Addison Real Estate Market Update
The Addison Real Estate Market continues to see good market conditions despite the pandemic and the extremely low inventory. Both single family home and condo/townhome inventories decreased more than 18% in May.
Addison Home Sales
Single family home sales in Addison decreased more than 31% in May. 24 single family homes closed this year compared to last year at the same time when there were 35 closings. Condo and townhome sales decreased 62.5% with 6 closings this year compared to 16 closings last year the same time.
Addison Market Times
Addison market times decreased during May. Single family homes were on the market for an average of 97 days a 2% decrease from last year at the same time when homes were on the market for an average of 99 days. Condo/townhome market times decreased 26.6%. This year the average market time was 47 days compared to 64 days last year at the same time.
Addison New Listings
During May 2020, 47 single family homes were listed for sale, a 39.7% decrease compared to last year at the same time when there were 78 new listings. New condos/townhomes had 22 new listings, that’s a 4.3% decrease compared to the 23 new listings last year at the same time.
Addison single family home inventory is still super, super low. May ended with 3.5 months of supply, more than a 18% decrease from last year at the same time when there was a 4.3 month supply. The months supply of condos/townhomes had a 18.4% decrease from last May with 3.1 months supply for sale this year compared to 3.8 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.
Addison Homes For Sale
At the end of May there were 85 single family homes for sale in Addison, a 21.3% decrease from last year when there were 108 homes for sale. The number of condos and townhomes for sale decreased with 28 for sale this year, a 20% decrease from last year when there were 35 for sale.