Real Estate Trends in Massachusetts
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The Plymouth County Registry of Deeds: 2016 Real Estate Summary
Plymouth County Register of Deeds John R. Buckley, Jr. reported a strong finish to the 2016 real estate market. This was the second year in a row that the number of property sales and mortgages in Plymouth County rose. “Plymouth Registry of Deeds recorded 133,422 documents in 2016. This is 10,000 more documents than were recorded in Plymouth County in 2015, when 123,304 documents were recorded,” noted Register Buckley who added, “The number of sales in Plymouth County rose 13% over 2015. Plymouth County recorded 10,785 deeds in 2016, up from 9,519 recorded in 2015.”
Plymouth County also saw an increase in mortgage activity for the year 2016 with a total of 24,065 mortgages recorded, which is up 13% from the 21,256 recorded in 2015. Property values increased by 5% with the average home sale price rising from $360,272 in the year 2015 to $369,410 in 2016.
Foreclosure notices decreased in December 2016, but the year to date numbers for completed foreclosures were higher than they were last year. In 2015 there were 503 foreclosures and in 2016 there were 735 completed foreclosures. This represents an increase of 34%. Monthly data was virtually the same when comparing December in 2015 and in 2016 with 60 and 62 foreclosures respectively. Notices of foreclosure have decreased with 103 in December of 2015 compared to 76 in December of 2016.
For more information please visit the Plymouth County Registry of Deeds website.
The Norfolk County Registry of Deeds: 2016 Real Estate Summary
The Norfolk County Registry of Deeds reported 2016 as being solid and impressive with an overall increase of 4% across the board. When looking at the specific areas of real estate sales, there was a 12% increase in the total volume of residential and commercial sales, and an increase of 8% in the average sales price in Norfolk County.
Norfolk County Register of Deeds, William P. O’Donnell said, “Norfolk County real estate market experienced solid growth in 2016. A strong economy in eastern Massachusetts, coupled with low interest rates, propelled consumers to spend on housing, even in light of the reduced inventory. In 2017, it will be interesting to see if this activity can be sustained, especially in light of the increase in interest rates by the Federal Reserve.”
There were also 167,600 land documents recorded, representing a 6% increase from the year 2015. “These numbers indicate that Norfolk County remains a desirable location to raise a family and secure gainful employment,” noted O’Donnell.
Mortgage lending was also robust with an increase of 11% when compared to 2015 with 34,159 mortgages recorded. Register O’Donnell stated, “Clearly, a strong economy in eastern Massachusetts, coupled with low interest rates, were the key factors.”
Although there were more foreclosures in Norfolk County this year, the Notice to Foreclose Mortgage which is the first step in the foreclosure process, saw significant reductions in the 4th quarter of 2016.
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.