Norfolk County Real Estate 'Flat' but 'Will Recover'

The real estate activity for August was flat with small growth in real estate sales volume offset by continuing challenges faced by the mortgage industry, said Norfolk County Register of Deeds William P. O’Donnell.

One bright spot for the month was the average sales price for commercial and residential property stood at $608,535, a healthy 13 percent increase year over year, he said.

O’Donnell expressed continued confidence that the worst of the real estate slump has been surmounted and real estate activity, particularly in Norfolk County, would continue to show signs of improvement.

“The increased average real estate sales price is the clearest evidence that Norfolk County is an attractive place to live and conduct business,” said O’Donnell in a press release. “Overall, the improving economy, evidenced by the reduced unemployment rate in Massachusetts, particularly east of Route 495, will in the near term result in increased real estate activity and improvements in the mortgage market.”

Total dollar volume of real estate activity for the month of August increased 1 percent year over year. For the month of August, 2014, total sales volume was $699 million dollars compared to August, 2013 figure of $693 million. The total number of recorded deeds fell 11 percent year over year with 1,149 recorded in August compared to 1,289 recorded in August, 2013.

Mortgage market continued to face challenges in August, 2013. Total number of mortgages recorded in August, 2014 fell 24% year over year. Key factor in the reduced mortgage recording activity continued to be a slowdown in mortgage refinance activity. Total mortgage indebtedness did increase 49% year over year. The total mortgage indebtedness for August, 2014 was $1.9 billion compared to $1.3 billion in August, 2013.

Foreclosure deed recordings also remained flat. Twenty-one foreclosure deeds were recorded in August, 2014 compared to 20 in August, 2013. Monitoring of foreclosure deeds continues to be a top priority of Register O’Donnell and the staff of the Registry of Deeds. The Norfolk County Registry of Deeds, working closely with its partners South Shore Home Consortium and Neighbor Works Southern Mass, continues to help identify services and counseling for those Norfolk County homeowners who have recently received a Notice of Foreclosure from a lender.

Homestead recording activity in August, 2014 decreased 13 percent year over year. A total of 1,138 Homesteads were recorded in August, 2014 compared to 1,315 in August, 2013. Information on the advantages of filing a Homestead Act can be found on the Registry website.

Information supplied by the Norfolk County Registry of Deeds