Norfolk County Registry of Deeds: Lower Mortgage Interest Rates Drive Increased Lending Activity

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of September 2024 indicate an increase in overall real estate activity, with increases in the total number of deeds and mortgages recorded as compared to September 2023.

 

The Registry of Deeds recorded 8,605 documents in September 2024. This was 6% more than in September 2023, and an 8% decrease compared to August 2024.

 

Norfolk County Registry of Deeds: Lower Mortgage Interest Rates Drive Increased Lending Activity

“The rise in real estate activity in September 2024 compared to September 2023 can be attributed to a significant increase in the number of mortgages recorded this month," noted Norfolk County Register of Deeds William P. O’Donnell. "Likely due to the availability of mortgages at interest rates, according to the Federal Home Loan Mortgage Corporation, not seen since September 2022.”

 

In September, lending activity increased compared to the same month a year ago. A total of 1,331 mortgages were recorded in September 2024, up 13% from September 2023 and down 8% from the previous month.

 

“The positive trend in the number of mortgages recorded compared to last year is a sign that the recent drop in mortgage interest rates has made borrowing more attractive for potential homebuyers and borrowers, especially considering that this time last year we were seeing 31% fewer deeds year over year." O'Donnell added. "The Federal Reserve's decision to lower the federal funds rate has an indirect impact on mortgage interest rates, so if hints of a continued decrease in the federal funds rate are seen, we may see lending activity continue to rise."

 

The total number of deeds recorded for September 2024, which reflects both commercial and residential real estate sales and transfers, was 1,301, up 4% from September 2023 and down 13% from August 2024.

 

"Lower mortgage interest rates can potentially open the market to additional buyers who previously may not have been able to afford a home. However, those who took out a mortgage at lower interest rates in 2020 and 2021 may still feel locked into their current mortgages, limiting the potential impact that the recent reductions in interest rates may have on home sales. It will be interesting to see how the housing market evolves in the coming months as these factors continue to play out."

 

The average sale price of commercial and residential properties for September 2024 rose to $960,254, an 11% increase compared to September 2023 but a decrease of 24% from August 2024. The total dollar volume of commercial and residential sales is also up, increasing by 9% from last year but down 41% from last month.

 

“While lower mortgage interest rates do help ease the burden of higher real estate costs, I think many would agree that it is a difficult market for buyers, especially first-time home buyers, due to the limited inventory of available property and an increase in property prices compared to previous years,” stated Register O’Donnell.

 

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In September 2024, there were 7 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, more than the 5 recorded in September 2023. In September 2024, there were 28 notices to foreclose, the first step in the foreclosure process, less than the 33 recorded in September 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.

 

O’Donnell concluded, “There is no doubt that it is good to see that mortgage interest rates have come down significantly over the past month, and good to know that some progress has been made in making the dream of owning a home a more attainable goal. However, it remains to be seen if these lower rates will be enough to stimulate significant growth in the housing market, especially for those who are already locked into lower rates."

 

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.

Norfolk County Register of Deeds reports August 2024 real estate activity increase

Norfolk County Register of Deeds William P. O'Donnell reported that Norfolk County recordings for the month of August 2024 indicate an increase in overall real estate activity, with increases in the total number of deeds and mortgages recorded as compared to August 2023.

The Registry of Deeds recorded 9,367 documents in August 2024. This was 14% more than in August 2023, and a 5% decrease compared to July 2024.

"Lending activity, real estate sales, and transfers make up a majority of the documents recorded at the Registry of Deeds and August showed some significant increase in both categories. Noted Norfolk County Register of Deeds William P. O'Donnell. "The rise in recorded documents indicates a healthy level of real estate activity. It will be interesting to see if this trend continues into the fall."

Norfolk County Register of Deeds reports August 2024 real estate activity increase

The total number of deeds recorded for August 2024, which reflects both, was 1,500, up 19% from August 2023 and down 1% from July 2024. However, looking at just home sales from last month, August 2024 saw a 20% increase compared to last year.

