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

Register O'Donnell reveals the most expensive real estate sales in Norfolk County in 2022

Norfolk County Register of Deeds William P. O’Donnell reported that in 2022, twenty properties, a mix of commercial and residential, sold for more than $20,000,000 with a median price of $61,249,500.

 

The prices on the property to follow concern real estate sales during the period of January 1, 2022, through December 31st, 2022.

 

The twenty properties were:

 

20. 495 Turnpike Street, Canton, a 93,000-square-foot warehouse facility on 14 acres, sold in July for $19,750,000.

 

19.   7 Taunton Street, Plainville "Willow Trace," an 88-unit apartment complex, sold in September for $20,100,000;

 

18.  418-444 Walpole Street, Norwood, the 98,000-square-foot multi-tenant retail shopping center on 8 acres sold in October for $20,890,000;

 

17.  In July, the same 98,000-square-foot property at 418-444 Walpole Street, Norwood, sold for $21,000,000;

 

16.  30 Dan Road, a 134,800 square foot, two-story office building on 9 acres, intended to be redeveloped into a life science office and industrial facility, sold in August for $21,000,000;

 

15.  2 Edgewater Drive, Norwood, a 98,000-square-foot, two-story office building on 7 acres, tenanted by Siemens Healthcare Diagnostics, sold in August for $24,500,000;

 

14.  Stoughton's 200 Shuman Avenue, a 160,000-square-foot manufacturing and warehouse distribution facility on 18.5 acres, sold for $42,000,000 in November;

 

13.  1 Arboretum Way, Canton, the "Woodfield Commons,” a 156-unit apartment complex, sold in August for $50,000,000;

 

12.  1440 Beacon Street, Brookline, a 136-unit apartment complex located near Coolidge Corner, sold in February for $52,900,000. 

 

11.  130-150 Nahatan Street, Norwood, a 108,981-square-foot retail complex known as "Norwood Plaza,” sold in May for $57,749,000;

 

10.  2500 Avalon Drive, Sharon, the “Wren at Sharon,” a 156-unit apartment complex, sold in October for $64,750,000;

 

9.  300 Financial Park Drive, Franklin, a 300,000-square-foot warehouse and distribution facility, sold in April for $73,600,000;

 

8.  235 Gould Street, Needham, a senior and assisted living facility known as the “Wingate Residences at Needham,” sold in January for $73,848,192;

 

7.  135 Old Post Road, Sharon, a 192-unit apartment building known as “The Point in Sharon,” sold in January for $74,500,000;

 

6.  1000 Marriott Drive, Quincy, the “Marriott Boston Quincy Hotel,” sold in March for $82,200,000;

 

5.  95 West Squantum Street, Quincy, a twelve-story apartment building known as “Gamma North Quincy,” sold in April for $90,000,000;

 

4.  160 Mechanic Street, Bellingham, a 345,000-square-foot, newly renovated distribution center, sold in April for $96,700,000;

 

3.  100 Rustcraft Road, Dedham, a 421,924-square-foot office and warehouse complex, adjacent to Legacy Place, sold in July for $134,100,000;

 

2.  250 Station Circle, Dedham, the “Avens at Dedham Station”, a 282-unit apartment complex sold in September for $142,250,000;

 

1.  96-114 Worcester Street, Wellesley, the Sun-Life Assurance office park sold in June for $202,000,000;

 

The top sales appear to have been a combination of residential units, retail space, industrial and warehouse space, and distribution facilities.

 

“This development bodes well for the Norfolk County economy, both in terms of employment and revenue,” said Register O’Donnell.

 

Excise taxes from these 20 sales totaled more than $6.2 million for the state and county.

 

"Despite a reduction in the residential real estate sector, the commercial real estate market in Norfolk County remains active," noted Register O’Donnell.

 

In total, there were 17,398 property sales recorded in the Norfolk Count during 2022, with an average price of $1,173,256.

 

"As we head further into 2023, we hope to see similar real estate activity, time will tell."

 

To learn more about the Registry of Deeds, like us at facebook.com/NorfolkDeeds or follow us on twitter.com/NorfolkDeeds and Instagram.com/NorfolkDeeds.

 

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 most expensive real estate sales in Norfolk County in 2022

Register O’Donnell Reports on January 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 January 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 January 2022 numbers.

In January, there were 7,461 documents recorded at the Norfolk County Registry of Deeds, a 36% decrease from January 2022 and a notable decrease of 21% from December 2022.

"The real estate market is still feeling the effects of inflation, even as it eases slightly. High food and energy costs are limiting how much money customers can save," said O’Donnell. "The number of recorded deeds, which is one measure of document volume, shows a drop in real estate sales from the previous year."

The number of deeds for January 2023, which reflect real estate sales and transfers, both commercial and residential, was 1,034, a decrease of 24% from January 2022 and a decrease of 19% from the previous month of December 2022.

