Average Property Prices Reach Record Highs in August 2023

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings indicate average property sales prices rose to a record high for the month of August as compared to previous years. This increase can likely be attributed to a limited inventory of new housing up for sale and a lack of existing houses on the market.

 

“Average property prices in August are up significantly this year compared to the same month in previous years,” stated Register of Deeds William P. O'Donnell. “Seasoned homebuyers and those looking to purchase their first home are faced with the challenge of property values that are 19% higher than 2022 prices, 34% higher than 2021 prices, and 37% higher than 2020 prices, in addition to a mortgage interest rate that for some exceeds 7%.”

 

Average August Property Prices Reach Record Highs

The average sale price of commercial and residential properties for August 2023 was $1,212,694, a 19% increase compared to August 2022 but a decrease of 17% from July 2023. The total dollar volume of commercial and residential sales is down, decreasing 6% from last year and 12% from last month.

 

“Looking at the numbers from August 2022, 2021, and 2020 shows that average property prices fell seasonally by 12% to 17% in August compared to July,” noted Register O'Donnell. “This means that while prices remain high, the seasonal fluctuations in the housing market month over month have remained constantly steady when you compare them to the ebbs and flows of previous years.”

 

Notwithstanding the increase in average property sales prices, the total number of deeds recorded for August 2023, which reflects both commercial and residential real estate sales and transfers, was 1,478, down 12% from August 2022 but up 16% from July.

 

“Overall real estate activity is on a downward trend compared to the previous year, driven by two likely factors: limited inventory and high interest rates, resulting in a reduction of the number of deeds and mortgages, which make up a large portion of the total document volume at the Registry.” Register O'Donnell continued. “A slight increase in the number of deeds from last July may suggest that some sellers are taking advantage of higher property values, increasing the number of existing homes on the market.”

 

The Registry of Deeds recorded 9,527 documents in August 2023. This was 18% less than in August 2022 but an 11% increase compared to July 2023.

 

Register O'Donnell noted, “Higher mortgage interest rates have an impact on the number of mortgages and deeds recorded at the Registry. Higher interest rates affect seasoned homebuyers' eagerness to refinance, which means fewer mortgages. It also affects a homeowner’s willingness to sell, which results in fewer homes on the market that can be bought. Higher interest rates also impact buyers.”

 

For the month of August, lending activity overall continued to decline from last year. A total of 1,328 mortgages were recorded, which is 33% less than last year but 6% more than last month.

 

“In addition to fewer people refinancing, the decline in lending activity can also be attributed to fewer first-time home loans,” said Register O'Donnell “High property prices and increased mortgage interest rates make it more challenging for first-time homebuyers to afford a mortgage and to keep up with payments.”

 

The Norfolk County Registry of Deeds continues to closely monitor the foreclosure market. In August 2023, there were 4 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in August 2022, there were 7 recorded. Additionally, this month, there were 25 notices to foreclose, the first step in the foreclosure process, less than the 33 recorded in August 2022.

 

“We hope to see this trend continue into the fall season, especially as the weather gets cooler. With that said, we cannot forget that foreclosure activity has a human face associated with it, and there are still a number of our neighbors who have lost their homes, and even more are dangerously close to losing their homes,” said Register O'Donnell. “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.

 

Register O’Donnell concluded, “We have seen some increases in the number of property sales and in the total number of documents compared to last month, but with record property prices for this month and a limited housing inventory, we are seeing significant decreases in overall real estate activity compared to 2022.” 

 

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.

Increasing Strain on Limited Housing Inventory Pushes July Prices to Surge

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for July show a significant increase in average property sale prices compared to both the previous year and the previous month. This surge can likely be attributed to having limited housing inventory in a competitive market.

 

“Average property prices are up significantly this month, and while this may be good news for sellers and investors, it makes it increasingly difficult for first-time homebuyers and homeowners looking to move, especially with high interest rates relative to what they were in 2020 and 2021,” stated Register of Deeds William P. O'Donnell.

 

The average sale price of commercial and residential properties for July 2023 was $1,452,378, a 19% increase compared to July 2022 and an increase of 40% from June 2023. However, the total dollar volume of commercial and residential sales is down, decreasing 7% from last year but up 7% from last month.

