Norfolk County Registry of Deeds Sees Encouraging Trends in Real Estate Market

The real estate market in the cities and towns of Norfolk County seems to be trending in the right direction.

Norfolk County Register of Deeds William O’Donnell expressed “cautious optimism” that the county’s real estate market is exhibiting several encouraging signs, based on growth in the total dollar volume of real estate sales and the robust gains in the mortgage market in the 2nd quarter of 2015.

Between April and June, the total number of deeds recorded rose a modest 4% to 4,745 compared to the same time period in 2014.

“ I am convinced this number would have even been bigger except for the lack of real estate inventory as buyers compete amongst themselves for a limited number of properties,” O’Donnell said.

The total dollar volume of residential and commercial real estate sales increased by a significant 27% to $2.4 billion. The average sale price of property increased by 24% to $790,659 compared to the same quarter last year.

“These numbers clearly reflect, that despite the limited number of properties available, Norfolk County continues to be a desirable place to live and work,” O’Donnell said.

Another high note for the quarter was the continued turnaround in the mortgage market. The Register cited the number of mortgages recorded 8,510, a substantial 30% increase from the 2nd quarter of 2014.

One concerning area to note was the 69 foreclosure deeds filed in the County during the 2nd quarter, a 77% increase from the same time period in 2014.