Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions in July with increasing home sales, decreasing market times and extremely low inventory.
Addison Home Sales
Single family home sales in Addison increased 25% in July. 30 single family homes closed this year compared to the same time last year when 24 single family homes sold. Condo and townhome sales in July increased tremendously, more than 85% with 13 closing this year compared to 7 closing last year the same time.
Addison Market Times
Market times for single family homes decreased during July. Single family homes were on the market for an average of 68 days, compared to 72 days in July 2016, more than a 5% decrease. Condo/townhome market times increased slightly this July with an average of 48 days on the market compared to the 45 days last year at this time, a 6.7% increase.
Addison New Listings
During July 2017, 54 single family homes were listed for sale in Addison, an increase of more than 35% compared to the 40 new listings last July. New condo/town home listings increased also with 19 new listings this July compared to the 16 last year at this time, more than an 18% increase.
Addison Months Supply
Addison single family home inventory still remains historically low and just keeps shrinking. July ended with 4.6 months of supply, a 16.4% decrease compared to last July 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 44% from last July with only 3 months supply for sale, compared to the 5.4 months of supply we saw last year at the same time.
Addison Homes For Sale
At the end of July there were 110 single family homes for sale in Addison, more than a 18% decrease from last July when there were 135 homes for sale. The number of condos and townhomes for sale decreased 23.1% with 30 for sale at the end of July 2017 compared to 39 in July 2016.