Sale prices for January appear to have dropped significantly compared to January 2022. The average sale price in January was $850,396, a 41% decrease from January 2022 and a 9% decrease from December 2022. The total dollar volume of commercial and residential sales is down, decreasing 62% from one year ago and decreasing 38% from last month.

"Consumers appear to have not adjusted to the spike in interest rates and are less inclined to borrow at higher rates," noted O’Donnell. "Consumers may be hoping for lower interest rates even as the average sales price falls."

Overall lending activity showed a continued downward trend for the month of January. A total of 1,001 mortgages were recorded this month, 57% less than a year ago at the same time, and down 2% from last month.

"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 January 2023, there were 9 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in January 2022, there were only 7 recorded. Additionally, in January 2023, there were 30 notices to foreclose, the first step in the foreclosure process, significantly more than the 18 recorded in January 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, "Property sales prices appear to be declining as a result of consumers' unwillingness to purchase property with mortgage rates above 7%. With consumers paying a larger percentage of their paycheck on housing, we remain concerned about the trend of increasing notices to foreclose."

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 January 2023 Real Estate Activity in Norfolk County 

Ted Cormier-Leger schedules the second workshop in the 2023 Franklin Senior Center Series - Feb 23, 2023

It’s almost tax time.  Got questions?

I am so excited to partner with my friend/client Larry Rice for the second workshop in my 2023 Franklin Senior Center series.

We hope to see you there!

Ted Cormier-Leger, Realtor
Suburban Lifestyle Real Estate (Franklin)

Shared from Facebook -> 

https://www.facebook.com/ted.cormierleger/posts/pfbid02SKy9f7kGAs9Bwi5kA9pfK5TLxP2VHDAnPvHu1xFCk54Zn42wEu4Gomz4XziwVpEGl

Ted Cormier-Leger schedules the second workshop in the 2023 Franklin Senior Center Series - Feb 23, 2023

   

Register O'Donnell Reports on 2022 Annual Real Estate Activity in Norfolk County

Norfolk County Register of Deeds William P. O'Donnell reported that Norfolk County recordings for 2022 indicate a shifting real estate market, where the year started off strong and ended with significant drops in mortgage activity and average property sale price as compared to 2021.

 

In 2022, there were 130,051 documents recorded at the Norfolk County Registry of Deeds, a 33% decrease from 2021.

 

"The real estate market is feeling the effects of inflation and steadily rising interest rates, which is limiting how much money customers can save," said Register O'Donnell. "The total number of documents is much lower in 2022 than it was in 2021, but the change from month to month is less pronounced. The number of recorded deeds, which is one measure of document volume, shows a drop in real estate sales from the previous year."

 

Average Annual Sale Price Commercial-Residential

The number of deeds for 2022, which reflect real estate sales and transfers, both commercial and residential, was 17,398—a decrease of 17% from 2021.

 

Sale prices for 2022 appear to have increased slightly compared to 2021. The average sale price for all of Norfolk County, both commercial and residential, this year was $1,173,256, a 10% increase from 2021. However, the total dollar volume of commercial and residential sales is down, decreasing 10% from one year ago.

 

"With the average sales price showing increases for the year as a whole and the total volume of sales decreasing, indicates that in 2022 there were fewer homes being sold, but at a higher price," said Register O'Donnell.

 

Total Number of Deeds Recorded in 2022 for Norfolk County

According to numbers from the Consumer Financial Protection Bureau, the median interest rate of a 30-year fixed-rate conventional loan started at 4.14% in January 2022 and grew to 6.61% by December 2022, a more than 63% increase.

 

"The increasing cost of living and rising interest rates that the country is currently experiencing have an effect on the local real estate market," noted O'Donnell. "With interest rates more than double what there were at the start of 2022, consumers appear to be less inclined to borrow, and the decline in average sales prices suggests sellers are lowering pricing to compensate,"

 

Overall lending activity showed a continued downward trend. A total of 23,265 mortgages were recorded at the Registry in 2022, 50% fewer than a year earlier.

 

"This year, month to month, the registry figures show significant increases in the number of pending foreclosures, with as many as 40 in one month," said O'Donnell.

 

Total Numbers of Foreclosure Deeds & Notices to Foreclose

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In 2022, there were 68 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in 2021 there were 52 recorded. However, in 2022, there were 308 notices to foreclose, the first step in the foreclosure process, significantly more than the 141 recorded in December of 2021.

 

"The substantial increase in the number of notices to foreclose is troubling. This suggests that more of our neighbors may have financial difficulties in the future," said O'Donnell. "We have seen this number more than double this year and will continue to monitor these figures in 2023."

 

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, "Inflation in the US has been increasing since mid-2021, and it hit a 40-year high exceeding 8% in September 2022. The Federal Reserve raised interest rates many times in 2022 in an effort to slow the rise in inflation. As a result, borrowing money now costs more. This year, mortgage rates have doubled, which has led some buyers to pause their home searches, and, on average, fewer offers are being made to 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.

