Pick of the Week – City of Cambridge
By Erin Milburn on Monday, July 14th, 2014
Ahh, the story of Cambridge. Gather ‘round, ye lads and lasses. ‘Tis story time. ‘Twas a cold winter eve many fort nights ago…
Just kidding. We’re talking about Cambridge, MN—the far northern suburb of the Twin Cities. Though it’s hard to tell from some indicators, Cambridge was unfashionably late to the housing recovery. How late? Exactly two years late. The northern part of the metropolitan area in general seemed to lag behind other parts of the metro that were recovering from the foreclosure crisis. It wasn’t until December 2013 when Cambridge finally had more traditional sales than lender-mediated sales. That was the first time since October 2008—the last time traditional closed market share exceeded that of lender-mediated.
For the broader Twin Cities metro, December 2011 was the month when traditional sales once again exceeded lender-mediated sales. And lender-mediated sales only exceeded traditional starting in May 2011, so it lasted only about six months for the metro as a whole. But that unfortunate reality lasted over five years in Cambridge. Isanti, North Branch, Oak Grove, East Bethel, St. Francis and Princeton all seem to follow a similar pattern.
The good news is that now all north metro areas are in much better shape and are well on the road to recovery. There’s also a predictable chronology to this. Think of the life cycle of a listing. First, it’s listed. Then, it’s active. Then it goes pending before finally closing and going off the market only to be reincarnated as a comp for another listing. So if you’re wondering when pending or closed lender-mediated sales may ease, be sure to check new and active listings broken down by seller type as a reliable leading indicator. Consumers can only buy what sellers list and what’s active on the market. The circle of life, Lion King style.
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