Addison Real Estate Market Conditions – May 2020

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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 Real Estate Market Conditions - May 2020 closed sales

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 Real Estate Market Conditions - May 2020 market times

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 Real Estate Market Conditions - May 2020 new listings

Months Supply

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 Real Estate Market Conditions - May 2020 months supply

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.

Addison Real Estate Market Conditions - May 2020 homes for sale

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Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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