Addison Real Estate Market Update
The Addison Real Estate Market had a decrease in single family home sales in December. The extremely low inventory is making it really hard for buyers to find anything.
Addison Home Sales
Single family home sales in December remained the same as last year in Addison. 21 single family homes closed this year, the same as last December. Condo and townhome sales decreased more than 37% in December with 5 closing this year compared to 8 closing last year the same time.
Addison Market Times
Market times for single family homes decreased during December. Single family homes were on the market for an average of 56 days, compared to 86 days in December 2016, more than a 34% decrease. Condo/townhome market times decreased this December with an average of 67 days on the market compared to 87 last December, a 23% decrease.
Addison New Listings
During December 2017, 16 single family homes were listed for sale in Addison, a decrease of more than 11% compared to the 18 new listings last December. New condo/town home listings had an 62.5% increase with 13 new listings this December compared to the 8 last year at this time.
Addison Months Supply
Addison single family home inventory still remains historically low, and we did see another decrease in supply. December ended with 2.7 months of supply, a 34.1% decrease compared to last November when 4.1 months of supply was for sale. The months supply of condos/townhomes increased 11.5% from last December with 2.9 months supply for sale, compared to the 2.6 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 December there were 65 single family homes for sale in Addison, a 28.6% decrease from last December when there were 91 homes for sale. The number of condos and townhomes for sale increased 31.8% with 29 for sale at the end of December 2017 compared to 22 in December 2016.