Addison Real Estate Market Conditions – November 2017

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Addison Real Estate Market Update

The Addison Real Estate Market had a decrease in single family home sales in November. The extremely low inventory is making it really hard for buyers to find anything.

Addison Home Sales

Single family home sales in Addison decreased 24% in November. 19 single family homes closed this year compared to the same time last year when 25 single family homes sold. Condo and townhome sales increased more than 33% in November with 12 closing this year compared to 9 closing last year the same time.Addison real estate closed sales Nov 2017

Addison Market Times

Market times for single family homes decreased during November. Single family homes were on the market for an average of 99 days, compared to 119 days in November 2016, more than a 16% decrease. Condo/townhome market times increased this November with an average of 53 days on the market compared to 38 last November, a 39.5% increase.Addison real estate market time Nov 2017

Addison New Listings

During November 2017, 23 single family homes were listed for sale in Addison, a decrease of more than 36% compared to the 36 new listings last November. New condo/town home listings had an 18.2% decrease with 9 new listings this November compared to the 11 last year at this time.Addison real estate new listings Nov 2017

Addison Months Supply

Addison single family home inventory still remains historically low, and we did see another decrease in supply. November ended with 3.5 months of supply, a 16.7% decrease compared to last November when 4.2 months of supply was for sale. The months supply of condos/townhomes increased 8.7% from last November with 2.5 months supply for sale, compared to the 2.3 months of supply we saw last year at the same time. Anything under a 5 months supply is considered favorable conditions for sellers.Addison real estate months supply Nov 2017

Addison Homes For Sale

At the end of November there were 83 single family homes for sale in Addison, a 17% decrease from last November when there were 100 homes for sale. The number of condos and townhomes for sale increased 31.6% with 25 for sale at the end of November 2017 compared to 19 in November 2016.Addison real estate homes for sale Nov 2017

#AddisonRealEstateMarket

Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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