The substantial increase in the number of property sales compared to August 2023 is a good sign that the real estate market is thriving, and we are seeing pockets of the market here in Norfolk County that are seeing growth and stability, particularly in certain neighborhoods and property types," stated Register O'Donnell. "It will be important to monitor if this positive trend persists in the coming months."

The average sale price of commercial and residential properties for August 2024 rose to $1,267,950, a 14% increase compared to August 2023 and an increase of 31% from July 2024. The total dollar volume of commercial and residential sales is also up, increasing by 36% from last year and up 23% from last month.

"While we are seeing an increase in the number of property sales I think many would agree that it is a difficult market for buyers, especially first-time home buyers, due to the limited inventory of available property and an increase in property prices compared to previous years," stated Register O'Donnell.

In August, lending activity increased compared to the same month a year ago. A total of 1,450 mortgages were recorded in August 2024, up 17% from August 2023 and exactly the same number recorded last month.

"This rise in lending activity may be a result of the increase in property sales and would indicate that those who bought property financed it through a lender. We will need to wait and see if a future decrease in mortgage interest rates encourages more individuals to secure mortgages for new homes," Register O'Donnell stated.

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In August 2024, there were 10 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, more than the 3 recorded in August 2023. Additionally, in August 2024, there were 34 notices to foreclose, the first step in the foreclosure process, more than the 22 recorded in August 2023.

"The number of these notices is troubling. It suggests that more of our neighbors may have financial difficulties in the future," said O'Donnell. "If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance," said O'Donnell.

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.

O'Donnell concluded, "August was a strong month for lending activity and property sales, suggesting a positive outlook for the real estate market in the coming months. However, it will be important to continue monitoring these trends in the coming months to see if this growth is sustainable or if it may be a temporary surge."

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 Reveals the County's Top Real Estate Sales of 2024's 2nd Quarter

Norfolk County Register of Deeds William P. O'Donnell reported that during the second quarter of 2024, ten properties, a mix of commercial and residential, sold for more than $16,000,000, with an average price of $31,044,300.

The prices on the properties to follow concern real estate sales from April 1, 2024, through June 30, 2024.

Register O'Donnell Reveals the County's  Top Real Estate Sales of 2024's 2nd Quarter

The ten properties were:

10. 34-50 Central Street, Wellesley, a collection of three boutique mixed-use retail units with a total area of 40,860 square feet, was sold in May for $16,000,000;

9. Braintree Manor, a 177-bed senior living facility located at 1102 & 1106 Washington Street, sold for $22,000,000 in April;

8. 715-795 Bridge Street, Weymouth, known as Riverway Plaza, a 250,000-square-foot retail center, sold in June for $23,000,000;

7. 65 Walnut Street, Wellesley, a five-floor, 67,500-square-foot, multi-clinic medical outpatient building sold in June for $24,300,000;

6. 1400 Providence Highway, Norwood, the three-building, 155,912-square-foot mixed-use office space, and research and development facility known as the Norwood Business Center, sold in June for $24,500,000;

5. The Southfield Redevelopment Authority purchased property on Memorial Grove Avenue, Weymouth, 368,270 square feet of land on the site of the former South Weymouth Naval Air Station in June for $25,000,000;

4. 1 Richard A Stratton Way, Quincy, the five-floor, 89,507-square-foot Holiday Inn hotel, sold in May for $30,498,000;

3. 1280-1300 & 1330 Boylston Street, Brookline, a 5.34-acre office park comprised of four commercial buildings totaling nearly 120,000 square feet, sold in May for $41,000,000;

2. 122 & 130-132 Granite Street, Quincy, the 100,000-square-foot retail shopping plaza known as Granite Place, sold in May for $41,500,000;

1. 655 Washington Street, Weymouth, the 4-story, 160-unit luxury apartment complex known as Helix Apartments, sold in May for $62,645,000.

