Steady Real Estate Activity During August in Norfolk County
Register of Deeds William P. O’Donnell reported the Norfolk County real estate market more than held its own during the month of August 2021. He also reports a continued strong showing in sales highlighting Norfolk County real estate market activity for the month of August.
According to O’Donnell, there were 16,282 documents recorded at the Norfolk County Registry of Deeds which is a 1% increase over last year’s August document volume. There were 1,999 deeds recorded out of this document volume, representing a 7% increase over August of last year. Average sale price, again including both residential and commercial sales, increased 3% over 2020 to $903,842.69.
Even though there was a considerable increase to the monies for mortgages, the number of mortgages recorded decreased over the previous year’s numbers. There were 3,665 mortgages recorded during the month which is an 11% decrease over 2020. Total amount of money borrowed for mortgages county wide was well over 3 billon, a 62% increase compared to August 2020.
“There has been a strong demand for housing, single family housing particular, coupled with a limited supply of available housing stock and historically low interest rates which could be motivating buyers to do what is necessary to secure housing,” noted O’Donnell. “The growth in some real estate indicators seen in 2020 continues into 2021.”
One continuing cause for concern, however in Norfolk County, was foreclosures. A moratorium on foreclosures in place during the pandemic in 2020 was lifted on October 17, 2020. This moratorium was in place due to the COVID-19 pandemic. During August of 2021 there were 6 foreclosure deeds recorded as a result of foreclosure processes taking place in Norfolk County. Additionally, there were 15 Notices to Foreclosure Mortgages, the first step in the foreclosure process in Norfolk County.
“A foreclosure recording is very impactful on those being foreclosed on,” said the Register. “In August of 2020 there were no Notices to Foreclosure Mortgages and 5 foreclosure Deeds. These numbers remind us that some of our neighbors continue to face financial challenges.”
Register O’Donnell went on to say, “Available real estate inventory continues to be a constant source of concern in Norfolk County. It’s especially been a problem for first-time homebuyers attempting to crack the market. However, there is a silver lining in the August real estate statistics and that is based on the optimistic lending numbers that we’ve seen. These figures are very encouraging and tell us competitive interest rates and a robust eastern Massachusetts economy are having a positive effect on the Norfolk County region.”
The Norfolk County Registry of Deeds is located at 649 High Street in Dedham. The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, 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 via telephone at (781) 461-6101, or email at [email protected].