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 19% in October 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 19% in October. 25 single family homes closed this year compared to last year at the same time when there were 21 closings. Condo and townhome sales increased more than 18% in October with 13 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 October Single family homes were on the market for an average of 20 days, compared to 112 days in October 2017, an 82.1% decrease. Condo/townhome market times increased 30.8% this October with the average market time of 34 days compared to 26 days last year at the same time.
Addison New Listings
During October 2018, 50 single family homes were listed for sale in Addison, an increase of 22% compared to the 41 new listings last October New condo/town home listings had 14 new listings this October the same amount as last year at the same time.
Addison Months Supply
Addison single family home inventory is still super low. October ended with 4.4 months of supply, a 10.2% decrease compared to last October when 4.9 months of supply was available. The months supply of condos/townhomes had a 31% decrease from last October with only 2 months supply for sale this year compared to 2.9 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of October there were 109 single family homes for sale in Addison, a small 1.8% decrease from last October when there were 111 homes for sale. The number of condos and townhomes for sale also decreased with 20 for sale this year, a 31% decrease from last year when there were 29 for sale.