The top sales appear to have been a combination of apartment complexes, retail, and office space. Excise taxes from these 10 sales totaled more than $1,415,620 for the state and county.

"The variety in these real estate transactions bodes well for the Norfolk County economy, with high-value properties selling in both commercial and residential sectors," stated Norfolk County Register of Deeds William P. O'Donnell. "This also indicates that Norfolk County is not only a desirable place to both live and work but is also a magnet for business, industry, and trade."

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.

The First Half of 2024 Shows Steady Real Estate Market in Norfolk County

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the first half of 2024 (January-June) show consistent trends in overall real estate activity compared to the first half of 2023, with a slight drop in property sales but an increase in the total number of deeds recorded. 

The Norfolk County Registry of Deeds recorded 48,603 documents in the first half of 2024. This was 3% less than the first half of 2023.

“Lending activity, real estate sales, and transfers make up a majority of the documents recorded at the Registry of Deeds, and during the first half of 2024, these numbers hovered right around the same levels as the previous year,” noted Norfolk County Register of Deeds William P. O’Donnell. “Lending activity in the first half of 2024 continues to show improvement compared to last year, down only 4%.”

The number of deeds for the first half of 2024, which reflects both commercial and residential real estate sales and transfers, was 7,490, an increase of 1% from the first half of 2023.

“Real estate sales and transfers from January through June have remained steady when compared to the first half of 2023, but despite an increase in total deeds recorded in the first half of 2024, the number of available properties on the market is still not able to keep up with demand, leading to a rise in average property sales prices,” said Register O’Donnell.

The First Half of 2024 Shows Steady Real Estate Market in Norfolk County

The first half's sale prices have increased compared to the first half of 2023. The average sale price in the first half was $1,128,303, an 18% increase from the first half of 2023. The total dollar volume of commercial and residential sales is up $4,294,322,600, increasing 15% from the same period a year ago.

“The ongoing increase in sale prices indicates Norfolk County's competitive real estate market, which is driven by a desire to live and work in area communities,” Register O'Donnell stated. “With the county's and Massachusetts's inventory of available properties unable to match demand, any rise in demand will result in higher real estate prices.”

Overall lending activity was down for the first half. A total of 6,985 mortgages were recorded this quarter, 4% less than the first half of 2023.

“While lending activity has shown some signs of picking up homeowners who took advantage of lower interest rates in 2020 and 2021 are still less likely to refinance and are more hesitant to buy at current mortgage interest rates. Higher interest rates also make it harder for first-time home buyers to secure affordable repayment options,” noted O'Donnell.

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In the first half of 2024, 47 foreclosure deeds were recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in the first half of 2023, 42 were recorded. Additionally, in the first half of 2024, there were 202 notices to foreclose, the first step in the foreclosure process, more than the 189 recorded in the first half of 2023.

“The increased number of these notices is troubling. It suggests that more of our neighbors may have financial difficulties in the future,” said O'Donnell. “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.

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.

"The first half of 2024 revealed a stable real estate market that, while consistent, remains affected by a lack of available property inventory, resulting in increased competition among buyers and an increase in property prices," Register O'Donnell concluded. "Norfolk County continues to garner a strong demand from individuals who desire to both live and work in area communities, which is one factor contributing to the competitive market. An increase in new home construction could alleviate some of the strain, leading to a more balanced market for buyers and sellers alike.”

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 2024 Second Quarter Real Estate Activity Report

Norfolk County Register of Deeds William P. O'Donnell reported that Norfolk County recordings for the second quarter of 2024 (April-June 2024) show consistent trends in overall real estate activity compared to the second quarter of 2023, with a slight drop in property sales but an increase in the total number of deeds recorded. 

The Norfolk County Registry of Deeds recorded 26,623 documents in the second quarter of 2024. This was 3% less than the second quarter of 2023.

