Just like all cities and towns, the coronavirus uncertainty has impacted real estate in Torrance CA as well. We’re probably far more insulated
than some other areas but there’s no doubt it’s playing a large role in the current market. April saw the fewest number of pending home sales in the past few years with only 45 homes going into escrow. Compare that with 11 pending sales a year earlier and it’s pretty clear we’re entering a much slower market. The real estate market in Old Torrance was equally impacted with only 1 home entering escrow during April compared with 4 the previous April and 5 just a month earlier.
View the current homes for sale in Torrance
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. 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
2020, Torrance had 81 home sales for the which was well below the 99 sold homes from this time a year ago but still a solid number compared with the dropoff in some other cities. The median list price for the homes that sold was $789,000 with the median “sold” price of $779,000 indicating a strong seller’s market.
Torrance. The median asking price was $749,500 with the median sold price of $756,000 indicating a market very favorable to sellers. The average price per foot was $457.84 and the median days on market was only 10 before going into escrow.