 

“Based on prior years and trusted economic theory, we know that even when demand remains the same but the supply of an item decreases, the price will increase,” said Register O’Donnell. “Unfortunately, when prices rise without a corresponding rise in inventory, it may result in increased competition among buyers. This makes it harder for homebuyers in general but especially for first-time homebuyers who must now deal with the added cost of higher interest rates to afford homes and properties.”

 

Notwithstanding the increase in average property sales prices the total number of deeds for July 2023, which reflects both commercial and residential real estate sales and transfers, was 1,272, down 18% from July 2022 and decreased 26% from June.

 

Register O'Donnell noted, “Higher interest rates have a particular impact on first-time homebuyers, especially given that the average price for commercial and residential property is 43% higher than the value in 2021 and 74% higher than the value in 2020. Higher interest rates also affect seasoned homebuyers' eagerness to refinance and willingness to sell, which results in fewer mortgages being recorded. 

 

For the month of July, lending activity overall continued to decline. A total of 1,258 mortgages were recorded, which is 47% less than last year and 14% less than last month.

 

“Overall real estate activity is on a downward trend, driven by two likely factors: limited inventory and high interest rates, which reduce the number of deeds and the number of mortgages, which make up a large portion of the total document volume at the registry,” said Register O'Donnell. 

 

The Registry of Deeds recorded 8,620 documents in July 2023. This was 21% less than in July 2022 and 18% less than in June 2023.

 

Norfolk County recordings for July show a significant increase in average property sale prices

“On a positive note, for the first time this year, we are seeing a reduction in both the number of foreclosure deeds and the number of notices to foreclose compared to last year,” said Register O'Donnell. 

 

The Norfolk County Registry of Deeds continues to closely monitor the foreclosure market. In July 2023, there were 5 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in July 2022, there were 9 recorded. Additionally, this month, there were 18 notices to foreclose, the first step in the foreclosure process, less than the 21 recorded in July 2022.

 

“There is no question that these foreclosure numbers are good news. With that said, we cannot forget that foreclosure activity has a human face associated with it, and there are still a number of our neighbors who have lost their homes, and even more are dangerously close to losing their homes,” said Register O'Donnell. “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.

 

Register O’Donnell concluded, “We have seen some good news in regard to the decrease in foreclosure activity only to be tempered by a limited housing inventory creating an increasingly competitive market. We need to increase new home construction and housing initiatives in order to increase the supply and make homeownership more attainable.”

 

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.

Homeownership Bar Too High, Too Few Homes Brings Decreased Sales in Second Quarter

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the second quarter of 2023 indicate a continued decrease in overall real estate activity impacted by interest rates along with a lack of inventory. The increased costs of carrying the purchase of a home, along with limited inventory and high real estate costs, are setting the homeownership bar too high for some individuals.

 

“It is not a secret, and I believe most people can feel it, that the economy is experiencing a downward trend, driven by two factors: limited inventory and high interest rates, relative to what they were in 2020, which makes finding a home difficult for homebuyers in general but especially for first-time homebuyers who must now deal with the added cost of higher interest rates,” stated Register of Deeds William P. O'Donnell.

 

In the second quarter of 2023 (April, May, and June), the Norfolk County Registry of Deeds recorded 27,374 documents. This was 23% less than the second quarter of 2022.

 

“Looking at the statistics, we can see that fewer properties are being sold. The likely factors that are contributing to this are that while new home construction has increased, it is not enough to keep up with the demand, and we need to increase the supply of new homes,” said Register O’Donnell. “The other factor is that existing homes remain off the market, possibly because individuals that want to sell may be struggling to find a suitable home to move into within their budget, and for those individuals who took advantage of lower interest rates in the past, they may be hesitant to exchange that for a higher rate.”

 

The total number of deeds for the second quarter of 2023, which reflects both commercial and residential real estate sales and transfers, was 4,193, down 16% from the second quarter of 2022.

 

“Higher interest rates affect seasoned homebuyers in terms of eagerness to refinance and willingness to sell, but first-time homebuyers are particularly impacted, especially considering average prices for commercial and residential property are 16% above 2021 values and 32% above 2020 values,” said Register O’Donnell. “This means that homebuyers in 2023 are paying higher property prices and a higher interest rate, resulting in a monthly mortgage payment that may not be economically feasible, particularly for first-time homebuyers who may not have the financial resources to overcome this obstacle.”