 

"During the recently completed 2024 second quarter, the number of deeds recorded fluctuated in line with seasonal trends," noted Norfolk County Register of Deeds William P. O'Donnell. "Lending activity has shown some improvement compared to the second quarter of 2024 down only 5% from last year."

Register O'Donnell Delivers 2024 Second Quarter Real Estate Activity Report

 

The number of deeds for the second quarter of 2024, which reflect both commercial and residential real estate sales and transfers, was 4,228, an increase of 1% from the second quarter of 2023.

 

"Real estate sales and transfers have remained steady this quarter when compared to the second quarter of 2023, but despite an increase in total deeds recorded in the second quarter of 2024, the number of available properties on the market is still not able to keep up with demand, leading to a rise in average property sales prices," said Register O'Donnell.

 

The second quarter's sale prices have increased compared to the second quarter of 2023. The average sale price in the second quarter was $1,198,371, a 20% increase from the second quarter of 2023. The total dollar volume of commercial and residential sales is up $2,774,230,226, increasing 18% from the same period a year ago.

 

"The increase in sale prices reflects the competitive real estate market in Norfolk County due to the desire to live and work in area communities," Register O'Donnell stated. "With the inventory of available properties in the county and Massachusetts as a whole not being able to meet the demand, any increase in that demand is going to lead to higher real estate values."

 

Overall lending activity was down for the second quarter. A total of 4,025 mortgages were recorded this quarter, 5% less than the second quarter of 2023.

 

"Homeowners who took advantage of lower interest rates in 2020 and 2021 are less likely to refinance and are more hesitant to buy at current mortgage interest rates. Higher interest rates also make it harder for first-time home buyers to secure affordable repayment options," noted O'Donnell.

  

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In the second quarter of 2024, there were 18 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in the second quarter of 2023, there were 16 recorded. However, in the second quarter of 2024, there were 112 notices to foreclose, the first step in the foreclosure process, more than the 86 recorded in the second quarter of 2023.

 

"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. "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.

 

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, "The second quarter of 2024 revealed a steady real estate market that while consistent is feeling the effects of a limited inventory of available properties and contributing to the reduced number of property sales. The demand to both live and work in Norfolk County remains high, which is one factor contributing to the competitive market. An increase in new home construction could alleviate some of the strain, leading to a more balanced market for buyers and sellers alike."

 

Follow this link to watch the Good Deeds: Quarterly Update segment on Quincy Access Television: https://www.norfolkdeeds.org/news-event/good-deeds-second-quarter-update-2024

 

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.

 

June Property Sales Price Increase from Last Year, Down from Last Month in Norfolk County, MA

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of June 2024 indicate a decrease in overall real estate activity, with decreases in property sales and transfers as compared to June 2023.

 

The average sale price of commercial and residential properties for June 2024 rose to $1,153,576, an 11% increase compared to June 2023 but a decrease of 8% from May 2024. The total dollar volume of commercial and residential sales is down 5% from last year but up 7% from last month.

 

June Property Sales Price Increase  from Last Year, Down from Last Month in Norfolk County, MA

“I think many would agree that it is a difficult market for buyers, especially first-time home buyers, due to the limited inventory of available property and an increase in property prices compared to previous years,” stated Norfolk County Register of Deeds William P. O’Donnell.

 

The total number of deeds recorded for June 2024, which reflects both commercial and residential real estate sales and transfers, was 1,474, down 14% from June 2023 and down 2% from May 2024. However, looking at just home sales from last month, June 2024 saw a 16% increase compared to May 2024.

 

"Through the late spring and early summer months, we have seen a consistent rise in property sales month over month, and as the traditional home buying season continues, we hope to see similar activity in July and August as well as an increased number of property listings, which may help alleviate some of the pressure on buyers," stated Register O'Donnell. “However, the overall trend of a lack of inventory and increasing prices is still a concern.”

