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 26.7% in February and home inventory decreased 72.7% compared to last year.
Addison Home Sales
Single family home sales in Addison increased more than 26.7% in February. 19 single family homes closed this year compared to last year at the same time when there were 15 closings. Condo and townhome sales decreased 54.5% with 5 closings this year compared to 11 closings last year the same time.
Addison Market Times
Addison market times increased for single family homes during February. Single family homes were on the market for an average of 190 days, compared to 98 days last year at the same time, more than a 93% increase. Condo/townhome market times increased 300%. This year the average market time was 120 days compared to 30 days last year at the same time.
Addison New Listings
During February 2021, 27 single family homes were listed for sale, a 32.5% decrease compared to last year at the same time when there were 40 new listings. New condos/townhomes had 9 new listings, that’s a 50% decrease compared to the 18 new listings last year at the same time.
Months Supply
Addison single family home inventory is still super, super low. February ended with 0.9 months of supply, more than a 72% decrease from last year at the same time when there was a 3.3 month supply. The months supply of condos/townhomes had a 15% increase from last February with 2.3 months supply for sale this year compared to 2 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of February there were 26 single family homes for sale in Addison, a 71.1% decrease from last year when there were 90 homes for sale. The number of condos and townhomes for sale increased with 24 for sale this year, a 14.3% increase from last year when there were 21 for sale.
