Addison Real Estate Market Update
The Addison Real Estate Market had a decrease in single family home sales in October. The extremely low inventory is making it really hard for buyers to find anything, although the months supply had a slight increase this month.
Addison Home Sales
Single family home sales in Addison decreased more than 16% in October. 20 single family homes closed this year compared to the same time last year when 24 single family homes sold. Condo and townhome sales increased tremendously, more than 233% in October with 10 closing this year compared to 3 closing last year the same time.
Addison Market Times
Market times for single family homes had a significant increase during October. Single family homes were on the market for an average of 113 days, compared to 63 days in October 2016, more than a 79% increase. Condo/townhome market times remained exactly the same this October with an average of 28 days on the market, the same as last October.
Addison New Listings
During October 2017, 40 single family homes were listed for sale in Addison, an increase of more than 37% compared to the 29 new listings last October. New condo/town home listings had a 40% increase with 14 new listings this October compared to the 10 last year at this time.
Addison Months Supply
Addison single family home inventory still remains historically low, but we did see a slight increase in supply. October ended with 4.5 months of supply, a 7.1% increase compared to last October when 4.2 months of supply was for sale. The months supply of condos/townhomes increased 3.7% from last October with 2.8 months supply for sale, compared to the 2.7 months of supply we saw last year at the same time. Anything under a 5 months supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of October there were 105 single family homes for sale in Addison, a 1.9% increase from last October when there were 103 homes for sale. The number of condos and townhomes for sale increased 27.3% with 28 for sale at the end of October 2017 compared to 22 in October 2016.