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 7.1% in November.
Addison Home Sales
Addison single family home sales decreased 15.4% in November with 22 home sales compared to last year at the same time when there were 26 homes sold. Condo and townhome sales decreased more than 55% with 4 closing this year compared to 9 closings last year the same time.
Addison Market Times
Addison single family home market times decreased during November. Single family homes were on the market for an average of 39 days, compared to 46 days last year at the same time, a 15.2% decrease. Condo/townhome market times increased 2.6%. This year the average market time was 80 days compared to 78 days last year.
Addison New Listings
During November, 17 single family homes were listed for sale in Addison, that’s a decrease of 55.3% compared to the 38 new listings last year. New condos/townhomes had 8 new listings this November compared to the 12 new listings last year at the same time, a decrease of 33.3%.
Addison single family home inventory is still super, super low and this month it decreased again. November ended with 1.3 months of supply, a 7.1% decrease from last year at the same time when there was a 1.4 month supply. The months supply of condos/townhomes was 0.8 months of supply this November, a 50% decrease from last year at the same time when there was a 1.6 month supply. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of November there were 33 single family homes for sale in Addison, more than a 28% decrease from last year when there 46 homes for sale. The number of condos and townhomes for sale decreased with 7 for sale this year, a 65% decrease from last year when there were 20 for sale.