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 more than 62% in June and home sales increased more than 63%.
Addison Home Sales
Addison single family home sales increased 63.3% in June with 49 home sales compared to last year at the same time when there were 30. Condo and townhome sales increased more than 77% with 16 closing this year compared to 9 closings last year the same time.
Addison Market Times
Addison market times decreased during June. Single family homes were on the market for an average of 25 days, compared to 93 days last year at the same time, a 73.1% decrease. Condo/townhome market times decreased 36.6%. This year the average market time was 26 days compared to 41 days last year.
Addison New Listings
During June, 46 single family homes were listed for sale in Addison, that’s an increase of 4.5% compared to the 44 new listings last year. New condos/townhomes had 21 new listings this June compared to the 10 new listings last year at the same time, an increase of 110%.
Addison single family home inventory is still super, super low and this month it decreased again. June ended with 1.1 months of supply, a 62.1% decrease from last year at the same time when there was a 2.9 month supply. The months supply of condos/townhomes decreased 39.3% from last June with 1.7 months supply for sale this year compared to 2.8 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of June there were 36 single family homes for sale in Addison, a 50% decrease from last year when there 72 homes for sale. The number of condos and townhomes for sale decreased with 22 for sale this year, a 12% decrease from last year when there were 25 for sale.