Addison Real Estate Market Update
The Addison Real Estate Market had a 40% increase in single family home sales in January. The extremely low inventory is making it really difficult for buyers to find a home, benefiting home sellers.
Addison Home Sales
Single family home sales in January increased 40% in Addison. 14 single family homes closed this year, compared to last January when there were 10 closings. Condo and townhome sales decreased 20% in January with 4 closing this year compared to 5 closing last year the same time.
Addison Market Times
Market times for single family homes decreased during January. Single family homes were on the market for an average of 68 days, compared to 113 days in January 2017, more than a 39% decrease. Condo/townhome market times also decreased this January with an average of 43 days on the market compared to 52 last January, a 17.3% decrease.
Addison New Listings
During January 2018, 25 single family homes were listed for sale in Addison, a decrease of more than 26% compared to the 34 new listings last January. New condo/town home listings had a 71.4% increase with 12 new listings this January compared to the 7 last year at this time.
Addison Months Supply
Addison single family home inventory still remains historically low, and just when we thought it couldn’t get any lower there was another significant decrease in supply. January ended with 2.4 months of supply, a 36.8% decrease compared to last January when 3.8 months of supply was for sale. The months supply of condos/townhomes increased 31.6% from last January with 2.5 months supply for sale, compared to the 1.9 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 January there were 58 single family homes for sale in Addison, a 31.8% decrease from last January when there were 85 homes for sale. The number of condos and townhomes for sale increased 47.1% with 25 for sale at the end of January 2018 compared to 17 in January 2017.