Addison Real Estate Market Update: August 2016

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Addison Real Estate Market

The Addison Real Estate Market continues to see good market conditions with strong sales and low inventory despite an uptick in market times for single family homes.

Addison Real Estate Market Times

Single Family homes in Addison were on the market for 105 days in August compared to 83 days last year at the same time. The time a condo/townhome stayed on the market decreased in August to 95 days, compared to last year at the end of August when it was at 126 days.

Addison real estate average market time

Months Supply

There is currently a 4.7 months supply of single family homes for sale in Addison. Compare that to last year at this time when there was a 4.4 months supply of and you’ll see a 6.8% increase in supply. There was an decrease in supply of condos and townhomes from 3.9 months at the end of August last year to a 3 month supply this year. Even with the slight increase in supply, inventory of single family homes is still low enough to be considered a sellers market.

Addison real estate months supply

Addison Homes For Sale

Addison home inventory is still super low. At the end of Aug there were 116 single family homes for sale in Addison. This is a mere increase of less than 1% from last August at this time when there were 115 homes for sale. There was a significant decrease of condos and townhomes for sale this year with 24 for sale at the end of August 2016 compared to 35 in August 2015, more than a 31% decrease.

Addison real estate homes for sale

 

New Listings

During August, 53 single family homes were listed for sale. That represents more than a 35% increase from the 39 listed in August 2015 and can certainly explain the increase in market time.  New listings for condos and townhomes plummeted more than 76% this year with only 5 listed in August, compared to 21 in August 2015.

Addison real estate new listings

Addison Real Estate Closings

August had a minor decrease in the number of homes that closed with only 26 this year compared to 30 closings in August 2015. Condos and townhomes closings increased significantly this August with 13 closings in 2016 compared to a 8 closings in 2015, more than a 62% increase.

Addison real estate closed sales

#AddisonRealEstate

Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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