As a continued theme we continue to lag in New listings.. The month of May was no different.

I continue to review the entire MLS and we continue to be down NEW listings year to date by 26% and Closed listings by 26%.

The average listing price continues to rise and year to date it is up by 7+% BUT the average selling price is only up by 2% So, this implies NEGOTIATION room for buyers.

Average days on market continue to be down as does the month supply of inventory which continues to imply a seller's market.

The one stat that is UP is PENDING inventory which is sales under contract waiting to close. So, will this equal a softening of the total closed listing either in the month of June or year to date.. We will see soon!

I also took a deeper dive into the off and on water markets and as I thought the waterfront market has been hit pretty darn hard.

• Closed sales are down by OVER 40%
• New listings are down by 37%
• Average listing price is UP by 21% almost three times as much as the entire MLS 
• Average selling price is up by 12% which is 5 times as much as the entire MLS
• And; lastly, the days on market is down by 20% which is also more than the entire MLS