 

The average sale price for the second quarter of this year was $996,394, a 23% decrease compared to the second quarter of 2022. The total dollar volume of commercial and residential sales is down, decreasing 42% over the same period in 2022.

 

For the months of April, May, and June, lending activity overall continued to decline. During these months, a total of 4,084 mortgages were recorded, which is 40% less than the same period last year.

 

“Those who took advantage of the lower interest rates in 2020 and 2021 are also less likely to refinance at current rates, and with property sales going down, this results in a more pronounced decline in the number of mortgages recorded,” said Register O’Donnell. “For individuals who are struggling to keep up with payments now, refinancing at a higher interest rate is not going to help, which is one factor contributing to the increase in notices to foreclose and foreclosure deeds.”

 

The Norfolk County Registry of Deeds continues to closely monitor the foreclosure market. In the second quarter of 2023, there were 26 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in the second quarter of 2022, there were 16 recorded. Additionally, there were 86 notices to foreclose, the first step in the foreclosure process, significantly more than the 66 recorded in 2022’s second quarter.

 

“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.

 

Register O’Donnell concluded, “Overall, the housing market has slowed, especially compared to 2022's busy home sale market, but remains relatively stable. While there may be fluctuations in certain areas and in the country as a whole, the demand to live in and own property in Norfolk County remains high, and the housing market in Norfolk County has shown resilience and continues to provide opportunities for both buyers and sellers.”

 

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.

 

Homeownership Bar Too High, Too Few Homes Brings Decreased Sales in Second Quarter

Register O'Donnell Reports on June 2023 Real Estate Activity in Norfolk County

Norfolk County Register of Deeds William P. O'Donnell reported that Norfolk County recordings for the month of June 2023 indicate a continued decrease in overall real estate activity, with significant drops in average property sale prices and the total dollar volume of commercial and residential sales
as compared to June 2022.

"As compared to last year, we are still seeing a decrease in overall real estate activity, however, this month the decrease in document volume was less pronounced than in previous months," noted Register of Deeds William P. O'Donnell. "Despite the overall decline in activity throughout the county, there are still pockets of the market here in Norfolk County that are seeing growth and stability, particularly in certain neighborhoods and property types. Additionally, while overall real estate activity is down compared to 2022, the market continues to show steady seasonal fluctuations month over month."

The Norfolk County Registry of Deeds recorded 10,552 documents in June 2023, the highest one-month total of the year so far. This was 19% less than in June 2022 but 15% more than in May 2023.

Register O'Donnell Reports on June 2023 Real Estate Activity in Norfolk County

Register O'Donnell explained, "The decline in overall real estate activity can be attributed to a number of likely factors, including rising interest rates, a slowdown in new construction projects, and a lack of existing inventory. The housing market has become increasingly competitive and difficult for consumers, especially first-time homebuyers, who may struggle to find affordable options in desirable areas."

Overall lending activity showed a continued downward trend for the month of June. A total of 1,543 mortgages were recorded this month, 33% less than a year ago at the same time, but up 8% from last month.

"So far this year, June has seen the largest monthly volume of deeds and mortgages. This month also saw some of the smallest decreases from the previous year in terms of the number of deeds, mortgages, and average sale price," noted Register O'Donnell. "This may suggest that while some homeowners are hesitant to make moves with average mortgage interest rates above 6%, others are not dissuaded by current interest rates, but time will tell if this trend continues."

 The number of deeds for June 2023, which reflect real estate sales and transfers, both commercial and residential, was 1,721, a decrease of 12% from June 2022 but an increase of 27% from the previous month of May.

"The decrease in the number of deeds is likely due to a lack of inventory of new and existing homes, which means fewer homes are listed, keeping costs above pre-pandemic prices," noted Register O'Donnell. "Higher prices also mean that some buyers may be struggling to find affordable homes within their budget, leading to a decrease in the number of potential buyers and further decreasing the number of home sales."

Sale prices for June appear to have dropped compared to June 2022. The average sale price in June was $1,039,792, a 12% decrease from June 2022, but a 5% increase from May 2023. The total dollar volume of commercial and residential sales is down, decreasing 29% from one year ago but increasing 48% from last month.

