Latest Data Predicts Bustling Spring Real Estate Market Hingham Real Estate Trends
By Hingham Real Estate Agent Alice Pierce
Hingham real estate trends for Hingham, Cohasset, Norwell and the South Shore of Boston are written about every month to keep home buyers and sellers informed as to the latest data. 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.
John R. Buckley, the Register of Deeds at the Plymouth County Registry of Deeds, believes that the kinder weather patterns of this recent winter has resulted in higher real estate sales.
Many of us will not forget the winter of 2015 when our world was stopped in its tracks by record cold and snow. Even here in the town of Hingham, schools, government offices, local businesses and public transportation choked under successive waves of record snowfalls. Conversely, this year’s winter sustained plant growth, blossoms and green lawns, and quite possibly more optimism in the real estate market.
Last month, the Plymouth County Registry of Deeds recorded 25% more deeds than in February of 2015. Recorded deeds totalled 565 by the end of February, 2016, as opposed to only 441 deeds being recorded last February.
“As I noted last month, industry economists see all of the market indicators pointing to a busy spring market. The February numbers support these predictions,” added Register Buckley.
It appears that the recent interest rate hike by the Federal Reserve did little or nothing to impact refinance loans or new home loans.
Mortgages also rose by 11% last month with 1,505 mortgages recorded. The same time last year 1,354 mortgages were recorded.
Register Buckley says that the increase in mortgage activity, “bodes well for the spring market.”
Foreclosures on Plymouth County homes and properties took a surprising turn last month. The number of foreclosure notices recorded were the lowest in ten months, and represented a marked decrease since January of 2016. There were twice as many notices recorded last month when compared to February of 2016. Buckley added, “This drop in the number of foreclosure notices should bring down the number of actual foreclosures in the not to distant future.”
Foreclosure activity itself continues to rise, although nationally this number is on the decrease. In the year 2016, so far, 118 foreclosures have been recorded at the Registry, and by this same time last year, there had been only 73 recorded property foreclosures. These numbers represent a 66% increase in foreclosures when comparing years, but could also be attributed to our weather patterns, and the longstanding bottlenecked foreclosures from preceding years.
Comparative sales volumes for January and February of 2015 and 2016 show a 27% increase. The same comparison parameters also show a 33% increase in sales value (total amount of money in property sales), and a 5% increase in the average property sale price.
Norfolk County Registry of Deeds, which encompasses the town of Cohasset, also saw an increase in recorded property documents. The totals for commercial and residential sales increased by a whopping 55%, and foreclosure activity showed similar trends to those in Plymouth County.
Norfolk County Register O’Donnell stated, “While there were unique variables that impacted the February real estate market in Norfolk County, it is my contention that these figures provide unmistakable evidence that the economy remains strong and there is a decent pool of buyers and sellers in the housing market. With that said, one thing we need continue to do is to keep a close eye on real estate inventory. Any reduction could result in a slowdown. Overall, I am pleased the Norfolk County real estate market came through the long days of winter in good shape. I am cautiously looking forward to a strong spring season.”
Of note is that the Plymouth Registry of Deeds has initiated a new program called Property Fraud Alert to reduce the risk of real estate fraud. Property owners can sign up to receive email notifications whenever a Registry document is registered in their name.
For more information or to sign up, please visit the Plymouth County Registry of Deeds.