Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Inventory is still super low and still decreasing, making it really difficult for buyers to find a home. Condo and townhome market times plummeted, a 63% decrease.
Addison Home Sales
Single family home sales in Addison decreased 20% in August. 27 single family homes closed this year compared to last year at the same time when there were 34 closings. Condo and townhome sales decreased 10% in August with 9 closing this year compared to 10 closings last year the same time.
Addison Market Times
Addison market times increased for single family homes during August, although still remain really low. Single family homes were on the market for an average of 56 days, compared to 52 days in August 2018, a 7.7% increase. Condo/townhome market times decreased, 63.8%. This year the average market time was 17 days compared to 47 days last year at the same time.
Addison New Listings
During August 2019, 57 single family homes were listed for sale in Addison, that’s a decrease of 8.1% compared to the 62 new listings last year. New condos/townhomes had 20 new listings this August compared to the 12 new listings last year.at the same time, an increase of 66.7%.
Addison single family home inventory is still super, super low. August ended with 4.9 months of supply, a 2.1% increase from last year at the same time when there was a 4.8 month supply. The months supply of condos/townhomes had a 3.3% decrease from last August with 2.9 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 August there were 121 single family homes for sale in Addison, a 0.8% increase from last year when there were 120 homes for sale. The number of condos and townhomes for sale decreased with 28 for sale this year, a 6.7% decrease from last year when there were 30 for sale.