South Bay Real Estate Report for August '23
South Bay real estate market is now a seller's market due to the very low inventory, stagnant home sales, high interest rates reducing the buyer pool. While the sales numbers are down, the prices are steady or a bit higher when compared to a year ago. See our July Report to compare numbers on the month to month basis. Higher interest rates have impacted buyers but the low inventory dampens their impact on home prices.
Below are real estate market reports for selected major markets in South Bay CA and Beach Cities - Torrance and Redondo Beach. Below you'll find property selling data in August '23 vs. August '22, broken down by property type. Torrance home sales were down by 9 percent while the average sales price for single family homes was up by 1 percent. Redondo Beach home sales were up by 15 percent y-o-y while the average sales price for single family homes was up by 29 percent. See below for all detailed data.
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TORRANCE
Single Family Homes
| Torrance | August 2023 | August 2022 | Difference |
| No. of Sales | 70 | 64 | -9% |
| Average Price | $1,201,553 | $1,194,196 | +1% |
| Median Price | $1,171,000 | $1,133, | +3% |
| Days on Market | 16 | 14 | -1 day |
Condos & Townhomes
| Torrance | August 2023 | August 2022 | Difference |
| No. of Sales | 33 | 22 | +50% |
| Average Price | $716,641 | $709,900 | +1% |
| Median Price | $670,000 | $710,000 | -6% |
| Days on Market | 14 | 19 | -5 days |
Torrance real estate inventory trends:
Torrance Market Report in Real Time
REDONDO BEACH
Single Family Homes
| Redondo Beach | August 2023 | August 2022 | Difference |
| No. of Sales | 23 | 20 | +15% |
| Average Price | $2,184,505 | $1,698,250 | +29% |
| Median Price | $1,370,000 | $1,651,000 | +1% |
| Days on Market | 8 | 23 | -15 days |
Condos & Townhomes
| Redondo Beach | August 2023 | August 2022 | Difference |
| No. of Sales | 39 | 32 | +22% |
| Average Price | $1,351,000 | $1,336,251 | +1% |
| Median Price | $1,360,000 | $1,255,000 | +8% |
| Days on Market | 12 | 20 | -8 days |
Redondo Beach real estate inventory trends:
Redondo Beach Market Report in Real Time
Every market is different, sometimes a couple of blocks make a bit difference. Contact us at (310)918-5027 for your Free home evaluation or click below to get an instant report:
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