Addison Real Estate Market Conditions – August 2020

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 more than 15% in August and market times decreased more than 27%.

Addison Home Sales

Addison single family home sales increased 15.4% in August with 30 home sales compared to last year at the same time when there were 26. Condo and townhome sales decrease 30% with 7 closing this year compared to 10 closings last year the same time.

Addison Real Estate Market Conditions - August 2020 closed sales

Addison Market Times

Addison single family home market times decreased during August. Single family homes were on the market for an average of 58 days, compared to 42 days last year at the same time, a 27.6% decrease. Condo/townhome market times increased 66.8%. This year the average market time was 27 days compared to 16 days last year.

Addison Real Estate Market Conditions - August 2020 market time

Addison New Listings

During August, 45 single family homes were listed for sale in Addison, that’s a decrease of 19.6% compared to the 56 new listings last year. New condos/townhomes had 32 new listings this August compared to the 20 new listings last year.at the same time, an increase of 60%.

Addison Real Estate Market Conditions - August 2020 new listings

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. August ended with 2.3 months of supply, a 56.6% decrease from last year at the same time when there was a 5.3 month supply. The months supply of condos/townhomes was 3.8 months for sale this August, an 8.6% increase from last year at the same time when there was a 3.5 month supply. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - August 2020 months supply

Addison Homes For Sale

At the end of August there were 64 single family homes for sale in Addison, a 50% decrease from last year when there 128 homes for sale. The number of condos and townhomes for sale increased with 38 for sale this year, an 18.8% increase from last year when there were 32 for sale.

Addison Real Estate Market Conditions - August 2020 homes for sale

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The post Addison Real Estate Market Conditions – August 2020 appeared first on Getting Real.

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