Addison Real Estate Market Conditions: November 2016

Addison Real Estate Market

The Addison Real Estate Market continues to perform well despite rising market times with extremely low inventory and strong sales.

Addison Market Times

Market times for Single Family homes in Addison increased more than 100% in November. Homes were on the market for 119 days in November compared to 59 days last year at the same time. However, the time a condo/townhome stayed on the market decreased significantly in November with 38 days, compared to last year when it was 94 days.

Addison real estate market average market time

Addison Months Supply

Inventories keep shrinking. November ended with 3.7 months supply of single family homes for sale in Addison. A decrease of almost 10% compared to last year at this time when there was 4.1 months supply of homes for sale. The supply of condos and townhomes decreased also from 3.1 months last year to an incredibly low 1.9 months supply this year, more than a 38% decrease.

Addison real estate market months supply

Addison Homes For Sale

Addison home inventory continues to decrease. At the end of November there were 90 single family homes for sale in Addison. Down 13.5% from last November at this time when there were 104 homes for sale. The number of condos and townhomes for sale also decreased this year with 16 for sale at the end of Nov 2016 compared to 28 in Nov 2015, almost a 43% decrease.

Addison real estate market homes for sale

New Listings

New listings in Addison increased tremendously this November with 35 single family homes being listed for sale. That’s more than 84% increase from the traditionally slower month of November where 19 listed in Nov 2015. New listings for condos and townhomes also increased this year with 12 listed for sale this November, compared to 10 new listings in November 2015, a 20% increase.

Addison real estate market new listings

Addison Real Estate Closings

The number of single family homes that closed in Addison increased more than 31% this November with 25 closings, compared to 19 closings in November 2015. Condo and townhome closings remained exactly the same with 9 closings both years.

Addison real estate market closed sales

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Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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