Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home inventory decreased more than 54% in July.
Addison Home Sales
Addison single family home sales decreased 2.9% in July with 33 home sales compared to last year at the same time when there were 34. Condo and townhome sales increased more than 7% with 15 closing this year compared to 14 closings last year the same time.
Addison Market Times
Addison single family home market times decreased during July. Single family homes were on the market for an average of 19 days, compared to 70 days last year at the same time, a 72.9% decrease. Condo/townhome market times decreased 38.6%. This year the average market time was 43 days compared to 70 days last year.
Addison New Listings
During July, 41 single family homes were listed for sale in Addison, that’s a decrease of 25.5% compared to the 55 new listings last year. New condos/townhomes had 30 new listings this July compared to the 19 new listings last year.at the same time, an increase of 57.9%.
Addison single family home inventory is still super, super low and this month it decreased again. July ended with 1.4 months of supply, a 54.8% decrease from last year at the same time when there was a 3.1 month supply. The months supply of condos/townhomes was 2.4 months for sale this July, a 40% decrease from last year at the same time when there was a 4 month supply. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of July there were 43 single family homes for sale in Addison, a 44.2% decrease from last year when there 77 homes for sale. The number of condos and townhomes for sale decreased with 32 for sale this year, an 8.6% decrease from last year when there were 35 for sale.