Addison Real Estate Market Conditions – February 2019

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Addison Real Estate Market Update

The Addison Real Estate Market continues to see strong market conditions despite the extremely low inventory. Single family home sales decreased more than 53% in February. 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 more than 53% in February. 7 single family homes closed this year compared to last year at the same time when there were 15 closings. Condo and townhome sales decreased almost 43% in February with 4 closing this year compared to 7 closings last year the same time.Addison Real Estate Market Conditions - February 2019 closed sales

Addison Market Times

Addison market times saw a huge decrease during February. Single family homes were on the market for an average of 42 days, compared to 203 days in February 2018, a 79.3% decrease. Condo/townhome market times had a decrease of 68.4% this February with the average market time of 30 days compared to 95 days last year at the same time.Addison Real Estate Market Conditions - February 2019 market time

Addison New Listings

During February 2019, 35 single family homes were listed for sale in Addison, a decrease of 14.6% compared to the 41 new listings last year. New condo/town home listings had 17 new listings this February the same amount as last year at the same time.Addison Real Estate Market Conditions - February 2019 new listings

Months Supply

Addison single family home inventory is still super low. February ended with 2.9 months of supply, a 9.4% decrease compared to last year at the same time when the months supply was 3.2. The months supply of condos/townhomes had a 3.7% increase from last February with 2.8 months supply for sale this year compared to 2.7 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.Addison Real Estate Market Conditions - February 2019 months supply

Addison Homes For Sale

At the end of February there were 69 single family homes for sale in Addison, an 8% decrease from last year when there were 75 homes for sale. The number of condos and townhomes for sale decreased with 26 for sale this year, a 3.7% decrease from last year when there were 27 for sale.Addison Real Estate Market Conditions - February 2019 homes for sale

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Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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