Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions in June with increasing home sales, decreasing market times and extremely low inventory.
Addison Home Sales
Single family home sales in Addison increased almost 38% in June. 40 single family homes closed this year compared to the same time last year when 24 single family homes sold. Condo and townhome sales in June increased more than 71% with 12 closing this year compared to 7 closing last year the same time.
Addison Market Times
Market times for single family homes decreased during June. Single family homes were on the market for an average of 64 days, compared to 93 days in June 2016, more than a 31% decrease. Condo/townhome market times decreased more than 15% this June with an average of 61 days on the market, compared to the 72 days we saw at this time last year.
Addison New Listings
During June 2017, 48 single family homes were listed for sale in Addison, an decrease of more than 12% compared to the 55 new listings last June. New condo/town home listings decreased also with 15 new listings this June compared to the 17 last year at this time, more than a 11% decrease.
Addison Months Supply
Addison single family home inventory still remains historically low and just keeps shrinking. June ended with 3.8 months of supply, a 30.9% decrease compared to last June when 5.5 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 65% from last June with only 2 months supply for sale, compared to the 5.8 months of supply we saw last year at the same time.
Addison Homes For Sale
At the end of June there were 93 single family homes for sale in Addison, more than a 31% decrease from last June when there were 136 homes for sale. The number of condos and townhomes for sale decreased 50% with 21 for sale at the end of June 2017 compared to 42 in June 2016.