06/10/2026
Love this Market Recap by the brilliant Jim Phillips!
"Surf's Up!
With the Memorial Day holiday weekend and the unofficial beginning of Summer, thoughts naturally turn to vacations, warmer weather, ocean breezes, and the ebb and flow of ocean waves. Interestingly, the local real estate market is beginning to mirror that same rhythm.
One week we see the market retreat, the next it advances, much like waves pulling back before pushing farther onto the shore as the tide rises. When we ultimately experience a true high tide in this market is anyone’s guess. Still, the numbers offer insight into what may lie ahead.
New Listings retreated 35% from last week’s seasonal peak of 973, falling to 627, yet still advanced 14% over the same week in 2025. In contrast, Coming Soon inventory rose 34%, climbing from 296 to 396, likely due to the Memorial Day weekend and sellers, along with their agents, choosing to delay activating listings until next week.
Pendings, a key indicator of buyer activity, remained essentially flat week over week at 354 versus 358, but were down 16% from the 422 recorded during the same period in 2025.
Closed Transactions reached their strongest level of the year at 761, rising 11% over the previous week’s 685 and 13% above the 675 posted during the same week in 2025. Active/Under Contract properties also remained steady at 482 versus 488 week over week, while continuing to show modest improvement over last year’s 456.
The combination of Pendings and Active/Under Contract properties, an important indicator of future Closed Transactions, experienced only a modest 1% correction, slipping from 846 to 836 while still remaining at a healthy overall level.
Price Reductions improved significantly, falling below the 400 mark to 385, while Back to Active properties remained relatively flat at 101 compared to 99 the previous week. Both are indications of a market gradually working toward greater stabilization. However, these numbers remain elevated and suggest some sellers continue to overestimate the value buyers place on price, condition, and location. Buyers are also remaining cautious, with a meaningful number still voiding contracts due to cold feet or unforeseen HOA and home inspection issues.
Like the ebb and flow of the ocean, our local real estate market will continue to recede and advance, yet opportunity will always exist for those who remain engaged and take inspired action. Top real estate professionals understand when it is time to surf and when it is time to paddle."
