Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home inventory decreased 4.4% in October and condo and townhome inventory increased 50%.
Addison Home Sales
Addison single family home sales in October were the same as last year with 25 closed sales both years. Condo and townhome sales decreased more than 46% with 8 closing this year compared to 15 closings last year the same time.
Addison Market Times
Addison market times increased for single family homes during October. Single family homes were on the market for an average of 74 days, compared to 20 days last year at the same time, a 270% increase. Condo/townhome market times decreased 24.4%. This year the average market time was 34 days compared to 45 days last year.
Addison New Listings
During October 2019, 48 single family homes were listed for sale in Addison, that’s a decrease of 4% compared to the 50 new listings last year. New condos/townhomes had 18 new listings this October compared to the 14 new listings last year.at the same time, an increase of 28%.
Addison single family home inventory is still super, super low and this month it decreased again. October ended with 4.3 months of supply, a 4.4% decrease from last year at the same time when there was a 4.5 month supply. The months supply of condos/townhomes saw a 50% increase from last October with 3.6 months supply for sale this year compared to 2.4 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of October there were 111 single family homes for sale in Addison, the exact same amount as last year at the same time. The number of condos and townhomes for sale increased with 33 for sale this year, a 37.5% increase from last year when there were 24 for sale.