Addison Real Estate Market Conditions – November 2018

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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 70% in November. 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 70% in November. 34 single family homes closed this year compared to last year at the same time when there were 20 closings. Condo and townhome sales decreased 50% in November with 12 closing this year compared to 6 closings last year the same time.Addison Real Estate Market Conditions - November 2018 closed sales

Addison Market Times

Market times for single family homes had a considerable decrease during November. Single family homes were on the market for an average of 59 days, compared to 95 days in November 2017, a 37.9% decrease. Condo/townhome market times had a small decrease of 7.5% this November with the average market time of 49 days compared to 53 days last year at the same time.

Addison Real Estate Market Conditions - November 2018 market times

Addison New Listings

During November 2018, 24 single family homes were listed for sale in Addison, a slight increase of 4.3% compared to the 23 new listings last November. New condo/town home listings had 14 new listings this November compared to last year at the same time when there were 9 new listings, a 55.6 increase.

Addison Real Estate Market Conditions - November 2018 new listings

Months Supply

Addison single family home inventory is still super low. November ended with 3.9 months of supply, a 2.6% increase compared to last November when 3.8 months of supply was available. The months supply of condos/townhomes had a 23.3% decrease from last November with only 2.3 months supply for sale this year compared to 3 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - November 2018 months supply

Addison Homes For Sale

At the end of November there were 95 single family homes for sale in Addison, a 6.7% increase from last November when there were 89 homes for sale. The number of condos and townhomes for sale decreased with 23 for sale this year, a 20.7% decrease from last year when there were 29 for sale.

Addison Real Estate Market Conditions - November 2018 homes for sale

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Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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