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 92% in December while condo and townhome sales decreased more than 42%.
Addison Home Sales
Single family home sales in Addison increased more than 92% in December. 27 single family homes closed this year compared to last year at the same time when there were 14 closings. Condo and townhome sales decreased more than 42% with 4 closings this year compared to 7 closings last year the same time.
Addison Market Times
Addison market times increased for single family homes during December. Single family homes were on the market for an average of 85 days, compared to 65 days last year at the same time, more than a 30% increase. Condo/townhome market times decreased 26%. This year the average market time was 37 days compared to 50 days last year at the same time.
Addison New Listings
During December 2019, 26 single family homes were listed for sale in Addison, that’s a 44.4% increase compared to the 18 new listings last year at the same time. New condos/townhomes had 8 new listings this December the same amount as last year at the same time.
Addison single family home inventory is still super, super low and this month it decreased again. December ended with 2.9 months of supply, more than a 12% decrease from last year at the same time when there was a 3.3 month supply. The months supply of condos/townhomes saw a 7.4% increase from last December with 2.9 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 December there were 78 single family homes for sale in Addison, a 3.7% decrease from last year when there were 81 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.