Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home sales increased more than 44% in October and market times decreased more than 52%.
Addison Home Sales
Addison single family home sales increased 44% in October with 36 home sales compared to last year at the same time when there were 25. Condo and townhome sales increased 100% with 16 closing this year compared to 8 closings last year the same time.
Addison Market Times
Addison single family home market times decreased during October. Single family homes were on the market for an average of 35 days, compared to 74 days last year at the same time, a 52.7% decrease. Condo/townhome market times decreased 29.4%. This year the average market time was 24 days compared to 34 days last year.
Addison New Listings
During October, 36 single family homes were listed for sale in Addison, that’s a decrease of 25% compared to the 48 new listings last year. New condos/townhomes had 13 new listings this October compared to the 18 new listings last year.at the same time, a decrease of 27.8%.
Addison single family home inventory is still super, super low and this month it decreased again. October ended with 2.2 months of supply, a 51.1% decrease from last year at the same time when there was a 4.5 month supply. The months supply of condos/townhomes was 2.9 months of supply this October, a 29.3% decrease from last year at the same time when there was a 4.1 month supply. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of October there were 59 single family homes for sale in Addison, more than a 48% decrease from last year when there 114 homes for sale. The number of condos and townhomes for sale decreased with 31 for sale this year, an 16.2% decrease from last year when there were 37 for sale.