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 29.6% in April, condo and townhome sales increased 20% compared to last year.
Addison Home Sales
Single family home sales in Addison decreased more than 29% in April. 19 single family homes closed this year compared to last year at the same time when there were 27 closings. Condo and townhome sales increased 20% with 12 closings this year compared to 10 closings last year the same time.
Addison Market Times
Addison market times decreased for condos and townhomes during April. Single family homes were on the market for an average of 94 days, the same amount as last year at the same time. Condo/townhome market times decreased 5.7%. This year the average market time was 66 days compared to 70 days last year at the same time.
Addison New Listings
During April 2020, 38 single family homes were listed for sale, a 52.5% decrease compared to last year at the same time when there were 80 new listings. New condos/townhomes had 10 new listings, that’s a 63% decrease compared to the 27 new listings last year at the same time.
Addison single family home inventory is still super, super low. April ended with 3.3 months of supply, more than a 17% decrease from last year at the same time when there was a 4 month supply. The months supply of condos/townhomes had a 50% decrease from last April with 2.4 months supply for sale this year compared to 4.8 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of April there were 83 single family homes for sale in Addison, a 15.3% decrease from last year when there were 98 homes for sale. The number of condos and townhomes for sale decreased with 23 for sale this year, a 43.9% decrease from last year when there were 41 for sale.