 

In June, lending activity decreased compared to the same month a year ago. A total of 1,390 mortgages were recorded in June 2024, down 3% from June 2023 and roughly the same number recorded last month.

 

“Homeowners who took advantage of lower interest rates in 2020 and 2021 are less likely to refinance and are more hesitant to buy at current mortgage interest rates. Higher interest rates also make it harder for first-time home buyers to secure affordable repayment options,” noted O'Donnell.

 

The Registry of Deeds recorded 9,062 documents in June 2024. This was 14% less than in June 2023, and a 2% decrease compared to May 2024.

 

“The number of deed recordings and mortgage recordings are significant contributors to overall real estate activity, and whenever either or both of these numbers decline, there will be a substantial decrease in the total number of recordings,” stated Norfolk County Register of Deeds William P. O’Donnell.

 

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In June 2024, there were 9 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, the same number recorded in June 2023. However, in June 2024, there were 37 notices to foreclose, the first step in the foreclosure process, more than the 28 recorded in June 2023.

 

“The number of these notices is troubling. It suggests that more of our neighbors may have financial difficulties in the future,” said O'Donnell. “If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance,” said O’Donnell.

 

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.

 

O’Donnell concluded, “It comes down to the lack of available property inventory. In general, an increase in the number of properties on the market will help bring down costs. Lower costs will alleviate the effects of higher interest rates. These factors together may help increase the number of individuals who can participate in the American dream of owning 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.

Norfolk County Home Sales Continue to Rise in May

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of May 2024 indicate an increase in overall real estate activity, with significant increases in property sales and transfers as compared to May 2023.

The Registry of Deeds recorded 9,249 documents in May 2024. This was 1% more than in May 2023 and an 11% increase compared to April 2024.

 

Norfolk County Home Sales Continue to Rise in May

“The increase in overall real estate activity, especially when it is driven by a jump in property sales and transfers, is a positive sign for the local real estate market, indicating continued growth,” stated Norfolk County Register of Deeds William P. O’Donnell. “The rise in the number of deeds recorded suggests a strong demand for real estate in Norfolk County. It also reflects that Spring is a traditional time period to buy and sell homes.”

The total number of deeds recorded for May 2024, which reflects both commercial and residential real estate sales and transfers, was 1,504, up 11% from May 2023 and up 20% from April 2024. Looking at just commercial and residential real estate sales, the number was up 3% from last year and up 19% from last month.

“The total number of commercial and residential property sales in May 2024 showed a notable increase compared to May 2023. This positive trend is a promising indicator that the real estate market in Norfolk County continues to show resilience and growth,” Register O'Donnell added. “The likely factor in the rise in the number of deeds recorded is the ongoing desire to both live and work in Norfolk County communities, which is increasing demand for properties in the area.

The average sale price of commercial and residential properties for May 2024 rose to $1,252,129, a 27% increase compared to May 2023 and an increase of 21% from April 2024. The total dollar volume of commercial and residential sales is also up, increasing 31% from last year and up 43% from last month.

Register O’Donnell noted, “With a limited supply of available properties on the market, any increase in demand is likely to cause an increase in the average property sales price. Unfortunately, when prices rise without an equivalent 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.”

For the month of May, lending activity showed a decrease compared to the same month a year ago. A total of 1,392 mortgages were recorded in May 2024, down 3% from May 2023, but 12% more than last month.

“Homeowners who took advantage of lower interest rates in 2020 and 2021 are less likely to refinance and are more hesitant to buy at current mortgage interest rates. Higher interest rates also make it harder for first-time home buyers to secure affordable repayment options,” noted O'Donnell.

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In May 2024, there were 3 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in May 2023, there were 7 recorded. However, in May 2024, there were 32 notices to foreclose, the first step in the foreclosure process, more than the 28 recorded in May 2023.

“The number of these notices is troubling. It suggests that more of our neighbors may have financial difficulties in the future,” said O'Donnell. “If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance,” said O’Donnell.

