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 20% in September. 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 20.8% in September. 29 single family homes closed this year compared to last year at the same time when there were 24 closings. Condo and townhome sales decreased more than 18% in September with 9 closing this year compared to 11 closings last year the same time.
Addison Market Times
Market times for single family homes had a considerable decrease during September. Single family homes were on the market for an average of 43 days, compared to 67 days in September 2017, a 35.8% decrease. Condo/townhome market times also decreased considerably, a 41.3% decrease this September with the average market time of 37 days compared to 63 days last year at the same time.
Addison New Listings
During September 2018, 42 single family homes were listed for sale in Addison, an increase of 7.7% compared to the 39 new listings last September. New condo/town home listings had a 12.5% decrease with 21 new listings this September compared to the 24 last year at this time.
Addison Months Supply
Addison single family home inventory is still super low. September ended with 4.1 months of supply, a 19.6% decrease compared to last September when 5.1 months of supply was available. The months supply of condos/townhomes had a 11.8% decrease from last September with 3 months supply for sale this year compared to 3.4 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of September there were 103 single family homes for sale in Addison, a 10.4% decrease from last September when there were 115 homes for sale. The number of condos and townhomes for sale also decreased with 30 for sale this year, a 6.3% decrease from last year when there were 32 for sale.