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 50% in January and condo and townhome sales increased 120% compared to last year.
Addison Home Sales
Single family home sales in Addison increased more than 50% in January. 18 single family homes closed this year compared to last year at the same time when there were 12 closings. Condo and townhome sales increased more than 120% with 11 closings this year compared to 5 closings last year the same time.
Addison Market Times
Addison market times decreased for single family homes during January. Single family homes were on the market for an average of 54 days, compared to 94 days last year at the same time, more than a 42% decrease. Condo/townhome market times increased 144%. This year the average market time was 83 days compared to 34 days last year at the same time.
Addison New Listings
During January 2020, 34 single family homes were listed for sale this January the same amount as last year at the same time. New condos/townhomes had 13 new listings, that’s a 30% increase compared to the 10 new listings last year at the same time.
Addison single family home inventory is still super, super low but this month inventory has a slight increase. January ended with 3.1 months of supply, more than a 3.3% increase from last year at the same time when there was a 3 month supply. The months supply of condos/townhomes saw a 28% decrease from last January with 1.8 months supply for sale this year compared to 2.5 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of January there were 84 single family homes for sale in Addison, an 18.3% increase from last year when there were 71 homes for sale. The number of condos and townhomes for sale decreased with 18 for sale this year, a 25% decrease from last year when there were 24 for sale.