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.

O’Donnell concluded, “It is good to see that the real estate market in Norfolk County is strong and vibrant, driven by an increased demand for property in local communities due to the desire to live and work in the area. We hope to see this trend continue as we move into the summer months. However, the lack of available inventory may lead to further price increases. It will be important to keep an eye on these trends to help navigate the competitive market.”

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 

Register O'Donnell reveals Norfolk County’s most expensive real estate sales 1st Quarter of 2024

Norfolk County Register of Deeds William P. O’Donnell reported that during the first quarter of 2024, ten properties, a mix of commercial and residential, sold for more than $6,000,000, with an average price of $11,846,612.

The prices on the property to follow concern real estate sales during the period of January 1st, 2024, through March 31st, 2024.

The ten properties were:

• The U-Haul rental and storage facility on Washington Street in Stoughton. The property on 3.14 acres of land was sold in February for $6,409,127;
• 738 Washington Street, Norwood, a 40,700-square-foot three-story retail unit and multi-family apartment building, sold in February for $6,450,000;
• 3 Buckingham Terrace, Wellesley, a 9,922-square-foot, six-bedroom mansion sold in March for $6,450,000;
• 99 Yarmouth Road, the 5-bedroom Brookline Chestnut Hill Estate, which sits on 1.38 acres of land, sold in January for $6,815,000;
• 11 Randolph Road, Randolph, an over three-acre industrial center and warehouse site, sold in March for $
• 280 Dudley Street, Brookline, a 10,194-square-foot, six-bath, seven-bedroom mansion sold in January for $8,000,000;
• 419 Orchard Street, Millis, a five-bedroom, 4,086 square-foot home and 23.12 acres of land sold in March for $10,000,000;
• 140 Constitution Boulevard, Franklin, a 101,882 square-foot medical equipment manufacturing building, sold in January for $17,000,000;
• 6 Billings Street, Randolph, the Conference & Function facility and Boston-area landmark known as Lombardo's, sold in February for $24,592,000;
• 23-25 Bridge Street, Quincy, the 6-story, 60-unit apartment complex known as Hillside Residences, sold in March for $25,450,000.

The top sales appear to have been a combination of apartment complexes, retail, industrial and warehouse space, and residential property.

Register O'Donnell reveals Norfolk County’s most expensive real estate sales 1st Quarter of 2024

"The variety in these real estate transactions bodes well for the Norfolk County economy, with high value properties selling in both commercial and residential sectors," stated Norfolk County Register of Deeds William P. O’Donnell. "This also indicates that Norfolk County is not only a desirable place to both live and work but is also a magnet for business, industry, and trade."

Excise taxes from these 10 sales totaled more than $540,000 for the state and county.

In the first quarter of 2024, there were 1,491 property sales recorded in Norfolk County, down 3% over the same time period last year. The average sales price for these properties which include, commercial and residential property was $1,019,511, up 14% from last year.

“The first quarter of 2024 started off strong with January and February beating 2023 property sales. Overall sales were down due to March 2024’s decrease in property sales,” noted Register O’Donnell. “However, despite the slight decrease in real estate 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.”

The Registry of Deeds recorded 8,312 documents in April 2024. This was 9% more than in April 2023 and an 8% increase compared to March 2024. Also, there were 649 property sales recorded for the month, up 15% over the same time period last year.

"With April 2024 showing a strong start to the second quarter we hope to see similar real estate activity as we move further into the home buying season,” said Register O’Donnell.

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.

2024 Home Buying Season Springs to Life in April per Norfolk County Register of Deeds

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of April 2024 indicate an increase in overall real estate activity, with significant increases in property sales and mortgage activity as compared to April 2023.

 

The Registry of Deeds recorded 8,312 documents in April 2024. This was 9% more than in April 2023 and an 8% increase compared to March 2024.

