Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Many single family home owners have finally decided to try to sell their homes and new listings increased more than 55% in September.
Addison Home Sales
Single family home sales in Addison decreased 9.7% in September. 28 single family homes closed this year compared to last year at the same time when there were 31 closings. Condo and townhome sales decreased more than 33% in September with 6 closing this year compared to 9 closings last year the same time.
Addison Market Times
Addison market times increased for single family homes during September but still remain low. Single family homes were on the market for an average of 66 days, compared to 41 days in September 2018, a 61% increase. Condo/townhome market times increased 194.6%. This year the average market time was 109 days compared to 37 days last year at the same time.
Addison New Listings
During September 2019, 67 single family homes were listed for sale in Addison, that’s an increase of 55.8% compared to the 43 new listings last year. New condos/townhomes had 14 new listings this September compared to the 21 new listings last year.at the same time, an decrease of 33.3%.
Addison single family home inventory is still super, super low. September ended with 4.8 months of supply, a 6.7% increase from last year at the same time when there was a 4.5 month supply. The months supply of condos/townhomes saw a 12.1% decrease from last September with 2.9 months supply for sale this year compared to 3.3 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of September there were 122 single family homes for sale in Addison, an 8.9% increase from last year when there were 112 homes for sale. The number of condos and townhomes for sale decreased with 27 for sale this year, a 15.6% decrease from last year when there were 32 for sale.