Addison Real Estate Market Update
The Addison Real Estate Market saw a decrease in home sales in September. Market times are decreasing with homes selling pretty quick. The extremely low inventory is making it really hard for buyers to find anything, although the months supply had a slight increase this month.
Addison Home Sales
Single family home sales in Addison decreased more than 20% in September. 23 single family homes closed this year compared to the same time last year when 29 single family homes sold. Condo and townhome sales decreased 50% in September with 11 closing this year compared to 22 closing last year the same time.
Addison Market Times
Market times for single family homes had a decrease during September. Single family homes were on the market for an average of 69 days, compared to 86 days in September 2016, more than a 19% decrease. Condo/townhome market times decreased also this September with an average of 63 days on the market compared to the 108 days last year at this time, a 41.7% decrease.
Addison New Listings
During September 2017, 39 single family homes were listed for sale in Addison, an increase of more than 21% compared to the 32 new listings last September. New condo/town home listings had a huge 140% increase with 24 new listings this September compared to the 10 last year at this time.
Addison Months Supply
Addison single family home inventory still remains historically low, but we did see a slight increase in supply. September ended with 4.9 months of supply, a 2.1% increase compared to last September when 4.8 months of supply was for sale. The months supply of condos/townhomes increased 20% from last September with 3 months supply for sale, compared to the 2.5 months of supply we saw last year at the same time. Anything under a 5 months supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of September there were 111 single family homes for sale in Addison, a 5.9% decrease from last September when there were 118 homes for sale. The number of condos and townhomes for sale increased 38.1% with 29 for sale at the end of September 2017 compared to 21 in September 2016.