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 increased in May. Inventory is still super low and it’s making it really difficult for buyers to find a home, benefiting home sellers.
Addison Home Sales
Single family home sales in Addison increased almost 42% in May. 34 single family homes closed this year compared to last year at the same time when there were 24 closings. Condo and townhome sales increased 23% in May with 16 closing this year compared to 13 closings last year the same time.
Addison Market Times
Addison market times increased during May. Single family homes were on the market for an average of 100 days, compared to 50 days in May 2018, a 100% increase. Condo/townhome market times decreased, 7.2%. This year the average market time was 64 days compared to 69 days last year at the same time.
Addison New Listings
During May 2019, 78 single family homes were listed for sale in Addison, that’s an increase of 25.8% compared to the 62 new listings last year. New condo/townhome listings had 23 new listings this May compared to the 17 new listings last year.at the same time, an increase of 35.3%.
Addison single family home inventory is still super, super low. May ended with 4.3 months of supply, a 6.5% decrease from last year at the same time when there was a 4.6 month supply. The months supply of condos/townhomes had a 3.4% decrease from last May with 2.8 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 May there were 108 single family homes for sale in Addison, a 2.9% increase from last year when there were 105 homes for sale. The number of condos and townhomes for sale decreased with 28 for sale this year, a slight 3.4% decrease from last year when there were 29 for sale.