyers respond to increased affordability and more moderate prices.
Although avg April '09 - $458,037, May '09 - $514,395 price in May was lower than a year ago, it is higher than last month by 12.3%. April average price was at $458,037. It's difficult to say if this is a trend because overall prices in Torrance and in the Greater South Bay area are skewed downward. This is due to the fact that the number of lower priced bank owned properties dominate high end properties. High end inventories are very low and so are sales in prime, high priced areas.
For more information on Torrance, beach cities and greater South Bay real estate, please visit http://www.ISellSouthBay.com or http://www.TorranceRealEstateOnline.com
Comments(0)