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 decreased slightly in October and market times decreased more than 53%.
Addison Home Sales
Addison single family home sales decreased 4% in October with 24 home sales compared to last year at the same time when there were 25. Condo and townhome sales decreased 54.5% with 5 closing this year compared to 11 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 19 days, compared to 41 days last year at the same time, a 53.7% decrease. Condo/townhome market times were the same this year as last year, when the average market time was 52 days.
Addison New Listings
During October, 13 single family homes were listed for sale in Addison, that’s a decrease of 66.7% compared to the 39 new listings last year. New condos/townhomes had 4 new listings this October compared to the 7 new listings last year.at the same time, a decrease of 42.9%.
Addison single family home inventory is still super, super low and this month it decreased again. October ended with 0.8 months of supply, a 52.9% decrease from last year at the same time when there was a 1.7 month supply. The months supply of condos/townhomes was 1.0 months of supply this October, a 42.9% increase from last year at the same time when there was a 0.7 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 13 single family homes for sale in Addison, more than a 70% decrease from last year when there 44 homes for sale. The number of condos and townhomes for sale this year was 6, the same amount as last year.