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 decreased more than 47% in July. The extremely low inventory is making it really difficult for buyers to find a home, benefiting home sellers.
Addison Home Sales
Single family home sales in Addison had no change in July. 30 single family homes closed this year the same as last year at the same time. Condo and townhome sales decreased 38.5% in July with 8 closing this year compared to 13 closings last year the same time.
Addison Market Times
Market times for single family homes decreased significantly during July. Single family homes were on the market for an average of 36 days, compared to 68 days in July 2017, a 47.1% decrease. Condo/townhome market times remained the same this July with an average of 48 days on the market both this year and last year.
Addison New Listings
During July 2018, 78 single family homes were listed for sale in Addison, an increase of 44.4% compared to the 54 new listings last July. New condo/town home listings had a 21.1% decrease with 15 new listings this July compared to the 19 last year at this time.
Addison Months Supply
Addison single family home inventory still remains historically low. July ended with 4.6 months of supply, a 11.5% decrease compared to last July when 5.2 months of supply was available. The months supply of condos/townhomes had a 20% decrease from last July with 2.8 months supply for sale this year compared to 3.5 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of July there were 113 single family homes for sale in Addison, a small 5.8% decrease from last July when there were 120 homes for sale. The number of condos and townhomes for sale decreased also with 29 for sale this year, a 14.7% decrease from last year when there were 34 for sale.