Pending home sales just keep going up which means that the closed sales will follow the same trend line. July was the 4th straight month that the number of pending homes sales increased. July saw 132 pending home sales which was the highest number since August of 2019 that saw the same number. View the homes that sold in Torrance during July.
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.
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