Torrance South Bay Market - Feb '24
Torrance and Greater South Bay market is showing signs of recovery with rising home prices as well as sales. It is still a seller's market due to the very low inventory. Home sales rose in most categories and property types, the prices are higher when compared to a year ago. Home prices are are also higher on the month-to-month basis. See our previous Torrance and Redondo Beach 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. But this situation may be changing now, as I have already mentioned.
We have prepared real estate estate market updates for two selected major markets in South Bay CA and Beach Cities - Torrance and Redondo Beach in order to better understand the local South Bay market. Below you'll find home sales data in February 2024 as they compare to the same period 12 months age, broken down by property type. Torrance single family home sales stayed the same while the average sales price for single family homes was up by 15 percent. Redondo Beach home single family home sales almost doubled y-o-y while the average sales price for single family homes was up by 19 percent. See below for all detailed data. Condo and townhome sales and prices both in Torrance and Redondo Beach picked up in February.
Homes stayed on the market many fewer days than a year ago.
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.
TORRANCE
Single Family Homes
| Torrance | February 2024 | February 2023 | Difference |
| No. of Sales | 35 | 36 | -3% |
| Median Price | $1,225,000 | $1,000,003 | +23% |
| Average Price | $1,235,191 | $1,070,329 | +15% |
| Days on Market | 17 | 33 | -16 days |
Condos and Townhomes
| Torrance | February 2024 | February 2023 | Difference |
| No. of Sales | 28 | 15 | +87% |
| Median Price | $540,000 | $580,000 | -7% |
| Average Price | $662,701 | $623,900 | +6% |
| Days on Market | 31 | 30 | + 1 day |
Torrance Market Report in Real Time
REDONDO BEACH
Single Family Homes
| Redondo Beach | February 2024 | Februry 2023 | Difference |
| No. of Sales | 15 | 10 | +50% |
| Median Price | $1,850,000 | $1,394,500 | +33% |
| Average Price | $1,850,533 | $1,557,900 | +19% |
| Days on Market | 12 | 45 | -33 days |
Condos and Townhomes
| Redondo Beach | February 2024 | February 2023 | Difference |
| No. of Sales | 21 | 22 | - 1 sale |
| Median Price | $1,335,000 | $1,236,500 | +8% |
| Average Price | $1,418,998 | $1,285,750 | +10% |
| Days on Market | 20 | 26 | -6 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:
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