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 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 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 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 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.