The Twin Cities real estate market continued it’s delicate balancing act for the week ending June 28. The week showed a slight tilt towards listings, something that hasn’t happened in the Twin Cities for several weeks. There were 2,119 new listings, up 0.3% over the same week last year (2,113). A difference of only 6 listings seems rather insignificant, but consider that we have had several weeks of year over year decreases (many of them large decreases) in the number of new listings in the Twin Cities real estate market and even a slight increase is significant. Buyer activity in the Twin Cities continues to be rather flat. There were 856 new purchase agreements, down 4.8% versus the same week last year (899). This is the 8th week in a row to show pending contracts within 5% of 2007 and the 10th week out of the past 12. That’s 3 months of flat activity from buyers while new listings have dropped almost 14% during the same time period. At 159 days, the average time on market is up 27.9% from last year, but that number should fall as listings continue to decrease, depleting the number of home choices available to Twin Cities buyers.

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