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State of the Torrance Real Estate Market Heading into 2019

Torrance Real Estate Trends

**See updated information on 2020 real estate in Torrance Torrance is far more than one uniform real estate market.  With neighborhoods that range from sub $500,000 to homes in the multi millions, each area has it’s own localized market. Visit Torrance Real Estate for more information on the community and market in Torrance CA In general the real estate market seems to be slowing down heading into 2019.  Demand is cooling with higher interest rates and a fairly regular slow down this time of year when people are busy with the holidays.
According to Torrance realtor Keith Kyle, “It’s clear that the market is cooling off as there has been an increase in new listings coupled with fewer sales and homes going into escrow since summer.”  The chart above shows that the number of active listings has held pretty steady between 150 and 170 since summer, but the number of sold homes as well as new escrows has continued to decrease.  If this trend continues the market will shift more in favor of buyers and less in favor of sellers.  It’s clearly been a sellers market over the past few years. The chart below shows the upward trend over the past few months with avarage “months of inventory” of unsold homes on the rise.
in Home Prices, Homes for Sale, Real Estate Market, Real Estate Trends, Torrance Real Estate Posted by Keith Kyle

Schools are Very Important to the Torrance Real Estate Market

It’s no real secret that good schools help drive real estate values in certain neighborhoods and communities.  Buyers with kids want to be in areas with good schools and that higher demand helps keep values up.  Even those without kids greatly benefit from a strong school system.  The stronger the schools the more insulated a market is from any downturns.  That was very evident in Redondo Beach that saw home prices drop during the recession and housing crisis, but only a very small amount compared with other local areas that do not have as strong a school system.

A recent CAR study showed that 47% of home buyers said good schools were very importan, 23% said that they were somewhat important, 11% said not very important and 19% said that it was not important at all.

The 19% may not realize just how much of an influence schools play on values and demand.  Good elementary schools are often part of a good community and without question most buyers would like to live in a good community.

The Torrance Unified School District is highly ranked and that creates a very high demand, especially for families thinking of living in this coastal community.

The study also conclued that 43% of consumers age 34 or under believe highly rated schools are very important.  58% of consumers earning more than $100,000 a year think that highly rated schools are very important.

in Home Prices, Real Estate Market, Torrance Real Estate, Torrance Schools Posted by Keith Kyle
Coins in tabular chart

Historical Interest Rates since 1972

Many Torrance CA buyers are concerned with interest rates rising with the Fed making it clear that rates will slowly increats.  That’s certainly a valid concern for potential Torrance homebuyers as a higher interest rate means a higher monthly payment which most often means a lower priced home.  Taken in historical standpoint the current rates are dramatically lower than at just about any other time.  The chart below shows the interest rate on conventional and conforming 30 year fixed rate mortgages.  As we’ll see we’ve basically seen rates drop consistently since the high water mark of 16.3% in 1981.  It certainly makes todays current rate in the mid 4% range seem pretty enticing.

 

in Home Prices, Real Estate Trends, Torrance Real Estate Posted by Keith Kyle
Old Torrance homes for sale - 1323 Cota

New Website for Old Torrance Real Estate

If you’re looking for a home in the Old Torrance area of Torrance CA, we’ve created a website to give you real estate information specific to this charming and historic part of town.  OldTorranceHomes.com has everything real estate.

See information on current homes for sale in Old Torrance, sellers can find the value of their homes, search the MLS and see blog posts for this unique area.

Old Torrance real estate.com

in Buyers, Home Prices, Homes for Sale, Old Torrance, Real Estate Market Posted by Keith Kyle
California's hot real estate market infographic

The Incredible California and Torrance Real Estate Market

California real estate is absolutely incredible and the markets in the South Bay and Torrance is even more frenzied.  According to the CAR 2017 annual housing survey 60.4% of all homes listed received multiple offers and 32.9% sold over the list price!  Click here to see the latest Torrance real estate statistics including prices, days on market % of list price homes are selling for and more.
California's hot real estate market infographic

in Home Prices, Homes for Sale, Real Estate Trends, Torrance Real Estate Posted by Keith Kyle
Redondo Beach homes for sale - Ford

November 2017 Median Home Prices in Torrance, CA

November 2017 was a solid month for home sales in Torrance, CA. 

There were 117 homes, townhomes, condos and multi unit properties sold  in the month at a median home price of $700,000 which was a 6.6% increase from the same month a year earlier.  The number of sales was down slighty from October which saw 127 homes sell.

The lowest price of the month was $265,000 for a one bedroom condo with the highest priced sale of the month being $1,550,000 for a 4 bedroom single family home in South Torrance.

To see the sold homes in Torrance CA visit our recent home sales page.

City # of sold homes November 2017 Median November 2016 Median Year over Year % Change%
Carson 49 $476,000 $450,000 5.9%
El Segundo 12 $1,243,000 $816,000 52.3%
Gardena 52 $533,000 $504,000 5.7%
Harbor City 10 $555,000 $523,000 6.1%
Hawthorne 30 $577,000 $575,000 .3%
Hermosa Beach 20 $1,550,000 $1,380,000 12.3%
Lawndale 18 $515,000 $393,000 31.2%
Lomita 11 $599,000 $473,000 26.8%
Long Beach 318 $510,000 $490,000 4%
Manhattan Beach 35 $2,300,000 $1,863,000 23.5%
Marina Del Rey 33 $925,000 $955,000 -3.1%
Palos Verdes Estates 27 $1,510,000 $1,550,000 -2.6%
Playa Del Rey 21 $710,000 $658,000 7.9%
Rancho Palos Verdes 31 $1,108,000 $1,088,000 1.8%
Redondo Beach 79 $955,000 $900,000 6.1%
San Pedro 55 $550,000 $515,000 6.8%
Torrance 117 $700,000 $656,000 6.6%
Westchester 35 $1,015,000 $943,000 7.6%
in Home Prices, Homes for Sale, South Torrance, Torrance Real Estate Posted by Keith Kyle