Although the Torrance real estate market has experienced some of the general pain that has effected the entire South Bay market single family homes sales in November actually increased in November compared to the previous year. This past month the South Bay Association of Realtor reported 53 single family home sales with another 35 pending compared to 48 sales with another 39 pending in November 2007.
Torrance Single Family Homes Sales November 2008
Average sold price for a single family homes in Torrance dropped to $623,000 in November compared to $671,000 in November of 2007. However, the average price for single family homes sold in Torrance has actually been increasing the last few months since hitting a low of $594,000 in September.
Torrance Single Family Home Average Price
The average continuous days on market (CDOM) and percentage of original listing price/sold price ration seem to be somewhat contradictory. Usually as CDOM increases the percentage of original listing price/sold price drops, essentially the two averages are contra indicators of the market’s health. However over the past year in Torrance the average CDOM for single family homes has increased from 46 days to reach 80 days in November while the original listing/sold price ratio actually increased 4.3%.
Torrance Single Family Homes Average Days on Market - November
The conjecture is that home sellers are willing to wait out the market to get their price. The recent drop in interest rates should increase the number of qualified buyers, which given the current trends may result in a decrease in CDOM and a leveling off of the original listing price/sold price ratio at or near it’s current level.
*All reports are published Dec. 2008, based on data available at the end of Nov. 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.
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