Because I live and work in Addison, Illinois and am active in the Addison Chamber of Commerce, I frequently look at data relating to the Addison Housing Market. Today, I reviewed all single family home sales in Addison over the last four months (October 2011 through February 1, 2012. 55 single family homes sold ranging in price from $49,000 to $416,000 with 78% of the home selling for under $200k. The three bedroom ranch home located at 104 Iowa was pretty decent on the first floor, but the basement was definitely built for Mayans – the ceilings are lower than 5 feet high, and the basement was full of mold and it sold for $50k. On the other end of the spectrum, the buyers who paid above $400k (two of them ) got beautiful new construction homes at bargain prices!
On average, the homes were for sale in the Addison, IL real estate market for 180 days – the majority of the homes were 3 bedrooms with 6 or 7 rooms with a few having more or less rooms. Still staggering is the number of distressed sales, which is 48%. While its down from the 2011 rate of 51%, it still is a huge factor in the home values in Addison, Illinois. For comparsion sake, the rate of distressed sales in Elmhurst for 2011 was 15% and in Lombard, distressed sales account for 32% of the single family homes sales.