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 29% in July. Inventory is still super low and still decreasing, making it really difficult for buyers to find a home.
Addison Home Sales
Single family home sales in Addison increased 29% in July. 40 single family homes closed this year compared to last year at the same time when there were 31 closings. Condo and townhome sales increased 50% in July with 12 closing this year compared to 8 closings last year the same time.
Addison Market Times
Addison market times increased for single family homes during July. Single family homes were on the market for an average of 75 days, compared to 35 days in July 2018, a 114.3% increase. Condo/townhome market times also increased, 35.4%. This year the average market time was 65 days compared to 48 days last year at the same time.
Addison New Listings
During July 2019, 60 single family homes were listed for sale in Addison, that’s a decrease of 23.1% compared to the 78 new listings last year. New condos/townhomes had 17 new listings this July compared to the 15 new listings last year.at the same time, an increase of 13.3%.
Addison single family home inventory is still super, super low. July ended with 4.7 months of supply, a 2.1% decrease from last year at the same time when there was a 4.8 month supply. The months supply of condos/townhomes had a 32.4% decrease from last July with 2.3 months supply for sale this year compared to 3.4 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of July there were 121 single family homes for sale in Addison, a 2.5% increase from last year when there were 118 homes for sale. The number of condos and townhomes for sale decreased with 23 for sale this year, a 32.4% decrease from last year when there were 34 for sale.