Just like all cities and towns, the coronavirus uncertainty has impacted the real estate market in Torrance California. We didn't see too much of a change in March, but we definitely started to see a real slow down in April. Although Torrance and the South Bay is more insulated from dramatic shifts than some other areas, there's no doubt it's playing a large role in the current market.
April saw the fewest number of pending home sales in over 7 years with only 45 homes going into escrow. Compare that with 110 pending sales a year earlier and it's pretty clear we're entering a much slower market.
The chart below shows the number of active listings (light green) sold homes (dark green) and pending home sales (red line) The greater the discrepancy between active homes and sold homes indicates a buyers market and when the numbers are closer a sellers market is indicated as inventory is down.
The chart below shows the average price per square foot of homes in Torrance CA. Square footage in the South Bay often doesn't mean as much as in other markets as values can vary so dramatically due to things such as proximity to the beach, views, specific neighborhoods.
The chart below shows the average days on market per month as well as the % of list price that homes sold at. A high % indicates a sellers market as home sell at, or above list price.
The chart below shows the average price for listed home sales in relation to the average price for sold homes.
The chart below indicates the months of home inventory based on closed home sales. Buyer's market: more than 6 months of inventory Seller's market: less than 3 months of inventory Neutral market: 3 - 6 months of inventory