Everything you need to know about this year’s real estate market.

Today, we’re here to update you on the latest changes in the real estate market. A lot has shifted in the last year, so we’re here to make sure you have all of the information you need to make an informed decision. 

First, the number of homes for sale increased by 48% from April 2022 to April 2023. Also, the average sales price increased by 2.5%, indicating a stable and growing market. 

In addition, the California Dream for All program kickstarted the resurgence of active homebuyers as interest rates stabilize. Plus, there are new loan options for self-employed buyers and new down payment assistance programs, so we anticipate an active summer market. 

“You need to stay informed in this ever-changing market.”

There are a few more important statistics to note about the change from April 2022 to April 2023 in Burbank, Glendale, and North Hollywood. First, 211 homes were sold in April of last year, and only 142 were sold this year. In addition, last year’s average sales price was $1,072,000 in April, with the average home having 1,600 square feet at $738 per foot. In April 2023, the average sales price was $1,139,000, with an average of 1,726 square feet at $671 per foot. Lastly, you should know that interest rates rose from 5.415% to 6.447%, and days on market increased from 19 to 30 days. 

Overall, know that it is essential to stay informed and work with a knowledgeable real estate agent and team in this ever-changing market. If you need help or have any questions, don’t hesitate to reach out. You can call or email us anytime and we would be happy to hear from you.