Addison Real Estate Market Update
The Addison Real Estate Market had a 7.1% increase in single family home sales in February. 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 February increased 7.1% in Addison. 15 single family homes closed this year, compared to last February when there were 14 closings. Condo and townhome sales remained the same in February with 7 closing this year and last year the same time.
Addison Market Times
Market times for single family homes increased during February. Single family homes were on the market for an average of 203 days, compared to 144 days in February 2017, a 41% increase. Condo/townhome market times also increased this February with an average of 95 days on the market compared to 62 last February, a 53.2% increase.
Addison New Listings
During February 2018, 41 single family homes were listed for sale in Addison, an increase of more than 28% compared to the 32 new listings last February. New condo/town home listings had a 6.3% increase with 17 new listings this February compared to the 16 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. February ended with 2.7 months of supply, a 28.9% decrease compared to last February when 3.8 months of supply was for sale. The months supply of condos/townhomes decreased 4.2% from last February with 2.3 months supply for sale, compared to the 2.4 months of supply we saw last year at the same time. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of February there were 64 single family homes for sale in Addison, a 22% decrease from last February when there were 82 homes for sale. The number of condos and townhomes for sale increased 14.3% with 24 for sale at the end of February 2018 compared to 21 in February 2017.