Real Estate Trends: South Shore a Hot Real Estate Market
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The Plymouth County Registry of Deeds: September 2016 Real Estate Activity
The Plymouth County Registry of Deeds reported that the there was a 17% increase in home sales for the month of August when compared to the same time last year. In August of 2015 there were 1,009 home sales, in in August of 2016 there were 1,178 home sales.
Real estate sales so far for the year 2016 have increased in seven of the eight months making the year-to-date market increase a solid 17%. The Registry of Deeds recorded 7,045 deeds during the first eight months of 2016, up from 6,041 during the same period in 2015. Register John R. Buckley, Jr. said that “The increase in sales and in mortgage activity throughout 2016 has been good news for Plymouth County.”
Mortgages are also up by 29% when compared to August of 2015. There were 2,400 recorded mortgages in August of 2016 compared to 1,858 mortgages recorded the same month last year. This brings the year-to-date volume increase up to 7% for 2016. The Federal Reserve did not raise the federal funds rate so interest rates remain favorable.
Foreclosure activity continues to increase in Plymouth County with 71 recorded foreclosure deeds this August compared to 54 foreclosure deeds recorded last August giving the month a 31% increase. Plymouth County has recorded 484 foreclosure deeds so far in 2016, while there were 360 recorded foreclosures by this same time last year. Foreclosure notices increased as well with 141 notices filed in August of 2016. “We will continue to monitor the foreclosure activity both here in Plymouth County and nationally,” said Register Buckley.
The Plymouth County Registry of Deeds continues to share some of our country’s most significant and earliest documents on a revolving basis. On Friday, September 30th, from 9:00am to 3:00pm, the Registry will display records from the original Acts of the Commissioners of the United Colonies at the Plymouth Colony Records, Storage and Reading Room which is located on the second floor of the Plymouth County Registry building at 50 Obery Street, Plymouth. Call Lorna Green-Baker at (508) 830-9290 for further information or visit the The Plymouth County Registry of Deeds website.
The Norfolk County Registry of Deeds also saw an increase in real estate this past month. There was concern after looking at the data from July 2016, but August of 2016 showed a real estate market that “roared back to life showing mostly solid gains.”
Register of Deeds William P. O’Donnell stated, “After a down July, it was nice to see the real estate market recover in August. Increases were seen in both home sales and lending. August was a month where all stakeholders benefited from the strong real estate market in Norfolk County.”
The month of August 2016 recorded a total of 1,945 residential and commercial property transactions, representing a 9% increase from the same time in 2015.
O’Donnell stated, “Lending activity also showed some impressive gains. For the month of August, a total of 3,511 mortgages were recorded, a 35% increase from the previous year. Furthermore, total mortgage financing came in at $1.7 billion, a 60% increase from the previous August. Clearly, the continuing low interest rates are spurring individuals and businesses to borrow money for home and capital improvements and education.”
Foreclosure data in Norfolk County was similar to the Plymouth County data showing some increase. O’Donnell noted, “The significant increases in foreclosure activity were discouraging, especially after we thought the market had turned the corner. There is no question that some of our neighbors continue to struggle.”
In conclusion, Register O’Donnell stated, “After a less than robust July, it was great to see Norfolk County real estate activity rebound so strongly. It appears that a sizeable pool of buyers were aggressive in getting back into the market. Hopefully, the housing inventory level will not take a dip anytime soon. Another positive indicator is the continuing low interest rate which has been a key driver for real estate sales and lending.”
Visit the Norfolk County Registry of Deeds website for more information.