Norfolk County Real Estate Market Hits Slump, Register Says

DEDHAM, MA - Norfolk County Register of Deeds William P. O’Donnell reported that January real estate numbers relative to Norfolk County real estate activity continue to trend down.

“The Norfolk County real estate market” noted O’Donnell, “has continued to slow entering into 2022, which is not uncommon for this time of year. January is typically one of the slowest months for real estate transactions.”

There were 11,622 documents recorded at the Norfolk County Registry of Deeds in January, a 25% decrease over last year’s January document volume and a 21% decrease from December.

“The number of deeds for January 2022, which reflect real estate sales and transfers, both commercial and residential, decreased by 4% from January 2021 and by 30% from December," O'Donnell said.

"However, the average sales price during the month was $1,439,472, an impressive 51% increase compared to January 2021 and only slightly down from December" he continued. "Total dollar volume of commercial and residential sales also showed solid gains from one year ago, increasing 57% to over $1.05 billion."

Overall lending activity showed a decrease again for the month of January. A total of 2,325 mortgages were recorded during the month, a 44% decrease compared to a year ago and a decrease of 22% from December’s number.

“It appears that many consumers have already refinanced given the past low interest rate environment,” O’Donnell said.

A cause for concern in Norfolk County, however, is the increase in foreclosures. A moratorium on foreclosures enacted on April 20, 2020 due to the COVID-19 pandemic expired on October 17, 2020.

The Norfolk County Registry of Deeds has been closely watching the foreclosure market. During January, as in December, there were seven foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County. In addition, there were 18 notices to foreclose, the first step in the foreclosure process, recorded in Norfolk County in January. In January 2021 there was only one foreclosure deed and nine notices to foreclosure mortgages filed.

“The increase in these numbers remind us that some of our neighbors continue to face financial challenges,” O’Donnell said. “We will continue to monitor these numbers.”

For the past several years, the Norfolk County Registry of Deeds has partnered with Quincy Community Action Program, and NeighborWorks Housing Solutions 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,” O'Donnell said.

Homestead recordings by owners of homes and condominiums decreased slightly this year at the Norfolk County Registry of Deeds. There was a 1% decrease in homestead recordings in January 2022 compared to January 2021 but a decrease of 25% from December.

"A recorded Declaration of Homestead,” noted O’Donnell, “provides limited protection against the forced sale of an individual’s primary residence to satisfy unsecured debt up to $500,000. It is great to see folks protecting the biggest asset most of us have, our homes. I would urge anyone who has not availed themselves of this important consumer protection tool to consider doing so."

To get more information on homestead protection, visit the Norfolk County Registry of Deeds website.