South Bay Real Estate Year End Report
South Bay real estate market was a seller's market in 2023. The buyer demand was lower than in the previous year due to higher mortgage interest rates and very low inventory of homes available for sale. Home sellers who had in recent years locked in historically low interest rates on their loans have stayed put. Thus the imbalance in our market.
We prepaired real estate estate market updates for selected major areas in South Bay CA and Beach Cities - Torrance and Redondo Beach in order to better understand the area market conditions. Below you'll find property sales data in the year 2023 as it compares to the year 2022, broken down by property type. Torrance home sales were lower by 14 percent while the average sales price for single family homes was down by 3 percent. Redondo Beach home sales were down by 8 percent y-o-y while the average sales price for single family homes was up by 1 percent. See below for all detailed data.
You may create your own market report for any market, city, zip code, area, property type, save and receive email updates. It'll help you to be current with your area market conditions. These reports can be helpful if you're either a buyer or a seller in South Bay LA.
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TORRANCE
Single Family Homes
| Torrance | Year 2023 | Year 2022 | Difference |
| No. of Sales | 634 | 737 | -14% |
| Median Price | $1,124,500 | $1,150,000 | -2% |
| Average Price | $1,154,853 | $1,191,430 | -3% |
| Days on Market | 22 | 19 | +3 days |
Condos and Townhomes
| Torrance | Year 2023 | Year 2022 | Difference |
| No. of Sales | 257 | 356 | -28% |
| Median Price | $675,000 | $687,500 | -2% |
| Average Price | $681,821 | $699.476 | -3% |
| Days on Market | 27 | 18 | +9 days |
Torrance Market Report in Real Time
REDONDO BEACH
Single Family Homes
| Redondo Beach | Year 2023 | Year 2022 | Difference |
| No. of Sales | 233 | 254 | -8% |
| Median Price | $1,592,906 | $1,685,000 | -6% |
| Average Price | $1,920,758 | $1,894,469 | +1% |
| Days on Market | 29 | 19 | +10 days |
Condos and Townhomes
| Redondo Beach | Year 2023 | Year 2022 | Difference |
| No. of Sales | 329 | 397 | -17% |
| Median Price | $1,280,000 | $1,269,500 | +1% |
| Average Price | $1,326,628 | $1,335,415 | +1% |
| Days on Market | 32 | 19 | +13 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:
