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 29.2% in March and condo and townhome sales decreased 30% compared to last year.
Addison Home Sales
Single family home sales in Addison decreased more than 29% in March. 17 single family homes closed this year compared to last year at the same time when there were 24 closings. Condo and townhome sales decreased 30% with 7 closings this year compared to 10 closings last year the same time.
Addison Market Times
Addison market times decreased for single family homes during March. Single family homes were on the market for an average of 76 days, compared to 119 days last year at the same time, more than a 36% decrease. Condo/townhome market times decreased 61.9%. This year the average market time was 40 days compared to 105 days last year at the same time.
Addison New Listings
During March 2020, 38 single family homes were listed for sale, an 26.9% decrease compared to last year at the same time when there were 52 new listings. New condos/townhomes had 11 new listings, that’s a 26.7% decrease compared to the 15 new listings last year at the same time.
Addison single family home inventory is still super, super low. March ended with 3.1 months of supply, more than a 13% decrease from last year at the same time when there was a 3.6 month supply. The months supply of condos/townhomes had a 26.7% decrease from last March with 2.2 months supply for sale this year compared to 3 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of March there were 84 single family homes for sale in Addison, a 1.2% increase from last year when there were 83 homes for sale. The number of condos and townhomes for sale decreased with 21 for sale this year, a 22.2% decrease from last year when there were 27 for sale.