Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions with strong home sales and extremely low inventory.
Addison Home Sales
Single family home sales in Addison decreased more than 34% in May. 17 single family homes closed this year compared to the same time last year when 26 single family homes sold. Condo and townhome sales in May increased more than 122% with 20 closing this year compared to 9 closing last year the same time.
Addison Market Times
Market times for single family homes increased during May. Single family homes were on the market for an average of 60 days, compared to 43 days in May 2016, more than a 39% increase. Condo/townhome market times decreased more than 45% this May with an average of 24 days on the market, compared to the 44 days we saw at this time last year.
Addison New Listings
During May 2017, 49 single family homes were listed for sale in Addison, an decrease of more than 18% compared to the 60 new listings last May. New condo/town home listings decreased also with 11 new listings this May compared to the 17 last year at this time, more than a 35% decrease.
Addison Months Supply
Addison single family home inventory still remains historically low and just keeps shrinking. May ended with 4 months of supply, a 21.6% decrease compared to last May when 5.1 months of supply was for sale. The months supply of condos/townhomes is super low. Just when we thought it couldn’t get any lower the inventory decreased more than 54% from last May with only 2.3 months supply for sale, compared to the 5 months of supply we saw last year at the same time.
Addison Homes For Sale
At the end of May there were 94 single family homes for sale in Addison, more than a 26% decrease from last May when there were 128 homes for sale. The number of condos and townhomes for sale decreased with 238 for sale at the end of May 2017 compared to 37 in May 2016.