 

“Spring is the first half of the traditional home-buying season and typically marks the beginning of a busy period for the real estate market," said Register of Deeds William P. O’Donnell. “The rise in property sales and mortgage activity compared to last year reflects a strong demand for housing in Norfolk County.”

 

The total number of deeds recorded for April 2024, which reflects both commercial and residential real estate sales and transfers, was 1,250, up 12% from April 2023 and up 6% from March 2024. Looking at just commercial and residential real estate sales, the number was up 15% from last year.

 

2024 Home Buying Season Springs to Life in April 

“Despite some difficult market conditions, the total number of commercial and residential property sales in April 2024 showed a significant increase compared to the previous year,” stated Register O’Donnell. “This may be an indication that March's increase in property listings, while still not enough to counteract the overall lack of available property inventory is beginning to attract more buyers, leading to more property sales."

 

The average sale price of commercial and residential properties for April 2024 rose to $1,036,735, a 12% increase compared to April 2023 but a decrease of 1% from March 2024. The total dollar volume of commercial and residential sales is up, increasing 28% from last year and up 13% from last month.

 

O’Donnell noted, “With a limited supply of available properties on the market, any increase in demand is likely to cause an increase in the average property sales price. Unfortunately, when prices rise without an equivalent 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.”

 

For the month of April, lending activity showed an increase compared to the same month a year ago. A total of 1,243 mortgages were recorded in April 2024, up 12% from April 2023 and 14% more than last month.

 

“The increase in lending activity this month is likely a product of the increase in the number of property transactions compared to 2023,” stated O’Donnell. "This may suggest that while some homeowners are still hesitant to make moves with average mortgage interest rates above 7%, others are not dissuaded by current interest rates, but time will tell if this trend holds out."

 

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In April 2024, there were 6 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in April 2023, there were 10 recorded. However, in April 2024, there were 43 notices to foreclose, the first step in the foreclosure process, more than the 30 recorded in April 2023.

 

“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. “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.

 

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.

 

O’Donnell concluded, “It is good to see that the increase of property listings in March resulted in an increase in property sales which is an indication that the desire for individuals to live in Norfolk County communities remains strong. As we move further into the home buying season we hope to see similar real estate activity.”

 

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 2024 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 2024 (January-March 2024) indicate a slight decrease in overall real estate activity due to a drop in mortgage activity as compared to the first quarter of 2023. 

Register O’Donnell Delivers 2024 First Quarter Real Estate Activity Report

 

The Norfolk County Registry of Deeds recorded 21,980 documents in the first quarter of 2024. This was 3% less than the first quarter of 2023.

 

“During the recently completed 2024 first quarter, the number of deeds recorded fluctuated in line with seasonal trends,” noted Norfolk County Register of Deeds William P. O’Donnell. “However, lending activity, which makes up a significant percentage of overall recordings, was down, likely due to higher interest rates relative to what they were in 2020 and 2021.”

 

The number of deeds for the first quarter of 2024, which reflect both commercial and residential real estate sales and transfers, was 3,262, an increase of half a percent from the first quarter of 2023.

 

“Real estate sales and transfers have remained steady this quarter when compared to the first quarter in 2023, but despite an increase in property listings in the first quarter of 2024, the number of available properties on the market is still not able to keep up with demand, leading to a rise in average property sales prices,” said Register O’Donnell.

 

Overall lending activity was down overall for the first quarter. A total of 2,960 mortgages were recorded this quarter, 7% less than the first quarter of 2023.

 

“Homeowners who took advantage of lower interest rates in 2020 and 2021 are less likely to refinance and are more hesitant to buy at current mortgage interest rates. Higher interest rates also make it harder for first-time home buyers to secure affordable repayment options,” noted O'Donnell.

 

The first quarter's sale prices have increased compared to the first quarter of 2023. The average sale price in the first quarter was $1,019,512, a 14% increase from the first quarter of 2023. The total dollar volume of commercial and residential sales is up $153,241,526, increasing 11% from the same period a year ago.

