South Shore Real Estate Trends Are Solid
South Shore and Massachusetts monthly real estate trends brought to you by Coldwell Banker Hingham Realtor Alice Pierce.
The Plymouth County Registry of Deeds: November 2016 Real Estate Activity
Plymouth County Registry of Deeds: November 2016 Real Estate Activity
The Plymouth County Registry of Deeds monthly summary for November 2016 reported that real estate sales have remained strong despite a low inventory of available properties. The first eleven months of 2016 have been stronger in home pricing, home sales, and mortgage activity according to Plymouth County Register of Deeds.
An article published in the Boston Globe on November 29, 2016 stated, “2016 is poised to record another strong year of higher sales and ever-higher real estate prices.” The article also noted that the real estate market is driven by more demand than supply which in turn has pushed home sale prices upwards.
According to the Massachusetts Association of Realtors, the number of properties for sale in the month of October was the lowest in more than 11 years. This recipe makes for a more competitive, fast-paced market environment where bidding wars are more common.
Some experts in real estate market forecasts are predicting that the local housing market will be solid into the year 2017. Even if the Fed raises the interest rates, this could add motivation rather than obstacles to the trends in home buying.
Home buying seems to have some immunity to the traditional holiday slow down this year. The Plymouth Registry of Deeds recorded 939 deeds this month, compared to 893 deeds recorded in October.
The 2016 numbers for the 11 months in 2016 thus far have increased 15% over the number of deeds recorded through November, 2015. This year the Plymouth County Registry has recorded 9,850 deeds through November, compared to 8,592 deeds through the same time last year.
The average home sale price in Plymouth County was $370,311, a 3% increase over the 2015 average sales price of $359,304. Register John R. Buckley, Jr. said, “With the low inventory that continues, and demand exceeding supply, increases in the average sales price are likely to continue into 2017. The possibility of a bump in interest rates may moderate the increases in price, but I still expect the strong sales of the past couple of years to continue into 2017.”
There were 21,832 mortgages recorded through November, 2016, compared to 19,411 mortgages through November, 2015 representing a 12% increase. And the foreclosure activity has slowed in Plymouth County when comparing November 2016 to October.
The Plymouth County Registry of Deeds continues to display our country’s earliest documents on a revolving basis. For the holiday season, the Registry will display the deed for the property where James Edgar’s department store was in Brockton. In 1890, Edgar dressed up as Santa Claus to entertain the children and the department store Santa tradition was born. This deed and three other holiday related stories are on display in the entry corridor 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.
Norfolk County Registry of Deeds: November 2016 Real Estate Activity
The Norfolk County Registry of Deeds also experienced a strong month of real estate sales and mortgage activity for the month of November 2016.
Register of Deeds William P. O’Donnell noted, “The number of property transactions increased by a healthy 12% in November, compared to the same period in 2015. A total of 1,563 deeds were recorded versus 1,395 in November 2015.
“However what was a little surprising was a small but noticeable 4% decrease in the average sale price of residential and commercial property. The average real estate sale price for the month of November was $721,968. However, total sales volume, again both residential and commercial, increased by 5% to $679 million.”
Mortgage lending increased 37% as compared to November of 2015. While the number of mortgages recorded increased, total mortgage financing for November came in at $1.78 billion, which reflects a 25% decrease from the previous year. This decrease can be explained by 3 separate commercial mortgage transactions totaling $550 million that were recorded against properties in Weymouth, Walpole and Plainville in November 2015.
Another positive variable for November real estate in Norfolk County was there were fewer foreclosure deeds filed than the same time last year. Additionally, foreclosure notices dropped significantly, by 40%, when compared to the same time period last year.
Norfolk County Register of Deeds O’Donnell concluded, “While the slight dip in the average real estate sale price for Norfolk County in November was a bit surprising, I nevertheless was heartened by the solid 12% increase in the number of real estate transactions compared to year over year at a time of the year where typically there is less real estate activity. Lending activity continues its acceleration, which is good for the real estate market. As I have previously stated, an uptick in interest rates could cause a chilling effect on both real estate sales and lending. For now, however, we will accept the good news seen in the November data while we keep a watchful eye on what the Federal Reserve will do with regards to interest rates.”
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.