Addison Real Estate Market Update
The Addison Real Estate Market had a 32% increase in single family home sales in April. 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 April increased 32% in Addison. 33 single family homes closed this year, compared to last April when there were 25 closings. Condo and townhome sales increased 80% in April with 9 closing this year and 5 closings last year the same time.
Addison Market Times
Market times for single family homes decreased during April. Single family homes were on the market for an average of 111 days, compared to 136 days in April 2017, an 18.4% decrease. Condo/townhome market times increased this April with an average of 81 days on the market compared to 11 last April, a whopping 636.4% increase.
Addison New Listings
During April 2018, 58 single family homes were listed for sale in Addison, a slight decrease of 3.3% compared to the 60 new listings last April. New condo/town home listings had a 6.7% increase with 16 new listings this April compared to the 15 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 decrease in supply. April ended with 3.4 months of supply, a 30.6% decrease compared to last April when 4.9 months of supply was available. The months supply of condos/townhomes decreased 44.4% from last April with 2 months supply for sale, compared to the 3.6 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 April there were 82 single family homes for sale in Addison, a 23.4% decrease from last April when there were 107 homes for sale. The number of condos and townhomes for sale decreased 31.3% with 22 for sale at the end of April 2018 compared to 32 in April 2017.