Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions with strong home sales and extremely low inventory. Single family home sales increased more than 27% in May. 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 May increased 27.8% in Addison. 23 single family homes closed this year, compared to last May when there were 18 closings. Condo and townhome sales decreased 35% in May with 13 closing this year and 20 closings last year the same time.
Addison Market Times
Market times for single family homes decreased during May. Single family homes were on the market for an average of 51 days, compared to 98 days in May 2017, a 48% decrease. Condo/townhome market times increased this May with an average of 69 days on the market compared to the extremely low 24 last May, a whopping 187.5% increase.
Addison New Listings
During May 2018, 61 single family homes were listed for sale in Addison, an increase of 24.5% compared to the 49 new listings last May. New condo/town home listings had a 54.5% increase with 17 new listings this May compared to the 11 last year at this time.
Addison Months Supply
Addison single family home inventory still remains historically low, and still continues to decrease. May ended with 4.3 months of supply, a 6.5% decrease compared to last May when 4.6 months of supply was available. The months supply of condos/townhomes decreased 11.5% from last May with 2.3 months supply for sale, compared to the 2.6 months of supply we saw last year at the same time. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of May there were 101 single family homes for sale in Addison, a small 3.8% decrease from last May when there were 105 homes for sale. The number of condos and townhomes for sale also saw a small decrease, 7.7% with 24 for sale at the end of May 2018 compared to 26 in May 2017.