The final numbers for the Torrance real estate market in 2008 are in and although it was a tough year for home sellers there were some interesting market developments towards the end of the year that may indicate a brighter 2009 for sellers.

According to the South Bay Association of Realtor overall sales for the year were down 15% compared to 2007.   The month of December saw 68 sales (singe family homes, condos/townhouses, and residential income) down from a 2008 high of 109 sales in August.

Torrance Real Estate Sales for 2008

The original listing price/sale price percentage started the year at 92% and steadily rose throughout the year before settling into a 96-98% range the last quarter. This is most likely due to a combination of factors including lowered initial pricing that more accurately reflected the market demand, lower mortgage rates, and a drop in the inventory of properties on the market.

Torrance Original List Price/Sold Price Ratio 2008

Typically a supply of six months or more home inventory indicates a buyers market, three months or less a sellers market with a 3-6 month supply neutral. The drop in inventory throughout 2008 changed the market in Torrance from a strong buyers market at the start of the year to a neutral market that was clearly trending towards the seller side in December. This combined with low interest rates and a potential increase in the conforming loan limit could push the market to the sellers advantage in 2009.

Torrance Housing Supply 2008

* All reports presented are based on data supplied by the South Bay Association of Realtor or its MLS. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

This entry was posted on Monday, January 19th, 2009 at 8:36 pm and is filed under South Bay Real Estate Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.