Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Both single family home and condo/townhome inventories decreased more than 63% in May.
Addison Home Sales
Single family home sales in Addison increased more than 18% in May. 32 single family homes closed this year compared to last year at the same time when there were 27 closings. Condo and townhome sales increased 233.3% with 20 closings this year compared to 6 closings last year the same time.
Addison Market Times
Addison condo and townhome market times increased during May. Single family homes market times remained the same from last year at the same time when homes were on the market for an average of 87 days. Condo/townhome market times increased 34%. This year the average market time was 63 days compared to 47 days last year at the same time.
Addison New Listings
During May 2021, 53 single family homes were listed for sale, a 10.4% increase compared to last year at the same time when there were 48 new listings. New condos/townhomes had 24 new listings, that’s a 9.1% increase compared to the 22 new listings last year at the same time.
Months Supply
Addison single family home inventory is still super, super low. May ended with 1.3 months of supply, more than a 63% decrease from last year at the same time when there was a 3.6 month supply. The months supply of condos/townhomes had a 63.6% decrease from last May with 1.2 months supply for sale this year compared to 3.3 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of May there were 42 single family homes for sale in Addison, a 52.3% decrease from last year when there were 88 homes for sale. The number of condos and townhomes for sale decreased with 16 for sale this year, a 44.8% decrease from last year when there were 29 for sale.
