HOUSING MARKET UPDATE

SPOTLIGHT ON TORRANCE | JULY 2021

Incorporated in 1921, Torrance is celebrating 100 years!

Covering roughly 21 square miles, Torrance has a population of 146,000+ and is LA County’s 8^th largest city. Featuring 6 libraries, 46 parks and recreation facilities and 1.5 miles of beach. Torrance Beach lies South of Redondo Beach and the southernmost stretch is known to locals as RAT Beach (Right After Torrance).

Torrance is special for many reasons:^1

It’s Patriotic tradition – home to the longest running military parade in the U.S., The Armed Forces Day Parade & Celebration

Farmer’s Market – Offered on Wednesday’s and Saturday’s, the community can count on fresh, local, seasonal produce, plants, flowers, nuts, eggs, honey, baked goods, artisan cheese and more!

Craft Beer Hub – Home to a thriving craft beer scene, with 11 craft breweries, Torrance has been voted “Best Beer City in LA”.

Madrona Marsh Nature Center and Preserve – Known as “an island of wilderness in the city”, it is the last vernal freshwater marsh in LA County.

Torrance Arts & Venues and Sports – Torrance boasts an Art Museum, Theatre Company, Civic Chorale and a Cultural Center with hundreds of classes. Additionally, there is a sports center, a public aquatic center and 6 libraries.

Some of the businesses in Torrance are: Honda, Pelican, Robinson Helicopter, Alpine, Eldebrock, Sunrider and many more!

In July, Torrance had 138 Closed Sales, including Single Family Residence and Condo/Townhome properties. SFR homes sold for 107.5% of list price in July with a Median Closed Sale Price of $1,025,000 which is a 13.4% increase year over year in July. Torrance has a 1.4-month inventory supply, which indicates a very strong Seller’s Market. The price per square foot of home in the city is $697/sq ft for SFR and $520/sq ft for Condo/Townhomes.

According to the California Association of REALTORS, our state’s median home price set a new record high for the fourth straight month in June. With a slight price increase of 0.2 percent on a month-to-month basis, the median price is $819,630 in June, up from May’s $818,260. The year-over-year increase was 30.9% from the $626,170 recorded last June. The median price in California also remained above the $800,000 benchmark for the third consecutive month.

Hope may be on the horizon for some buyers as “we’re starting to see what a difference just a slight uptick in inventory and listings can do to help lessen the buying frenzy and create a sense of normalcy,” said C.A.R. President Dave Walsh. “The market is still extremely competitive, with 70 percent of homes selling above list price; however, the number of new listings increased in June, and both the share of listings with a reduced price and median reduction amount increased, giving buyers more opportunities to purchase.”2

Below is an Interactive Chart showing median sales prices in Torrance since 2008:

Below, please see some stats on other South Bay cities. Don’t see your city or neighborhood, we’re happy to help!