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 June. 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 37% in June. 30 single family homes closed this year compared to last year at the same time when there were 22 closings. Condo and townhome sales increased 18% in June with 13 closing this year compared to 11 closings last year the same time.
Addison Market Times
Addison market times increased for single family homes during June. Single family homes were on the market for an average of 49 days, compared to 47 days in June 2018, a 4.3% increase. Condo/townhome market times decreased, 38.5%. This year the average market time was 24 days compared to 39 days last year at the same time.
Addison New Listings
During June 2019, 81 single family homes were listed for sale in Addison, that’s an increase of 24.6% compared to the 65 new listings last year. New condos/townhomes had 12 new listings this June compared to the 18 new listings last year.at the same time, a decrease of 33.3%.
Addison single family home inventory is still super, super low. June ended with 4.6 months of supply, a 9.8% decrease from last year at the same time when there was a 5.1 month supply. The months supply of condos/townhomes had a 36.7% decrease from last June with 1.9 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 Homes For Sale
At the end of June there were 118 single family homes for sale in Addison, a 2.6% increase from last year when there were 115 homes for sale. The number of condos and townhomes for sale decreased with 19 for sale this year, a 36.7% decrease from last year when there were 30 for sale.