Addison Real Estate Market Update May 2016 Finishes Strong

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Addison Real Estate Market

Addison Real Estate Market Times

The Addison Real Estate Market had a strong May.  Market times in Addison are super crazy low with a home being on the market for a mere 43 days compared to 60 days last year.  The time a condo/townhome stays on the market in Addison is 48 days which is a decrease from last year at the end of May when it was at 55 days. For perspective, market times in Chicago are at 65 days for single family homes.  What a drastic difference from May 2012 when market times were at 144 days for single family homes and 193 for condos and townhomes.

Addison Real Estate Average Market Time
Months Supply

There is currently a 4.4 months supply of single family homes for sale in Addison and a 4.1 months supply of townhomes and condos for sale.  Compare that to last year at this time when there was a 5.3 months supply of single family homes. Conversely, there was an increase in supply of condos and townhomes from 3.5 months last year at this time.  Still low enough to be considered a sellers market.
Addison Real Estate Months Supply of Homes

Addison Homes For Sale

Last year at this time, there were 134 single family homes for sale in Addison. This year there are only 115 which results in a 17% decrease over 2015. There were 32 condos and townhomes for sale at the end of both May 2015 and May 2016.
Addison Real Estate Homes For Sale

New Listings

During May 60 single family homes were listed for sale.  That is a significant increase over the 42 listed last year in May. Last year 20 condos and townhomes were listed in May which is slightly greater than the 17 listed in May of 2016.
Addison Real Estate New Listings

Addison Real Estate Closings

Up now for the 6th consecutive month, 25 Single family homes closed in May of 2016, which is up slightly from the 22 closings in May 2015.  Condo and townhomes declined slightly with 8 closings in 2016 compared to 11 in 2015.
Addison Real Estate Closed Sales

Average Percent Off Original List Price

This last chart I am sharing because a large percentage of buyers that I speak with still think the “deals” exist. By “deal” they mean “steal” and getting 10% or more of list is just no longer viable as a rule.  In the chart below, we show the percentage off the original list price and we are trending above 95% on single family homes and just under for condos and townhomes. The percentage is 99.1% for townhomes and 96.7% from list price to sale price currently.  Moral:  Expect to place close to list if you find a place you like.

#AddisonRealEstate

 

Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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