Real Estate Trends in Massachusetts: Plymouth & Norfolk County September 2016
Brought to you by Hingham Real Estate Agent Alice Pierce
The Plymouth County Registry of Deeds: September 2016 Real Estate Activity
Sales Activity Still Going Strong and Foreclosure Notices Drop
Plymouth County Registry of Deeds continues to report very positive sales activity through the end of September 2016. This ends the third quarter for the year 2016 and the Registry said that “the real estate market in Plymouth County continues to keep our staff busy.”
Overall the real estate sales numbers for 2016 are a solid 15% higher than those from 2015 during the same time period. Plymouth County Register of Deeds John R. Buckley, Jr. said, “Tracking home sales monthly we have seen more sales of homes this year than in almost any corresponding month in 2015. For example, this September we recorded 973 sales compared to 924 sales in September, 2015.”There were 8,018 sales through September compared to 6,965 sales through September of 2015.
The average sale price in Plymouth County was $371,249, 3% higher than last year at this time, when the average sales price was $361,467. Total sales value were also up by 18% compared to the three quarter mark in the year 2015.
Mortgage numbers also showed an increase with Plymouth County Registry of Deeds recording 2,229 mortgages in September, which represents 24% more than the 1,804 mortgages recorded in September of 2015. The overall statistical data shows that 2016 mortgage numbers are 9% higher than in 2015.
Foreclosures remain on the increase with 550 foreclosure deeds recorded in the first three quarters of 2016, compared to 403 foreclosure deeds recorded during the same time period last year. This is a 36% increase, but the September foreclosure notices bode well.
Comparing the first three quarters of this year with 2015, foreclosure notices increased only 10%, and the brighter news is that for the month of September 2015 foreclosure notices decreased significantly. 170 notices were recorded in September of 2016, compared to 256 notices filed in September of 2015. This is a 36% drop.
Plymouth County Registry of Deeds continues to share some of America’s oldest documents. On Friday, October 28th, from 9:00 am to 3:00 pm, the Registry will display an original Plymouth Colony document that details a lawsuit between a Captain John Williams and John Barker, both of Scituate.
The described property may well be the present site of the Barker Tavern in Scituate. The Plymouth Colony Records, Storage and Reading Room is located on the second floor of the Plymouth County Registry building at 50 Obery Street, Plymouth.
For more information you may call Lorna Green-Baker at 508-830-9290 or visit the Plymouth County Registry of Deeds website.
Real Estate Sales Hold Ground as Lending Market Booms in Norfolk County
The Norfolk County Registry of Deeds reports an increase in lending and level real estate sales for the 3rd quarter real estate data (July-September 2016). Continued low interest rates have likely contributed to the lively mortgage lending.
Register William P. O’Donnell stated, “Overall, Norfolk County is holding its own in terms of real estate sales. A total of 5,295 property transactions were recorded in the county during the 3rd quarter, representing a 1% reduction from same period in 2015. However, total real estate volume, both residential and commercial, for the quarter came in at $2.9 billion, a 21% increase compared to last year’s numbers. The average sales price, including both residential and commercial quarter 3 was $808,198, a solid 25% increase year over year. It should be noted the total sales and average sales numbers were impacted by a $205 million dollar sale of Westwood Station that took place in mid-August.”
O’Donell went on to say, “The lending market was the real silver lining story. The total number of mortgages recorded was 9,717, a solid 21% increase from the previous year. In addition, total mortgage financing finished at $4.65 billion for the quarter, a 34% increase from last year’s 3rd quarter 2015. Clearly, consumers and businessmen are taking advantage of continuing low interest rates to pay for new home purchases, home improvements, education expenses and expansion of business. More than anything, these robust lending figures tell us the eastern Massachusetts economy remains vibrant.”
Norfolk County also saw some decrease in the number of Notice to Foreclose Mortgage recordings, the first step in the foreclosure process and a possible symptom of eventual decreases in foreclosures.
Visit the Norfolk County Registry of Deeds website for more information.
Enjoy all the positives of the south shore of Boston. Feel free to contact Coldwell Banker Realtor Alice Pierce through her website, email or telephone 781-724-7622 about articles, community information for Hingham, MA, Cohasset, MA, Hull, MA, Norwell, MA and any other South Shore towns.