Register O'Donnell: 'Some Hopeful Signs' in Norfolk County Latest Real Estate Report

Citing both solid third quarter growth in the dollar volume of real estate sales and double digit increases in the average sale price of a transaction, Norfolk County Register of Deeds Bill O’Donnell is hopeful that the worst of economic downturn is behind us and that the result will lead to improvements in both the real estate and mortgage markets.

Register O’Donnell noted, “At the end of three quarters the dollar volume of total sales increased from $1.9 billion from $2.1 billion, an 11 percent increase from the same time last year. Another promising indicator during the same period of time was that the average sales transaction (including both residential and commercial real estate sales) was $636,736, an increase of 16 percent. This solid increase is further evidence that Norfolk County is a very desirable place to live, to work and to raise a family.”

However, the Register noted that there are some concerning indicators which reveal a decrease in real estate activity both for sales and refinancing. He noted, “Even with an increase in volume dollar sales, we are down 6% in the 3rd quarter in the total number of deeds recorded in comparison to last year’s 3rd quarter. Mortgage recording activity continues to struggle with a 21% decrease (9,147 to 7,257) during the same period.”

Another benchmark being carefully watched by the Register is mortgage foreclosures, which fell by a modest 2% in the third quarter. The Register also noted that Homesteads filings were down by 9% compared to last year’s 3rd quarter. “One reason for the reduced filings stems from legislation passed into law by the Legislature in 2011 which clarifies that there is no need to refile a Homestead after refinancing a mortgage,” noted Register O’Donnell.

Article submitted by the Norfolk County Registry of Deeds