Addison Real Estate Market Conditions – March 2017

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Addison Real Estate Market

The Addison Real Estate Market continues to perform well with decreasing market times and extremely low inventory levels.

Addison Market Times

Market times in Addison dropped significantly in March. Single Family homes in Addison were on the market for 102 days compared to 141 days last year at the same time, almost a 28% decrease. The time a condo/townhome stayed on the market decreased more than 70% with 40 days this March, compared to last year when it was 137 days.

Addison real estate average market timesAddison Months Supply

Inventories continue to shrink in March. Single family homes for sale in Addison had a 3.7 months of supply at the end of March, a slight decrease from the 3.8 months last year at this time. The supply of condos and townhomes decreased more than 29% from 4.1 months last year to 2.9 months supply this year. These are extremely low inventory levels.

Addison real estate months supplyAddison Homes For Sale

At the end of March there were 87 single family homes for sale in Addison. More than a 10% decrease from last March time when there were 97 homes for sale. The number of condos and townhomes for sale decreased more than 20% with 27 for sale at the end of Mar 2017 compared to 34 in Mar 2016.

Addison real estate homes for sale

New Listings

New listings in Addison increased this March. Single family homes had 54 new listings compared to 42 listed in Mar 2016, an increase of more than 28%. New listings for condos and townhomes had more than a 83% increase with 22 listed for sale this March compared to 12 new listings at the same time last year.

Addison real estate new listings

Addison Real Estate Closings

The number of single family homes that closed in Addison decreased slightly with 21 closings, compared to 22 closings last March. There was a slight increase in condo and townhome closings with 5 this March compared to 4 closings in Mar 2016.

Addison real estate closed sales#AddisonRealEstate

Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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