Norfolk County Register of Deeds William P. O'Donnell reported that Norfolk County recordings for the month of October 2024 indicate an increase in overall real estate activity, with increases in the total number of deeds and mortgages recorded as compared to October 2023.
The Registry of Deeds recorded 9,629 documents in October 2024. This was 5% more than in October 2023, and a 12% increase compared to September 2024.
"For the past four months we have seen a continued positive trend in real estate activity, which is largely due to a significant increase in the number of mortgages and deeds recorded each month this year from July through October compared to July through October 2023," stated Norfolk County Register of Deeds William P. O'Donnell. "This sustained increase in mortgage and deed recordings shows indications of growing real estate market activity. It will be interesting to see if this trend continues as we move further into the last quarter of 2024.
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| recordings for the month of October 2024 indicate an increase in overall real estate activity |
The total number of deeds recorded for October 2024, which reflects both commercial and residential real estate sales and transfers, was 1,434, up 10% from October 2023 and up 10% from September 2024. This October, 758 commercial and residential properties sold during the month, up 13% compared to October last year.
"The positive growth in both the total number of deeds recorded and the number of property sales compared to last year is certainly encouraging. This indicates that the real estate market is performing well, particularly in certain neighborhoods and property types in Norfolk County," noted Register O'Donnell.
In October, lending activity increased compared to the same month a year ago. A total of 1,518 mortgages were recorded in October 2024, up 30% from October 2023 and up 14% from the previous month.
"While average mortgage interest rates have started to creep back up from their late September low they are still below the levels seen this time last year. Despite the recent increase, the market continues to draw in prospective homebuyers and borrowers." Register O'Donnell added, "If we see hints of a continued decrease in the federal funds rate, we may see lending activity continue to rise, as the Federal Reserve's decision to lower the federal funds rate has an indirect impact on mortgage interest rates."
The average sale price of commercial and residential properties for October 2024 rose to $1,135,838, a 17% increase compared to October 2023 and an increase of 18% from September 2024. The total dollar volume of commercial and residential sales is also up, increasing by 33% from last year and up 37% from last month.
"There is no doubt that Norfolk County is a desirable place to live and work, a credit to all the communities and the municipal staff and leaders who have created such a vibrant area," stated Register O'Donnell. "However, due to the limited inventory of available property not matching that demand, I think many would agree that it is a difficult market for buyers, especially first-time home buyers."
The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In October 2024, there were 8 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, more than the 6 recorded in October 2023. In October 2024, there were 32 notices to foreclose, the first step in the foreclosure process, more than the 21 recorded in October 2023.
"We cannot begin to know all the causes that have contributed to these foreclosures and notices to foreclose, but what we do know is that a number of our neighbors have lost their homes, and even more are dangerously close to losing their homes," said Register O'Donnell. "We all experience unforeseen events in our lives, and sometimes events beyond our control can have devastating emotional and financial effects, so I would urge anyone struggling to pay their mortgage or who knows someone who is struggling to contact one of the non-profit organizations listed on our website, www.norfolkdeeds.org."
For the past several years, the Norfolk County Registry of Deeds has partnered with Quincy Community Action Programs (617-479-8181 x376) and NeighborWorks Housing Solutions (508-587-0950) to help anyone facing challenges paying their mortgage. Another option for homeowners is to contact the Massachusetts Attorney General's Consumer Advocacy and Response Division (CARD) at 617-727-8400.
"October was a great start to the third quarter of 2024, with the real estate market showing strong growth and demand, with a significant increase in mortgage and deed recordings," concluded O'Donnell. "In the coming months, the inventory of available property and mortgage interest rate levels will likely play a big role in determining the direction of the market. Buyers, especially first-time home buyers, may continue to face challenges in finding affordable properties due to the high demand and limited inventory."
To learn more about these and other Registry of Deeds events and initiatives, "like" us on Facebook at facebook.com/norfolkdeeds. Follow us on Twitter and Instagram at @norfolkdeeds.
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, and accessible land record information. All land record research information can be found on the Registry's website, www.norfolkdeeds.org. Residents in need of assistance can contact the Registry of Deeds Customer Service Center at (781) 461-6101 or email us at registerodonnell@norfolkdeeds.org.
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