Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home sales increased more than 43% in August. The extremely low inventory is still making it really difficult for buyers to find a home, benefiting home sellers.
Addison Home Sales
Single family home sales in Addison increased 43.5% in August. 33 single family homes closed this year compared to last year at the same time when there were 23 closings. Condo and townhome sales increased 11.1% in August with 10 closing this year compared to 9 closings last year the same time.
Addison Market Times
Market times for single family homes decreased during August. Single family homes were on the market for an average of 51 days, compared to 62 days in August 2017, a 17.7% decrease. Condo/townhome market times increased 80.8% this August with an average market time of 47 days compared to 26 days last year at the same time.
Addison New Listings
During August 2018, 61 single family homes were listed for sale in Addison, an increase of 56.4% compared to the 39 new listings last August. New condo/town home listings had a 33.3% increase with 12 new listings this August compared to the 9 last year at this time.
Addison Months Supply
Addison single family home inventory still remains historically low. August ended with 4.5 months of supply, a 8.2% decrease compared to last August when 4.9 months of supply was available. The months supply of condos/townhomes had a small 3.8% decrease from last August with 2.5 months supply for sale this year compared to 2.6 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of August there were 114 single family homes for sale in Addison, a 3.6% increase from last August when there were 110 homes for sale. The number of condos and townhomes for sale also increased with 26 for sale this year, a 4% increase from last year when there were 25 for sale.