Torrance South Bay Feb 2024 Market Report

Torrance South Bay Feb '24 Market

Torrance and Greater South Bay real estate market is showing signs of recovery in terms of rising home prices as well as sales. It is still a seller's market due to the very low inventory.  Home sales are up in most categories, the prices are higher when compared to a year ago. Home prices are are also higher on the month-to-month basis. See our previous Torrance and Redondo Beach monthly reports 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. Homeowners are hesitant to put their houses on the market and give up their low mortgage interest rates. But this situation may be changing, as I have already mentioned.

We have prepared real estate estate market updates for two selected major markets in South Bay CA and Beach Cities - Torrance and Redondo Beach in order to better understand the local South Bay market. Below you'll find home sales data in February 2024 as they compare to the same period 12 months age, broken down by property type. Torrance single family home sales stayed the same while the average sales price for single family homes was up by 15 percent. Redondo Beach home single family home sales almost doubled y-o-y while the average sales price for single family homes was up by 19 percent. See below for all detailed data. Condo and townhome sales and prices both in Torrance and Redondo Beach picked up in February.

Homes stayed on the market many fewer days than a year ago.

You may create your own market report for any market, city, zip code, area, property type, save and receive email update. 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. Call us at (310)918-5027 with any questions.

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TORRANCE

Single Family Homes

Torrance February 2024 February 2023 Difference
No. of Sales 35 36 -3%
Median Price $1,225,000 $1,000,003 +23%
Average Price $1,235,191 $1,070,329 +15%
Days on Market 17 33 -16 days

 

Condos and Townhomes

Torrance February 2024 February 2023 Difference
No. of Sales 28 15 +87%
Median Price $540,000 $580,000 -7%
Average Price $662,701 $623,900 +6%
Days on Market 31 30 + 1 day

 

Torrance Market Report in Real Time

 

REDONDO BEACH

Single Family Homes

Redondo Beach  February 2024 Februry 2023 Difference 
No. of Sales 15 10 +50%
Median Price $1,850,000 $1,394,500  +33%
Average Price $1,850,533 $1,557,900 +19%
Days on Market 12 45 -33 days 

 

Condos and Townhomes

Redondo Beach February 2024 February 2023 Difference
No. of Sales 21 22   - 1 sale
Median Price $1,335,000 $1,236,500 +8%
Average Price $1,418,998 $1,285,750 +10%
Days on Market 20 26 -6 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:

torrance home evaluation

 

Torrance South Bay Feb '24 Market Report