The market definitely had some interesting shifts compared to last year.

Today, we want to give you a quick market comparison of what's going on in the Burbank, Glendale, and North Hollywood markets. We’re comparing year-over-year numbers from January 2022 to January 2023.

Last January, we had 171 closed sales. Compared to this January, where we had 89, that's off by over 52%. The average sales price last January was $1,072,000. Meanwhile, the average sales price in January 2023 was $1,000,180, which is up 10% year over year. The average square footage last January was 1,647. Compared to this January with 1,760, that's up 6%. The price per square foot last January was $694. Compared to this January at $677,  that's off by a little bit over 2%.

The other big factor is the interest rates. Interest rates last January at the very end were 3.774%. Compared to this January at 6.158%, we are up year over year by 2.384%. That’s a 63% increase. the Federal Reserve did raise the interest rates this month, but we also saw a drop in the interest rates after they made the announcement.

That's great news for the buyers. Do you have any questions or comments? I'm here for you—just an email or a phone call away. We are always happy to help with all of your real estate needs.