"While prices have come down from a year ago, the demand to live and own a home in the communities that make up Norfolk County remains high," said O'Donnell. "This may suggest that the decrease in dollar volume may be due to a shortage of available properties and a decline in the number of individuals with the ability to buy."

Homestead recordings by owners of homes and condominiums decreased again this month at the Norfolk Registry of Deeds. There was a 16% decrease in homestead recordings in June 2023 compared to June 2022.

"The reduction in recorded Declarations of Homestead is not too surprising where the sales of homes continue to level off, but all homeowners, not just new purchasers, should keep in mind that a recorded Declaration of Homestead provides limited protection against the forced sale of an individual's primary residence to satisfy unsecured debt up to $500,000," noted O'Donnell. "We want to see folks protecting the biggest asset most of us have, our homes. I would urge anyone who has not availed themselves of this important consumer protection tool to consider doing so.

The recording fee for a homestead is $36. Visit the Registry website at www.norfolkdeeds.org to get more information on homesteads and obtain a homestead application form.

Register O'Donnell concluded, "We are seeing some significant increases month over month in the home buying season, the period where we typically see the most home sales, and despite recent declines in the market, driven by areas in Norfolk County that are seeing growth and stability, but it remains to be seen if this momentum will continue as we move into the second half of the year."

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.

Register O’Donnell Reports on May 2023 Real Estate Activity in Norfolk County

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of May 2023 indicate a continued decrease in overall real estate activity, with significant drops in average property sale prices and the total dollar volume of commercial and residential sales as compared to May 2022.

“As compared to last year, we are still seeing a decrease in overall real estate activity, however, this month the decrease in document volume was less pronounced than in previous months,” noted Register of Deeds William P. O’Donnell. “Despite the overall decline in activity throughout the county, there are still pockets of the market here in Norfolk County that are seeing growth and stability, particularly in certain neighborhoods and property types. Additionally, while overall real estate activity is down compared to 2022, the market continues to show steady seasonal fluctuations month over month.”

The Norfolk County Registry of Deeds recorded 9,172 documents in May 2023. This was 21% less than in May 2022 but 20% more than in April 2023.

Register O'Donnell explained, “The decline in overall real estate activity can be attributed to a number of likely factors, including rising interest rates, a slowdown in new construction projects, and a lack of existing inventory. The housing market has become increasingly competitive and difficult for consumers, especially first-time homebuyers, who may struggle to find affordable options in desirable areas.”

Overall lending activity showed a continued downward trend for the month of May. A total of 1,435 mortgages were recorded this month, 37% less than a year ago at the same time, but up 30% from last month.

“May saw the largest monthly volume of mortgages and the smallest decrease from the previous year so far in 2023,” noted Register O’Donnell. “This may suggest that while some homeowners are hesitant to make moves with average mortgage interest rates above 6%, others are not dissuaded by current interest rates, but time will tell if this trend continues.”

 The number of deeds for May 2023, which reflect real estate sales and transfers, both commercial and residential, was 1,353, a decrease of 16% from May 2022 but an increase of 21% from the previous month of April.

“The decrease in the number of deeds is likely due to a lack of inventory of new and existing homes, which means fewer homes are listed, keeping costs above pre-pandemic prices,” noted Register O’Donnell. “Higher prices also mean that some buyers may be struggling to find affordable homes within their budget, leading to a decrease in the number of potential buyers and further decreasing the number of home sales.”

Sale prices for May appear to have dropped compared to May 2022. The average sale price in May was $987,932, a 22% decrease from May 2022, but a 7% increase from April 2023. The total dollar volume of commercial and residential sales is down, decreasing 43% from one year ago and increasing 40% from last month.

“While prices have come down from a year ago, the demand to live and own a home in the communities that make up Norfolk County remains high,” said O’Donnell. “This may suggest that the decrease in dollar volume may be due to a shortage of available properties and a decline in the number of individuals with the ability to buy.”

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In May 2023, there were 7 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in May 2022, there were 5 recorded. Additionally, this month, there were 28 notices to foreclose, the first step in the foreclosure process, more than the 21 recorded in May 2022.

“The increase in the number of these notices is troubling. It suggests that more of our neighbors may have financial difficulties in the future,” said O'Donnell. “We will continue to monitor these figures.”

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.

“If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance,” said Register O’Donnell.

