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 52% in April, inventory decreased 41% compared to last year.
Addison Home Sales
Single family home sales in Addison increased 52% in April. 38 single family homes closed this year compared to last year at the same time when there were 25 closings. Condo and townhome sales were the same as last year with 11 closings both years.
Addison Market Times
Addison market times increased during April. Single family homes were on the market for an average of 60 days, compared to 55 days last year at the same time, a 9.1% increase. Condo/townhome market times decreased 85.5%. This year the average market time was 8 days compared to 55 days last year at the same time.
Addison New Listings
During April 2022, 39 single family homes were listed for sale, a 18.8% decrease compared to last year at the same time when there were 48 new listings. New condos/townhomes had 10 new listings, that’s a 54.5% decrease compared to the 22 new listings last year at the same time.
Addison single family home inventory is still super, super low. April ended with 0.7 months of supply, more than a 41% decrease from last year at the same time when there was a 1.2 month supply. The months supply of condos/townhomes had a 50% decrease from last April with 0.8 months supply for sale this year compared to 1.6 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of April there were 22 single family homes for sale in Addison, a 40.5% decrease from last year when there were 37 homes for sale. The number of condos and townhomes for sale decreased with 9 for sale this year, a 55% decrease from last year when there were 20 for sale.