 

Can we talk? Understanding Real Estate at the Senior Center Jan 12, 2023 at 11 AM

Via Ted Cormier-Leger:

"As a real estate agent, I get asked a lot about the state of the housing market. Buyers are worried about mortgage rates. Sellers want top dollar for their home but wonder where they will move to. People 55 and older are thinking about downsizing but sometimes do not know where to begin.

So please join me and Bob Melone on Thursday, 11am at the Franklin Senior Center. We will keep it light, fun and informal. And it’s FREE. Thanks! "

Ted Cormier-Leger, Realtor

Suburban Lifestyle Real Estate (Franklin office)

617.686.1265

Shared from Facebook -> 

https://www.facebook.com/groups/1551606135109407/permalink/3354744654795537/

A staggering real estate statics drove my recent conversation with Ted Cormier-Leger   https://www.franklinmatters.org/2023/01/real-estate-inventory-statistic-centers.html

Can we talk? Understanding Real Estate at the Senior Center Jan 12, 2023 at 11 AM

Register O’Donnell Reports on December 2022 Real Estate Activity in Norfolk County

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of December 2022 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 December 2021 numbers.

 

In December, there were 9,429 documents recorded at the Norfolk County Registry of Deeds, a 37% decrease from December 2021 and a slight increase of 5% from November 2022.

 

"The real estate market is feeling the effects of inflation and steadily rising interest rates, which is limiting how much money customers can save," said O’Donnell. "The total number of documents is much lower in December 2022 than it was in December 2021, but the change from last month is less pronounced. The number of recorded deeds, which is one measure of document volume, shows a drop in real estate sales from the previous year."

 

The number of deeds for December 2022, which reflect real estate sales and transfers, both commercial and residential was 1,273, a decrease of 31% from December 2021 and an increase of 5% from the previous month of November 2022.

 

Sale prices for December appear to have dropped significantly compared to December 2021. The average sale price in December was 936,804, a 38% decrease from December 2021 and a 4% decrease from November 2022. The total dollar volume of commercial and residential sales is down, decreasing 59% from one year ago and decreasing 2% from last month.

 

"With interest rates approaching and exceeding 7%, consumers appear to be less inclined to borrow, and the decline in average sales prices suggests sellers are lowering pricing to compensate," noted O’Donnell. "According to the data we have at the Registry, we are recording significantly fewer mortgages than in December 2021."

 

Overall lending activity showed a continued downward trend for the month of December. A total of 1,383 mortgages were recorded this month, 53% less than a year ago at the same time, but up 2% from last month.

December 2022 Real Estate Activity in Norfolk County - Foreclosures & Notice to Foreclose

 

"The increasing cost of living and rising interest rates that the country is currently experiencing have an effect on the local real estate market," noted O’Donnell. "The number of pending foreclosures in Norfolk County is a continuing source of concern."

 

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In December 2022, there were 4 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in December of 2021 there were 7 recorded. However, in December of 2022, there were 40 notices to foreclose, the first step in the foreclosure process, significantly more than the 19 recorded in December of 2021.

 

"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, "Property sales prices appear to be declining as a result of consumers' unwillingness to purchase property with mortgage rates above 7%. This is also discouraging homeowners from refinancing their mortgage."

 

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.

Real Estate Inventory Statistic centers my conversation on Housing with Ted Cormier-Leger (audio)

FM #912 = This is the Franklin Matters radio show, number 912 in the series. 

This session of the radio show shares the audio recording of my conversation with Ted Cormier-Leger. We met in the Franklin TV Studio on Wednesday, Dec 21, 2022.

Ted is a realtor here in Franklin as well as a Town Councilor. Our discussion uses a key real estate statistic he shared with me as a starting point for our conversation on housing in Franklin. 

 

The recording of our conversation on housing runs about 40 minutes. Let’s listen to my conversation with Ted. Audio file -> https://franklin-ma-matters.captivate.fm/episode/fm-912-real-estate-inventory-statistic-shock-12-21-23

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Ted’s realtor page on Facebook -> https://www.facebook.com/TCLRealtyMass/

Ted’s LinkedIn profile page -> https://www.linkedin.com/in/ted-cormier-leger-211aa351/ 

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We are now producing this in collaboration with Franklin.TV and Franklin Public Radio (wfpr.fm) or 102.9 on the Franklin area radio dial.  

This podcast is my public service effort for Franklin but we can't do it alone. We can always use your help.

How can you help?

• If you can use the information that you find here, please tell your friends and neighbors

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Through this feedback loop we can continue to make improvements. I thank you for listening.

For additional information, please visit Franklinmatters.org/ or www.franklin.news/

If you have questions or comments you can reach me directly at shersteve @ gmail dot com

The music for the intro and exit was provided by Michael Clark and the group "East of Shirley". The piece is titled "Ernesto, manana"  c. Michael Clark & Tintype Tunes, 2008 and used with their permission.

I hope you enjoy!

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Real Estate Inventory Statistic centers my conversation on Housing with Ted Cormier-Leger (audio)