(818) 953-5300

brad@bradkorb.com

The changes we’ve seen in the real estate market over the past year.

In this month's market review, we'll be diving into the real estate trends of Burbank, Glendale, and North Hollywood, comparing the data from June 2022 to June 2023. These areas have always been sought-after locations for homebuyers and investors alike, so it's essential to stay informed about recent developments in the market.

Last year, in June 2022, there was a total of 205 homes sold in the region. The average sales price stood at $1,139,000, with an average square footage of 1,665 square feet and an average price per square foot of $762. The interest rate during that month was approximately 5.344%.

Fast forward to June 2023, and we observe some notable changes. The number of homes sold decreased to 159, indicating a 28% decline in sales compared to the previous year. The average sales price also experienced a slight dip, coming down to $1,135,000. Moreover, the average square footage was 1,631 square feet. The average price per square foot saw a minor change, dropping to $726, and the month ended with an interest rate of 6.719%. These changes suggest a shift in demand and market dynamics in the region.

“Understanding these trends and working with a knowledgeable agent can ensure a successful and smooth real estate journey.”

It's crucial to note that real estate is always dynamic and ever-changing. Several factors can influence the market, such as economic conditions, interest rates, and buyer preferences. To navigate through these changes successfully, it is essential to work with an experienced real estate agent who can provide valuable insights and guidance.

Despite the decline in the number of homes sold, the average sales price remaining relatively stable is a positive sign for the Burbank, Glendale, and North Hollywood areas. It showcases the resilience of the local real estate market even in the face of challenges.

If you have any questions or need assistance with anything related to real estate, don't hesitate to reach out. Our team is always ready to help you navigate the market and find the best opportunities that suit your needs.