Addison Real Estate Market Update
The Addison Real Estate Market saw a decrease in home sales in August. The extremely low inventory is making it really hard for buyers to find anything so homes are selling pretty fast – and condos are selling even faster.
Addison Home Sales
Single family home sales in Addison decreased more than 14% in August. 23 single family homes closed this year compared to the same time last year when 27 single family homes sold. Condo and townhome sales in August decreased more than 30% with 9 closing this year compared to 13 closing last year the same time.
Addison Market Times
Market times for single family homes had a significant decrease during August. Single family homes were on the market for an average of 62 days, compared to 104 days in August 2016, more than a 40% decrease. Condo/townhome market times decreased signifacantly this August with an average of 26 days on the market compared to the 95 days last year at this time, a 72.6% decrease.
Addison New Listings
During August 2017, 39 single family homes were listed for sale in Addison, a decrease of more than 27% compared to the 54 new listings last August. New condo/town home listings had an 80% increase with 9 new listings this August compared to the 5 last year at this time.
Addison Months Supply
Addison single family home inventory still remains historically low and just keeps shrinking. August ended with 4.5 months of supply, a 18.2% decrease compared to last August when 5.5 months of supply was for sale. The months supply of condos/townhomes is super low. Just when we thought it couldn’t get any lower the inventory decreased to historic lows, more than 32% from last August with only 2.5 months supply for sale, compared to the 3.7 months of supply we saw last year at the same time.
Addison Homes For Sale
At the end of August there were 104 single family homes for sale in Addison, more than a 21% decrease from last August when there were 132 homes for sale. The number of condos and townhomes for sale decreased 14.3% with 24 for sale at the end of August 2017 compared to 28 in August 2016.