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A snapshot of how the market shifted over the past 12 months.

Welcome to our monthly real estate market update for the Burbank, Glendale, and North Hollywood areas. Today, we'll take a closer look at the real estate trends from August 2022 to August 2023.

In August 2022, a total of 124 homes were sold in these neighborhoods, boasting a median sales price of $1,050,000. The average price per square foot stood at $686, while the mortgage rate at the month's end was approximately 5.806%.

Now, let's fast forward to August 2023. We observed a shift in the market dynamics. During this period, 100 homes were sold, and the median sales price showed a slight increase to $1,065,000. However, there was a minor decrease in the average price per square foot, which came in at $634. Additionally, the interest rates saw an increase, closing at 7.072% by the end of August 2023.

Despite market fluctuations, these areas have remained attractive to buyers.”

There are some intriguing trends in these numbers. Despite a 24% decrease in the number of homes sold in August 2023 compared to the same month in 2022, the average sales price went up by just 1%. This suggests a stable market in Burbank and slight fluctuations in North Hollywood. The average price per square foot experienced only a minor decrease of just $52.

What's noteworthy is the significant increase in interest rates, which rose by 21% during this one-year period. This reflects broader economic factors that impact the real estate landscape. It's important to remember that the real estate market is constantly evolving, making it crucial to stay informed and work closely with knowledgeable real estate professionals.

In spite of market fluctuations, these areas have remained attractive to buyers. It's essential to stay vigilant and adapt to changing market conditions. We look forward to providing you with another update next month, where we'll compare September 2022 to September 2023. If you have any real estate questions or need further updates or insights into your home's worth, don't hesitate to give us a call at (818) 953-5300.