Register O’Donnell concluded, “It is still early into the home buying season, the period where we typically see the most home sales, and despite recent declines in the market, there are still areas in Norfolk County that are seeing growth and stability.”

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.

Register O’Donnell Reports on May 2023 Real Estate Activity in Norfolk County

Ted Cormier-Leger, Realtor, Achieves National Association Of Realtor’s At Home With Diversity® Certification

Ted Cormier-Leger, Realtor with Suburban Lifestyle Real Estate (Franklin) has been awarded the At Home with Diversity® certification from the National Association of REALTORS®. 

At Home with Diversity

Mr. Cormier-Leger joins more than 21,000 other real estate professionals in North America who have earned the certification after completing an eight hour course addressing topics of diversity, fair housing, and business planning development. The program is designed to meet the nation's fair housing commitment by educating and equipping NAR's members with the tools they need to expand homeownership opportunities. 

Real estate professionals like Ted wisely plan to meet the needs of diverse clients, while maintaining a competitive edge. The At Home with Diversity® certification allows REALTORS® to not only apply the multi-faceted skills and tools they learned in the course to business practices but conveys to clients they’re dynamic real estate professionals with expertise that transcends cultural barriers. 

For more information on the At Home with Diversity® certification, visit www.nar.realtor/ahwd. 

Ted Cormier-Leger, Realtor can be reached by calling 617.686.1265 or send him an email at ted.cormierleger@suburbanlifestyle.com

Register O’Donnell Reports on April 2023 Real Estate Activity in Norfolk County

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of April 2023 indicate a continued decrease in overall real estate activity, with significant drops in mortgage activity, average property sale price, and number of properties sold as compared to April 2022.

 

"As compared to last year, we are still seeing significant decreases in the number of documents filed." Register of Deeds William P. O’Donnell continued, "Despite the overall decline in activity throughout the county, there are still pockets of the market here in Norfolk County that are seeing growth and stability, particularly in certain neighborhoods and property types. As the market continues to shift and adapt, it will be important for buyers, sellers, and agents alike to stay informed and nimble in order to make the most of the current conditions."

 

The Norfolk County Registry of Deeds recorded 7,650 documents in April 2023. This was 32% less than in April 2022 and 10% less than in March 2023.

 

"The decrease in overall real estate activity is likely due to a variety of factors, including rising interest rates, a slowdown in new construction projects, and a lack of existing inventory," noted Register O’Donnell. "Factors like these are resulting in a housing market that is becoming increasingly competitive and challenging for buyers, particularly first-time homebuyers, who may struggle to find affordable options in desirable areas."

 

Overall lending activity showed a continued downward trend for the month of April. A total of 1,106 mortgages were recorded this month, 50% less than a year ago at the same time and down 14% from last month.

 

"A continued decline in the number of mortgages recorded at the registry may indicate that homeowners who locked in lower interest rates that were out there in years past are hesitant to make moves with average mortgage interest rates above 6%," said Register O’Donnell.

 

 The number of deeds for April 2023, which reflect real estate sales and transfers, both commercial and residential, was 1,119, a decrease of 21% from April 2022 and a decrease of 10% from the previous month of March.

 

"The decrease in the number of deeds is likely due to a lack of inventory of new and existing homes, which means fewer homes are listed, keeping costs above pre-pandemic prices," noted Register O’Donnell. "Higher prices also mean that some buyers may be struggling to find affordable homes within their budget, leading to a decrease in the number of potential buyers and further decreasing the number of home sales."

 

Sale prices for April appear to have dropped compared to April 2022. The average sale price in April was $926,960, a 40% decrease from April 2022 and a 5% increase from March 2023. The total dollar volume of commercial and residential sales is down, decreasing 58% from one year ago and decreasing 5% from last month.

 

"While prices have come down significantly from a year ago, the demand to live and own a home in communities that make up Norfolk County remains high," said O’Donnell. "This may suggest that the decrease in dollar volume may be due to a shortage of available properties and a decline in the number of individuals with the ability to buy."

 

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In April 2023, there were 10 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in April 2022, there were 4 recorded. Additionally, this month, there were 30 notices to foreclose, the first step in the foreclosure process, significantly more than the 22 recorded in April 2022.

