September was another strong month for the Torrance real estate market but overall market is in danger of slowing down the next few months due to a lack of inventory. For the month of September there were 92 homes sales throughout the various areas of Torrance, including 10 sales in Hollywood Riviera.
The median sale price was $541,875. Both the number of sales and median sale price compare favorably month to month and year to year. August of this year saw 82 sales recorded with a median sale price of $540,000. For September of 2011 there were only 71 sales at a median price of $530,000.
Unfortunately inventory throughout Torrance is drying up. In September there were 202 active listings and 92 sales for a Sales/Listings ratio of 45.54%.
This extremely high Sales/Listings ratio has caused the Estimated Months of Inventory measure to drop to 2.2 months. This is likely going to result in a major drop in sales in October unless there is a dramatic increase in new listings the next few weeks.
For additional information on the Torrance market please contact Hady at 310-404-5361 or click here to submit a request.
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