Addison Real Estate Market Update
The Addison Real Estate Market continues to see strong market conditions despite the extremely low inventory. Single family home sales decreased 4% in March. The extremely low inventory is still making it really difficult for buyers to find a home, benefiting home sellers.
Addison Home Sales
Single family home sales in Addison decreased 4% in March. 24 single family homes closed this year compared to last year at the same time when there were 25 closings. Condo and townhome sales decreased 33.3% in March with 10 closing this year compared to 15 closings last year the same time.
Addison Market Times
Addison market times saw an increase during March. Single family homes were on the market for an average of 119 days, compared to 102 days in March 2018, a 16.7% increase. Condo/townhome market times also had an increase, 23.5%. This year the average market time was 105 days compared to 85 days last year at the same time.
Addison New Listings
During March 2019, 52 single family homes were listed for sale in Addison, that’s an increase of 57.6% compared to the 33 new listings last year. New condo/town home listings had 15 new listings this March compared to the 21 new listings last year.at the same time there was a decrease of 28.6%.
Addison single family home inventory is still super, super low. March ended with 3.1 months of supply, a slight 6.9% increase compared to last year at the same time when the months supply was 2.9. The months supply of condos/townhomes had an 11% decrease from last March with 2.4 months supply for sale this year compared to 2.7 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of March there were 75 single family homes for sale in Addison, an 8.7% increase from last year when there were 69 homes for sale. The number of condos and townhomes for sale decreased with 22 for sale this year, a 21.4% decrease from last year when there were 28 for sale.