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 114% in February and condo and townhome sales increased 150% compared to last year.
Addison Home Sales
Single family home sales in Addison increased more than 114% in February. 15 single family homes closed this year compared to last year at the same time when there were 7 closings. Condo and townhome sales increased 150% with 10 closings this year compared to 4 closings last year the same time.
Addison Market Times
Addison market times increased for single family homes during February. Single family homes were on the market for an average of 98 days, compared to 42 days last year at the same time, more than a 133% increase. Condo/townhome market times increased 3.3%. This year the average market time was 31 days compared to 30 days last year at the same time.
Addison New Listings
During February 2020, 38 single family homes were listed for sale, an 8.6% increase compared to last year at the same time when there were 35 new listings. New condos/townhomes had 18 new listings, that’s a 5.9% increase compared to the 17 new listings last year at the same time.
Addison single family home inventory is still super, super low. February ended with 2.8 months of supply, more than a 6% decrease from last year at the same time when there was a 3 month supply. The months supply of condos/townhomes saw a 46.9% decrease from last February with 1.7 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 February there were 78 single family homes for sale in Addison, a 9.9% 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 37.9% decrease from last year when there were 29 for sale.