South Bay Real Estate Report for August '23

South Bay real estate market is now a seller's market due to the very low inventory, stagnant home sales, high interest rates reducing the buyer pool.  While the sales numbers are down, the prices are steady or a bit higher when compared to a year ago. See our July Report 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.

Below are real estate market reports for selected major markets in South Bay CA and Beach Cities - Torrance and Redondo Beach. Below you'll find property selling data in August '23 vs. August '22, broken down by property type. Torrance home sales were down by 9 percent while the average sales price for single family homes was up by 1 percent. Redondo Beach home sales were up by 15 percent y-o-y while the average sales price for single family homes was up by 29 percent. See below for all detailed data.

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TORRANCE

Single Family Homes

Torrance August 2023 August 2022 Difference
No. of Sales 70 64 -9%
Average Price $1,201,553 $1,194,196 +1%
Median Price $1,171,000 $1,133,000 +3%
Days on Market 16 14 -1 day

 

 

Condos & Townhomes

Torrance August 2023 August 2022 Difference
No. of Sales 33 22 +50%
Average Price $716,641 $709,900   +1%
Median Price $670,000 $710,000 -6%
Days on Market 14 19 -5 days

 

Torrance Market Report in Real Time

 

REDONDO BEACH

Single Family Homes

Redondo Beach August 2023 August 2022 Difference 
No. of Sales 23 20 +15%
Average Price $2,184,505 $1,698,250 +29%
Median Price $1,370,000 $1,651,000 +1%
Days on Market 8 23 -15 days 

 

Condos & Townhomes

Redondo Beach August 2023 August 2022 Difference 
No. of Sales 39 32 +22%
Average Price $1,351,000 $1,336,251 +1%
Median Price $1,360,000 $1,255,000 +8%
Days on Market 12 20 -8 days

 

Redondo Beach Market Report in Real Time 

Every market is different, sometimes a couple of blocks make a bit difference.  Contact us at (310)918-5027 for your Free home evaluation or click below to get an instant report:

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