 

"The increase in the number of these notices is troubling. It suggests that more of our neighbors may have financial difficulties in the future," said O'Donnell. "We will continue to monitor these figures."

 

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.

 

"If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance," said Register O’Donnell.

 

Register O’Donnell concluded, "The current economic climate that the country is currently facing has a ripple effect on several aspects of the local real estate market impacting buyers, sellers, and real estate agents." Register O’Donnell continued, "Despite recent declines, there are still areas in Norfolk County that are seeing growth and stability."

 

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.

Register O’Donnell Reports on April 2023 Real Estate Activity in Norfolk County

Register O'Donnell Delivers 2023 First Quarter Real Estate Activity Report

Norfolk County Register of Deeds William P. O'Donnell reported that Norfolk County recordings for the first quarter of 2023 (January-March 2023) indicate a continued decrease in overall real estate activity, with significant drops in mortgage activity and property sales as compared to the first quarter of 2022. 

 

"During the recently completed 2023 first quarter, real estate activity fluctuated in line with seasonal trends, but showed an overall decrease compared to the first quarter of 2022," said Register of Deeds William P. O'Donnell.

 

The Norfolk County Registry of Deeds recorded 22,704 documents in the first quarter of 2023. This was 34% less than the first quarter of 2022.

 

"Property sales have decreased compared to the previous year, however, they are trending closer to the numbers that were seen prior to the pandemic, with property sales in the first quarter of 2023 being 4% lower than the first quarter of 2019," said Register O'Donnell.

 

The number of deeds for the first quarter of 2023, which reflect real estate sales and transfers, both commercial and residential, was 3,252, a decrease of 18% from the first quarter of 2022.

 

Register O'Donnell noted, "The lack of available real estate inventory is one likely reason why property prices are still higher than they were before the pandemic." O'Donnell added, "Another reason for current property prices is the desire for individuals to live in Norfolk County communities."

 

Sale prices for the first quarter have decreased compared to the first quarter of 2022. The average sale price in the first quarter was $892,783, a 29% decrease from the first quarter of 2022. The total dollar volume of commercial and residential sales is down, decreasing 47% from the same period a year ago.

 

"The steady drop in the number of mortgages recorded at the registry may indicate that homeowners who took advantage of lower interest rates in 2020 and 2021 are hesitant to make moves with average mortgage interest rates significantly higher." O'Donnell added, "Although average sales prices are declining, current homeowners and first-time buyers may be holding out hope for lower interest rates. Also, the higher interest rates drive up the cost of purchasing a home, which affects not just first-time buyers but all buyers of real estate."

 

Overall lending activity showed a continued downward trend for the first quarter. A total of 3,190 mortgages were recorded this quarter, 52% less than the first quarter of 2022.

 

"According to the data, we are recording significantly fewer mortgages than in the past, which can be attributed to a number of factors that the country is experiencing right now, such as the rising cost of living and a spike in mortgage interest rates," explained O'Donnell. "These aspects of the economy can affect the local real estate market."

 

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In the first quarter of 2023, there were 16 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in the first quarter of 2022, there were 20 recorded. However, in the first quarter of 2023, there were 103 notices to foreclose, the first step in the foreclosure process, significantly more than the 56 recorded in the first quarter of 2022.

 

"The substantial increase in the number of these notices is troubling. It suggests that more of our neighbors may have financial difficulties in the future," said O'Donnell. "We will continue to monitor these figures."

 

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.

 

"If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance," said Register O'Donnell.

 

Register O'Donnell concluded, "The first quarter of 2023 revealed a real estate market fluctuating in line with seasonal trends and a market that is showing declining property prices likely due to high mortgage interest rates limiting the number individuals who can afford to buy a home."

 

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.

 

Register O'Donnell Delivers 2023 First Quarter Real Estate Activity Report

Franklin TV: Home $weet Home! The real real – on home ownership

by Pete Fasciano, Executive Director 04/02/2023

For several years we carried Mike Shain’s program about real estate when he was producing it at ABMI Bellingham’s studio and later at Milford TV. Mike is into real estate and all matters relating to home ownership; buying, selling, financing, maintaining – and living well in your own Home $weet Home.

Now Mike is producing and hosting his latest series about real estate with us at Franklin.TV. Home $weet Home.

