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 25% in May.
Addison Home Sales
Single family home sales in Addison increased 3% in May. 34 single family homes closed this year compared to last year at the same time when there were 33 closings. Condo and townhome sales decreased 55% with 9 closings this year compared to 20 closings last year the same time.
Addison Market Times
Addison market times decreased during May. Single family homes were on the market for an average of 14 days in May, a decrease of 83.5% compared to last year at the same time when the average market time was 85 days. Condo/townhome market times decreased 54%. This year the average market time was 29 days compared to 63 days last year at the same time.
Addison New Listings
During May 2022, 54 single family homes were listed for sale, a 5.3% decrease compared to last year at the same time when there were 57 new listings. New condos/townhomes had 11 new listings, that’s a 56% decrease compared to the 25 new listings last year at the same time.
Addison single family home inventory is still super, super low. May ended with 1.2 months of supply, that’s a 25% decrease from last year at the same time when there was a 1.6 month supply. The months supply of condos/townhomes had a 63.2% decrease from last May with 0.7 months supply for sale this year compared to 1.9 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 37 single family homes for sale in Addison, a 24.5% decrease from last year when there were 49 homes for sale. The number of condos and townhomes for sale decreased with 8 for sale this year, a 66.7% decrease from last year when there were 24 for sale.