Torrance market showed a few signs of recovery in terms of rising home prices as well as sales in February. It is still a seller’s market due to the very low inventory, but more and more buyers decided to go ahead with the home purchase. Mortgage originations went up and confirmed it. Home sales are up in most categories, 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 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, as I have already mentioned.
Please continue reading to see real 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 fewer days than a year ago, another sign of recovery.
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TORRANCE MARKET UPDATE
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 MARKET UPDATE
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:
