According to the Norfolk County Registry of Deeds, November, 2016 continued the steady stream of real estate sales and lending activity, however, sale prices did experience a slip dip in Norfolk County.
“The number of property transactions increased by a healthy 12% in November, compared to the same period in 2015," Registrar William P. O'Donnell said. "A total of 1,563 deeds were recorded versus 1,395 in November 2015. However, what was a little surprising was a small but noticeable 4% decrease in the average sale price of residential and commercial property. The average real estate sale price for the month of November was $721,968. However, total sales volume, again both residential and commercial, increased by 5% to $679 million.”
The number of mortgages also showed positive results throughout the County increasing by 37% in November, 2016 as compared to November of 2015. These figures could have been influenced by continually historic low interest rates.
Mortgage financing, however, showed a significant 25% drop at $1.78 billion in November, but that could be explained by three commercial transactions totaling $550 million in November, 2015.
Another encouraging realty note in the county was the decline in foreclosure deeds. There were 19 deeds in November compared to 24 last year. Notice to foreclose also decreased significantly by 40% with only 52 notices filed.
“These foreclosure figures are encouraging news,” noted O’Donnell, “However, we can’t simply focus on statistics, without realizing the human impact that results from a foreclosure filing. Clearly, some of our neighbors continue to face economic hardship. My office remains committed to partnering with Quincy Community Action Programs at (508) 598-0950 and NeighborWorks Southern Mass at (508) 587-0950 x-46 to ensure homeowners who have received a Notice to Foreclose Mortgage from a lender are getting the help they need. Another option is to call the Massachusetts Attorney General’s HomeCorps program at (617) 573-5333.”
While November was a good month for transactions, as interest rates creep up, the real estate market may adjust accordingly. Sellers may find homebuyers with reduced budgets which may force a lower listing price.
"Lending activity continues its acceleration, which is good for the real estate market," Registrar O'Donnell said. "As I have previously stated, an uptick in interest rates could cause a chilling effect on both real estate sales and lending. For now, however, we will accept the good news seen in the November data while we keep a watchful eye on what the Federal Reserve will do with regards to interest rates.”
The Norfolk County Registry of Deeds, located at 649 High St., Dedham, is the principal office for real property in Norfolk County. The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, accessible land record information. Residents in need of assistance can contact the Registry of Deeds Customer Service Center via telephone at (781) 461-6101, or on the web at www.norfolkdeeds.org.
Issue Date:
January, 2017
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