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 decreased more than 33% in December. Although the home inventory is increasing, 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 decreased 33.3% in December. 14 single family homes closed this year compared to last year at the same time when there were 21 closings. Condo and townhome sales increased 40% in December with 7 closing this year compared to 5 closings last year the same time.
Addison Market Times
Market times for single family homes had an increase during December. Single family homes were on the market for an average of 65 days, compared to 56 days in December 2017, a 16.1% decrease. Condo/townhome market times had a decrease of 25.4% this December with the average market time of 50 days compared to 67 days last year at the same time.
Addison New Listings
During December 2018, 18 single family homes were listed for sale in Addison, an increase of 12.5% compared to the 16 new listings last December. New condo/town home listings had 8 new listings this December compared to last year at the same time when there were 13 new listings, a 38.5 decrease.
Addison single family home inventory is still super low. December ended with 3.1 months of supply, the exact same amount as last year at the same time. The months supply of condos/townhomes had a 21.9% decrease from last December with only 2.5 months supply for sale this year compared to 3.2 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of December there were 76 single family homes for sale in Addison, a 5.6% increase from last December when there were 72 homes for sale. The number of condos and townhomes for sale decreased with 24 for sale this year, a 22.6% decrease from last year when there were 31 for sale.