There were 164 homes sold in Torrance CA during August of 2016. This compares to 124 during the same time period the previous year. So all in all the market is very healthy with strong buyer demand. The average sales price in 2015 was $610K and in 2016 $661K. So prices over all went up almost 10%.
Single Family Residences (SFRs) comprise the bulk of the sales with 111 houses changing hands during August, about 66% of the activity. SFR prices ranged from $340K for a 784 SqFt 2/1 with "major foundation issues" up to $1,225,000 for a 2761 SqFt rebuilt 2006 3 bedroom luxury home in Southwood.
So as you most certainly know, Torrance encompasses a wide range of properties and neighborhoods. So let's take a deeper dive into what's going on.
SOUTH TORRANCE 90505
There were 40 homes sold in 90505 during August. That's 24% of the total sales in Torrance for the month. SFRs were 30 sales, 75% of the total. Other than one house - again with a foundation issue which sold for $570K, to buy a SFR in 90505 you should budget $700K or more. In the higher end luxury segment, 11 homes were over $1M (36%). The median sales price was 902,500 and the average sales price was $933,408. As for condos and townhomes, age restricted senior properties start at $215K and higher end townhomes top out at about $725K or more or less where SFRs start.
WEST TORRANCE 90503
There were 37 homes sold, just a little less than in South Torrance, 22.5% of the total, not far off from South. The average sales price was $720K. Only one home sold for over $1M and 4 in the $900K range. As of this writing, West Torrance remains one of the few neighborhoods in the South Bay where there is still an inventory shortage. SFRs were 25 of the 37 sales. While it is still possible to find a house for under $600K, best to budget over $700K and leave some more money aside for updates and improvements. The further west you go, the higher the prices.
NORTH TORRANCE 90504
There were 31 sales in North Torrance comprised of 27 SFRs and 4 condos-townhomes. For those on a budget, want a SFR and looking for value you should definitely evaluate this neighborhood. The biggest bang for the buck may be south of Artesia and West of the 405 provided that you aren't too close to the 405. The refinery and power lines are definitely drags on value but there are some really nice pockets.
SFR prices range from $340K (foundation issues) up to $850K. Average selling price is $650K and you can get a nice house for that price if you are patient. There are also some great townhouses available at a steep discount to North Redondo Beach prices.
COUNTY STRIP 90502
This is the part of Torrance with Torrance PO but LA County Services. As such it is less desirable to many buyers and therefore the prices are lower. Sales ranged from Sales ranged from $220K for a one bedroom condo up to $610K for a 4 bedroom SFR. Nice houses can be found in the $500's and townhomes in the $4's.
SOUTHEAST TORRANCE 90501
There were 36 sales in 90501. This is a trickier zip code as to value. Here's why. You have everything from Harbor Gateway which is again LA schools not Torrance up to SFR homes that sell for almost $1M. So let's look at some of things separately. Ten of the sales were in County Strip and prices range from $365 up to $565K. For "real" Torrance the price range is $550K up to $980K.