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South Bay January 2024 Market Report

By
Real Estate Broker/Owner with Broker California Lic 01485187

South Bay January 2024 Market Report

South Bay January 2023 real estate market profile has not changed when compared to last few months. It is a seller's market due to the very low inventory, low demand, lower property sales, high interest rates reducing the homebuyer pool.  Home sales are down, the prices are steady or higher when compared to a year ago. See our previous monthly reports 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. Homeowners are hesitant to put their houses on the market and give up their low mortgage interest rates.

We prepared the real estate estate market updates for two selected major areas in South Bay CA and Beach Cities - Torrance and Redondo Beach real estate in order to better understand the local South Bay market. Below you'll find home sales data in January 2024 as it compares to the same period 12 months age, broken down by property type. Torrance single family home sales were down by 29 percent while the average sales price for single family homes was up by 7 percent. Redondo Beach home single family home sales were up by 33 percent y-o-y while the average sales price for single family homes was up by 11 percent. See below for all detailed data. Condo and townhome sales and prices both in Torrance and Redondo Beach picked up in January.


You may create your own market report for any market, city, zip code, area, property type, save and receive email update. It'll help you to be current with your area market conditions. These reports can be helpful if you're either a buyer or a seller in South Bay LA. Call us at (310)918-5027 with any questions.

 Contact us for your Free Home Evaluation.  Call (310)918-5027 today. We'll be happy to help!

TORRANCE

Single Family Homes

Torrance January 2024 January 2023 Difference
No. of Sales 29 41 -29%
Average Price $1,166,820 $1,093,441 +7%
Median Price $1,100,000 $1,120,000 -2%
Days on Market 22 43 -21 days

 

Condos and Townhomes

Torrance January 2024 January 2023 Difference
No. of Sales 15 9 +67%
Average Price $748,545 $666,444 +12%
Median Price $748,889 $659,000 +14%
Days on Market 32 31 + 1 day

 

Torrance Market Report in Real Time

REDONDO BEACH

Single Family Homes

Redondo Beach  January 2024 January 2023 Difference 
No. of Sales 11 8 +33%
Average Price $1,745,091 $1,765,679  -1%
Median Price $1,825,000 $1,643,716 +11%
Days on Market 44 63 -19 days 

 

Condos and Townhomes

Redondo Beach January 2024 January 2023 Difference
No. of Sales 16 13 +23%
Average Price $1,419,744 $1,318.462 +8%
Median Price $1,423,000 $1,275,000 +12%
Days on Market 39 36 +3 days

Redondo Beach Market Report in Real Time 

Every market is different, sometimes a couple of blocks make a difference in valuation.  Contact us at (310)918-5027 for your Free home evaluation or click below to get an instant report:

torrance home evaluation

 

South Bay January 2024 Market Report

 

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If you are Buying, Selling or Relocating to the South Bay Los Angeles area and need help from the experienced, professional REALTOR®, I would be happy to assist you! Call (310)918-5027 or visit my South Bay real estate website for Free property searches and to sign up for free listing alerts, Redondo Beach, Torrance, Beach Cities real estate resources Free Home Evaluation and more!  Find me online:

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Comments (2)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Enjoyed your blog page, and I added you as a follower. I would love the follow back. Also, then we both get 50 points. Bill

Bill Salvatore, Realtor- Arizona Elite Properties

Feb 17, 2024 04:58 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Great report, informative as always.  Thank you for sharing.

Feb 18, 2024 04:33 PM