Mike Shain & Jay Horrigan

Joining Mike, Franklin’s own Jay Horrigan who also knows real estate.

Mike Shain’s expertise in home financing and Jay’s background in the Franklin real estate market will make for informative (and perhaps enabling) programs on pathways to home ownership for those who wish to achieve the American dream.

At some point that American Dream is perhaps as simple as making macaroni and cheese in your very own kitchen.

Mike Shain & Jay Horrigan - Home $weet Home

Srsly?

If mac ‘n cheese is involved, mine is not to question, but just to enjoy comfort food in the kitchen. That’s when you know you’re truly Home, $weet Home.

Thanks for listening to 102.9 wfpr●fm. 

And – as always – thanks for watching.

Get this week's program guide for Franklin.TV and Franklin Public Radio (wfpr.fm) online  http://franklin.tv/programguide.pdf   

Norfolk Deeds reveals Top 10 real estate sales in 2022 (video)

"Norfolk County Register of Deeds William P. O'Donnell reveals the top ten real estate sales in 2022. 

Properties from real estate sales from January 1st, 2022, to December 31st, 2022. 

Watch it on YouTube here: https://t.co/Lf9qBUA1jY
#RealEstate #housingmarket #MassHousingMarket" 

Shared from Twitter -> https://t.co/IiyBqbhJ5o

Norfolk Deeds reveals Top 10 real estate sales in 2022 (video)

Register O'Donnell Reports on February 2023 Real Estate Activity in Norfolk County

Norfolk County Register of Deeds William P. O'Donnell reported that Norfolk County recordings for the month of February 2023 indicate a continued decrease in overall real estate activity, with significant drops in mortgage activity and the average property sale price as compared to the February 2022 numbers.

In February, there were 6,702 documents recorded at the Norfolk County Registry of Deeds, a 35% decrease from February 2022 and a decrease of 10% from January 2023.

"As the real estate market ventures further into 2023, it is still feeling the effects of high inflation, steep interest rates, and recession fears," said Register of Deeds William P. O'Donnell.

Overall lending activity showed a continued downward trend for the month of February. A total of 909 mortgages were recorded this month, 53% less than a year ago at the same time and down 9% from last month.

"In February, the average mortgage rate jumped back to 6.5%, which may be contributing to a decrease in lending activity," noted Register O'Donnell.

The number of deeds for February 2023, which reflect real estate sales and transfers, both commercial and residential, was 968, a decrease of 11% from February 2022 and a decrease of 6% from the previous month of January 2023.

"A continued decline in the number of deeds and mortgages recorded at the registry may indicate that homeowners who took advantage of lower interest rates in 2020 are hesitant to make moves with mortgage interest rates at or above 6.5%," said O'Donnell. "The scarcity of available real estate inventory is the most likely factor in keeping property prices above pre-pandemic levels, as well as the desire to live in area communities."

Sale prices for February appear to have dropped significantly compared to February 2022. The average sale price in February was $947,974, a 22% decrease from February 2022 and an 11% increase from January 2023. The total dollar volume of commercial and residential sales is down, decreasing 33% from one year ago and increasing 2% from last month.

O'Donnell noted, "While mortgage rates remain high, potential homebuyers may find comfort in the fact that prices have come down significantly from a year ago, bringing home values about 4% above values seen in 2019."

"According to the data, we are recording significantly fewer mortgages, which could be the result of several factors that the country is currently experiencing, including the increasing cost of living and spike in interest rates," noted O'Donnell. "These aspects of the economy can have an effect on the local real estate market."

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In February 2023, there were 3 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in February 2022, there were 8 recorded. However, in February 2023, there were 43 notices to foreclose, the first step in the foreclosure process, significantly more than the 27 recorded in February 2022.

"February 2023 saw notices to foreclose more than double the number in February 2022. The increasing number of these notices is troubling. It suggests that more of our neighbors may have financial difficulties adapting to a shifting economy," said O'Donnell. "We will continue to monitor these figures."

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.

"If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance," said Register O'Donnell.

Register O'Donnell concluded, "With homebuyers concerned about affordability challenges and the impact of higher interest rates, property sales remain low. Sales prices, on the other hand, appear to be leveling off, which may provide some relief to prospective homebuyers."

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.

Register O'Donnell Reports on February 2023 Real Estate Activity in Norfolk County