Addison Real Estate Market Update: July 2016 – Still Hot!

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Addison Real Estate Market

The Addison Real Estate Market fared well in July with low market times and tight inventory.

Addison Real Estate Market Times

Market times in Addison have been decreasing. Single Family homes were on the market for a mere 72 days in July compared to 132 days last year. The time a condo/townhome stays on the market in Addison is 45 days, compared to last year at the end of July when it was at 52 days.

Addison Real Estate Market Times

Months Supply

There is currently a 4.6 months supply of single family homes for sale in Addison. Compare that to last year at this time when there was a 5.3 months supply of and you’ll see a 13% decrease in supply. There was an increase in supply of condos and townhomes from 3.6 months at the end of July last year to 4.3 this year. Even with the slight increase in supply, inventory of condos and townhomes still low enough to be considered a sellers market.

Addison Real Estate Months of Supply

Addison Homes For Sale

Addison home inventory continues to shrink. At the end of July there were 118 single family homes for sale in Addison. This is more than a 15% decrease from last year at this time when there were 139 homes for sale. There was a slight increase of condos and townhomes for sale this year with 32 for sale at the end of July 2015 compared to 33 in July 2016.

Addison homes for sale 7.31.16

New Listings

During July, 41 single family homes were listed for sale. That represents more then a 10% decrease from the 46 listed in July 2015.  Last year 16 condos and townhomes were listed in July which increased slightly to 17 listed in July of 2016.

Addison Real Estate New Listings July 2016

Addison Real Estate Closings

July had a significant decrease in the number of homes that closed with only 23 this year compared to 32 closings in July 2015.  Fewer closings may offer buyers a bit more negotiating power. Condo and townhomes also declined significantly with 7 closings in 2016 compared to 19 in 2015, more than a 63% decline.

Addison Real Estate Closed Sales July 2016

 

 

 

 

 

 

#AddisonRealEstate

Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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