Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home market times have decreased more than 36% in April compared to last year.
Addison Home Sales
Single family home sales in Addison decreased more than 55% in April. 17 single family homes closed this year compared to last year at the same time when there were 38 closings. Condo/townhome sales decreased 75%. Only 3 closed in April compared to last year at the same time when there were 12 closings.
Addison Market Times
Addison single family market times decreased during April. Single family homes were on the market for an average of 38 days, compared to 60 days last year at the same time, a 36.7% decrease. Condo/townhome market times increased 8.7%. This year the average market time was 25 days compared to 23 days last year at the same time.
Addison New Listings
During April 2023, 26 single family homes were listed for sale, a 39.5% decrease compared to last year at the same time when there were 43 new listings. New condos/townhomes had 6 new listings, that’s a 50% decrease compared to the 12 new listings last year at the same time.
Addison single family home inventory is still super, super low. April ended with 1 month of supply, the same as last years supply. The months supply of condos/townhomes had a 33.3% decrease from last April with 0.8 months supply for sale this year compared to 1.2 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 21 single family homes for sale in Addison, a 32.3% decrease from last year when there were 31 homes for sale. The number of condos and townhomes for sale decreased with 5 for sale this year, a 64.3% decrease from last year when there were 14 for sale.