Addison Real Estate Market Conditions – July 2020

Share, follow or like us:

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 49% in July and home sales decreased more than 17%.

Addison Home Sales

Addison single family home sales decreased 17.1% in July with 34 home sales compared to last year at the same time when there were 41. Condo and townhome sales increased more than 16% with 14 closing this year compared to 12 closings last year the same time.

Addison Real Estate Market Conditions - July 2020

Addison Market Times

Addison single family home market times decreased during July. Single family homes were on the market for an average of 70 days, compared to 75 days last year at the same time, a 6.7% decrease. Condo/townhome market times increased 7.7%. This year the average market time was 70 days compared to 65 days last year.

Addison Real Estate Market Conditions - July 2020

Addison New Listings

During July, 55 single family homes were listed for sale in Addison, that’s a decrease of 8.3% compared to the 60 new listings last year. New condos/townhomes had 19 new listings this July compared to the 17 new listings last year.at the same time, an increase of 11.8%.

Addison Real Estate Market Conditions - July 2020

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. July ended with 2.5 months of supply, a 49% decrease from last year at the same time when there was a 4.9 month supply. The months supply of condos/townhomes was 4 months for sale this July, a 42.9% increase from last year at the same time when there was a 2.8 month supply. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - July 2020

Addison Homes For Sale

At the end of July there were 66 single family homes for sale in Addison, a 46.8% decrease from last year when there 124 homes for sale. The number of condos and townhomes for sale increased with 35 for sale this year, a 29.6% increase from last year when there were 27 for sale.

Addison Real Estate Market Conditions - July 2020

#AddisonRealEstateMarket

 

Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

Leave a Reply

Your email address will not be published. Required fields are marked *