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 10% in November while condo and townhome inventory increased more than 11%.
Addison Home Sales
Single family home sales in Addison decreased 40% in November. 21 single family homes closed this year compared to last year at the same time when there were 35 closings. Condo and townhome sales increased more than 83% with 11 closings this year compared to 6 closings last year the same time.
Addison Market Times
Addison market times increased for single family homes during November. Single family homes were on the market for an average of 125 days, compared to 57 days last year at the same time, a 119.3% increase. Condo/townhome market times decreased 22.4%. This year the average market time was 38 days compared to 49 days last year.
Addison New Listings
During November 2019, 24 single family homes were listed for sale in Addison, that’s the exact same amount of new listings last year at the same time. New condos/townhomes had 8 new listings this November compared to the 14 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. November ended with 3.6 months of supply, a 10% decrease from last year at the same time when there was a 4 month supply. The months supply of condos/townhomes saw an 11.1% increase from last November with 3 months supply for sale this year compared to 2.7 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of November there were 92 single family homes for sale in Addison, a 6.1% decrease from last year when there were 98 homes for sale. The number of condos and townhomes for sale increased with 27 for sale this year, a 3.8% increase from last year when there were 26 for sale.