 

O'Donnell stated, “The increase in sale prices reflects the competitive real estate market in Norfolk County and Massachusetts as a whole, with the number of available properties not being able to meet demand.”

 

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In the first quarter of 2024, there were 29 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in the first quarter of 2023, there were 16 recorded. However, in the first quarter of 2024, there were 90 notices to foreclose, the first step in the foreclosure process, less than the 203 recorded in the first quarter of 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,” 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, “The first quarter of 2024 revealed a real estate market that is feeling the effects of a limited inventory of available properties. The demand to both live and work in Norfolk County remains high, which is one factor contributing to the competitive market, and until more inventory becomes available, this trend is likely to persist. An increase in new home construction could alleviate some of the strain, leading to a more balanced market for buyers and sellers alike.”

 

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.

Norfolk County Registry of Deeds: Available Property Inventory Tries to Catch Up

Norfolk County Register of Deeds William P. O’Donnell reports that Norfolk County recordings in March 2024 show a decrease in the total number of documents recorded, which includes a decrease in property sales and mortgage recordings compared to March 2023. This decrease can be attributed to a variety of factors, including high competition, high property prices, and a limited inventory of available property.

The Registry of Deeds recorded 7,664 documents in March 2024. This was 10% less than in March 2023, but a 13% increase compared to February 2024.

Available Property Inventory Tries to Catch Up

“The number of deed recordings and mortgage recordings are significant contributors to overall real estate activity, and whenever either or both of these numbers decline, there will be a substantial decrease in the total number of recordings,” stated Norfolk County Register of Deeds William P. O’Donnell.

For the month of March, lending activity also showed a decrease compared to the same month a year ago. A total of 1087 mortgages were recorded in March 2024, down 15% from March 2023 but up 19% from last month.

“The decreasing trend in mortgage recordings has significantly slowed, but total recordings are still lower than last year, likely because those who locked in lower mortgage interest rates in 2020 and 2021 are less likely to refinance at current rates and some may be holding out for lower mortgage interest rates, predicted for later this year.” stated O’Donnell.

The average sale price of commercial and residential properties for March 2024 rose to $1,043,639, an 18% increase compared to March 2023 and an increase of 5% from February 2024. The total dollar volume of commercial and residential sales is up, increasing 8% from last year and up 36% from last month.

O’Donnell noted, “With a limited supply of available properties on the market, any increase in demand is likely to cause an increase in the average property sales price even with the increase in listing moving into the home buying season.”

According to the Massachusetts Association of Realtors, since the start of 2024, new listings have increased each month compared to the previous month.

The total number of deeds recorded for March 2024, which reflects both commercial and residential real estate sales and transfers, was 1,176, down 6% from March 2023, but up 22% from February of last month.

“I think many would agree that it is a difficult market for buyers, especially first-time home buyers, due to the limited inventory of available property and an increase in property prices compared to previous years,” said Register O'Donnell. “As we move into the traditional home buying season, there are some signs of improvement in regards to the number of property listings, which may help alleviate some of the pressure on buyers. However, the overall trend of a lack of inventory and increasing prices is still a concern.”

The Norfolk County Registry of Deeds continues to closely monitor the foreclosure market. In March 2024, there were 12 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in March 2023, there were 4 recorded. The total number of notices to foreclose, the first step in the foreclosure process, decreased from last year, going from 30 notices in March 2023 to 28 in March 2024.

“We all experience unforeseen events in our lives. Sometimes these events are beyond our control and can have a devastating impact on our finances. 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,” said O'Donnell.

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 (617-770-2227) 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.

O’Donnell concluded, “Overall, the real estate market still has a few hurdles to overcome and continues to be highly competitive due to the high demand to live and work in Norfolk County communities and the inventory of available property. We will need to wait and see if the increase in property listings is enough to overcome the demands for housing here in the communities of Norfolk County.”

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