Norfolk County, MA Quarterly Real Estate Activity Report (July-September 2014)
Citing both solid 3rd quarter growth in the dollar volume of real estate sales and double digit increases in the average sale price of a transaction, Norfolk County Register of Deeds Bill O'Donnell is hopeful that the worst of economic downturn is behind us and that the result will lead to improvements in both the real estate and mortgage markets.
Register O'Donnell noted, "At the end of 3 quarters the dollar volume of total sales increased from $1.9 billion to $2.1 billion, an 11% increase from the same time last year. Another promising indicator during the same period of time was that the average sales transaction (including both residential and commercial real estate sales) was $636,736, an increase of 16%. This solid increase is further evidence that Norfolk County is a very desirable place to live, to work and to raise a family."
However, the Register noted that there are some concerning indicators which reveal a decrease in real estate activity both for sales and refinancing. He noted, "Even with an increase in volume dollar sales, we are down 6% in the 3rd quarter. Mortgage recording activity continues to struggle with a 21% decrease (9,147 to 7,257) during the same period."
Another benchmark being carefully watched by the Register is mortgage foreclosures, which fell by a modest 2% in the third quarter. The Register also noted that Homestead filings were down by 9% compared to last year's 3rd quarter. "One reason for the reduced filings stems from legislation passed into law by the Legislature in 2011 which clarifies that there is no need to refile a Homestead after refinancing a mortgage," noted Register O'Donnell.
The Norfolk Registry of Deeds is located at 649 High Street in Dedham. It is an invaluable resource for homeowners, title examiners, mortgage lenders, municipalities and others to secure accurate and accessible land record information. Residents in need of assistance can contact the Registry of Deeds Customer Service Center at (781) 461-6101 or on the web at www.norfolkdeeds.org. Register William P. O'Donnell