By South Shore Real Estate Agent Alice Pierce, Coldwell Banker, Hingham, MA 02043
Hingham real estate trends for Hingham, Cohasset, Norwell and the South Shore of Boston are written about on a monthly basis. Information for this real estate article is provided by The Plymouth County Registry of Deeds and their Monthly Real Estate Sales Report for January, 2016
Get ready for a busy, spring real estate market! January 2016 real estate sales in Plymouth County showed substantial growth when compared to the same time last year.
The Plymouth County Registry of Deeds summary report for January of 2016 showed January sales up by 25% when compared to the same month last year. There were 637 deeds recorded at the Plymouth County Registry of Deeds in the month of January, compared to the 509 deeds recorded in January of 2015.
Register of Deeds John R. Buckley, Jr. said, “This 25% increase in sales bodes well for 2016,”
When comparing the actual real estate sales values, there was a huge increase of 40%. January of 2015 had a total sales value of $167,479,185, and January of 2016 had a total sales value: $235,270,531. On average, individual sales increased 12%. Last January the average property sold for $329,036, and in January 2016 the average was $369,341.
The number of recorded mortgages were also grew by 9%. 1,412 mortgages were recorded at the Registry in January of 2016, compared to 1,299 mortgages in January of 2015. The mortgage filings have been steadily increasing. For example, recorded mortgages in 2015 were 25% higher than 2014.
“The mortgage market continues to show positive numbers for the start of 2016, and this too bodes well for the market”, said Buckley.
In the area of foreclosures, there were 52 recorded foreclosure deeds this recent month of January compared to 39 in January 2015. This represents a 33% increase. On a national scale, foreclosures are now on the decline, and Plymouth County is still significantly lower than in January of 2012 when 78 foreclosures were recorded.
Notices of Foreclosure are the first document that is filed at the Registry of Deeds when a foreclosure is in process. These notices increased by 95% in January of this year, when compared to the same month last year. Taken in the context of a longer timeline, this number is still substantially lower. There were 154 home foreclosure notices recorded in January of 2016, a total of 79 recorded in January of 2015, and in January of 2013 there were 270 foreclosure notices.
Also included in this months registry report was some data collected by the National Association of Realtors (NAR). It showed that first-time homebuyers accounted for 30 percent of homeowners nationally in 2015, and that this is a slight increase of 1% compared to the years 2014 and 2013.
Lastly, Register Buckley completed an on-site reading room and storage vault for the Plymouth Colony land records. Some of these documents date back to the early 1600’s and carry historical value. The Registry is displaying the original Plymouth Colony record of the law enacted in July, 1646, ordering each township to appoint a Town Clerk. This takes place on February 27th, 2016, from 9:00 am until 3:00 pm at the Plymouth Colony Records, Storage and Reading Room on the second floor of the Plymouth County Registry building, 50 Obery Street, in Plymouth.
Call Lorna Green-Baker at (508) 830-9290 for further information.