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What happened to the market this November versus this time last year?

What happened to the Burbank, Glendale, and the North Hollywood market from November 2021 to November 2022? Today I’m sharing a quick market update comparison to help guide you with your real estate plans. 

 

Sales last November were at 212 while this November is at 138. This is down by over 53%. The average sales price last year was $1,024,000 while this year is $1,072,000, which is up by only 4% year over year.

The average square footage last year was 1,612 while this year is 1,635, which is up by only 1%. The average price per square foot last November was 679, while this year is 664, which is down by 2%. Lastly, the interest rates last November were at 3.270%, while this year is at 6.541%. The interest rates have more than doubled year over year, and are up by 3.271%. 

That's the news for now. Enjoy the holidays, and we hope you enjoyed this report. If you have any questions or comments, call or email us. We’re always here to help!