Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home sales increased 58.8% in March and condo and townhome sales increased 14.3% compared to last year.
Addison Home Sales
Single family home sales in Addison increased more than 58% in March. 27 single family homes closed this year compared to last year at the same time when there were 17 closings. Condo and townhome sales increased 14.3% with 8 closings this year compared to 7 closings last year the same time.
Addison Market Times
Addison market times increased for single family homes during March. Single family homes were on the market for an average of 123 days, compared to 76 days last year at the same time, more than a 61% increase. Condo/townhome market times increased 320%. This year the average market time was 168 days compared to 40 days last year at the same time.
Addison New Listings
During March 2021, 41 single family homes were listed for sale, a 7.9% increase compared to last year at the same time when there were 38 new listings. New condos/townhomes had 21 new listings, that’s a 90.9% increase compared to the 11 new listings last year at the same time.
Addison single family home inventory is still super, super low. March ended with 0.8 months of supply, more than a 76% decrease from last year at the same time when there was a 3.4 month supply. The months supply of condos/townhomes had a 39% decrease from last March with 1.4 months supply for sale this year compared to 2.3 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of March there were 23 single family homes for sale in Addison, a 74.4% decrease from last year when there were 90 homes for sale. The number of condos and townhomes for sale decreased with 16 for sale this year, a 27.3% decrease from last year when there were 22 for sale.