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<strong>July</strong> <strong>2022</strong> Find us on Facebook | <strong>Norfolk</strong> & <strong>Wrentham</strong> Town News Page 27<br />
May Real Estate Activity in <strong>Norfolk</strong> County<br />
May <strong>2022</strong> numbers relative<br />
to <strong>Norfolk</strong> County recordings<br />
indicate a continuing decrease in<br />
overall real estate activity compared<br />
to the May 2021 numbers<br />
but show a significant increase in<br />
average sale prices.<br />
According to <strong>Norfolk</strong> County<br />
Register of Deeds William P.<br />
O’Donnell, data indicates that<br />
the <strong>Norfolk</strong> County real estate<br />
numbers in May signal a continued<br />
slowdown in the market<br />
compared to 2021 but show a<br />
slight uptick from last month.<br />
“There were 11,556 documents<br />
recorded at the <strong>Norfolk</strong><br />
County Registry of Deeds in<br />
May, a 29% decrease from May<br />
2021 but an increase of 3% from<br />
April, <strong>2022</strong>,” said O’Donnell.<br />
The number of deeds for<br />
May <strong>2022</strong>, which reflect real<br />
estate sales and transfers, both<br />
commercial and residential,<br />
show a slight decrease of 3%<br />
from May 2021 but an increase<br />
of 25% from April <strong>2022</strong>. Sale<br />
prices continue to surge as compared<br />
to last year but may be<br />
starting to level off, noted the<br />
Register. The average sale price<br />
in May was $1,264,350, a 26%<br />
increase compared to May 2021<br />
but down 18% from last month.<br />
Total dollar volume of commercial<br />
and residential sales also<br />
showed gains from one year ago,<br />
increasing 22% and up 3% from<br />
last month.<br />
Overall lending activity shows<br />
a continued trend downward for<br />
the month of May. A total of<br />
2,283 mortgages were recorded<br />
during the month, a significant<br />
decrease of 40% compared to a<br />
year ago.<br />
“It appears that the interest<br />
rate increases by the Federal<br />
Reserve Board and the fact that<br />
many consumers have already refinanced<br />
are impacting mortgage<br />
activity,” O’Donnell stated.<br />
A continuing cause for concern<br />
in <strong>Norfolk</strong> County is the<br />
number of pending foreclosures.<br />
During May, there were 5 foreclosure<br />
deeds recorded as a result<br />
of mortgage foreclosures taking<br />
place in <strong>Norfolk</strong> County, one<br />
more than in May, 2021 and one<br />
less than in April. However, there<br />
were 21 Notices to Foreclose, the<br />
first step in the foreclosure process,<br />
recorded in May, up significantly<br />
from 14 recorded in May<br />
2021.<br />
“The dramatic increase in the<br />
number of these notices is alarming.<br />
It indicates that more of our<br />
neighbors are facing financial<br />
challenges going forward”, said<br />
O’Donnell. “We will continue to<br />
monitor these numbers.”<br />
For the past several years,<br />
the <strong>Norfolk</strong> County Registry<br />
of Deeds has partnered with<br />
Quincy Community Action<br />
Programs, 617-479-8181 x376,<br />
and NeighborWorks Housing<br />
Solutions, 508-587-0950 to help<br />
anyone facing challenges paying<br />
their mortgage. Another option<br />
for homeowners is to contact the<br />
Massachusetts Attorney General’s<br />
Consumer Advocacy and<br />
Response Division (CARD) at<br />
617-727-8400.<br />
Homestead recordings by<br />
owners of homes and condominiums<br />
decreased again this month<br />
at the <strong>Norfolk</strong> Registry of Deeds.<br />
There was an 8% decrease in<br />
homestead recordings in May<br />
<strong>2022</strong> compared to May 2021 but<br />
increased 16% from last month.<br />
“May real estate activity in<br />
<strong>Norfolk</strong> County continues to<br />
show a decline from last year.<br />
We still see the increase in sale<br />
prices from last year as indicating<br />
a continuing lack of available<br />
real estate inventory but looking<br />
at the numbers from last month,<br />
it appears the market may be<br />
starting to cool down a bit,” said<br />
O’Donnell.<br />
The <strong>Norfolk</strong> County Registry<br />
of Deeds is located at 649 High<br />
Street in Dedham. The Registry<br />
is a resource for homeowners,<br />
title examiners, mortgage lenders,<br />
municipalities and others<br />
with a need for secure, accurate,<br />
accessible land record information.<br />
All land record research<br />
information can be found on the<br />
Registry’s website www.norfolkdeeds.org.<br />
Residents in need of<br />
assistance can contact the Registry<br />
of Deeds Customer Service<br />
Center via telephone at (781)<br />
461-6101, or email us at registerodonnell@norfolkdeeds.org.<br />
RECYCLE THIS NEWSPAPER<br />
Commonwealth Real Estate<br />
“ Cathy showed professionalism,<br />
patience and care in our two-year quest to<br />
merge households. All done during COVID<br />
and the price craze. Add to that the hurdle of a<br />
septic install and holiday hold ups.<br />
This is not the first transaction she has been an<br />
integral part of. Not that there is a hurry to do<br />
this again, but if needed ...<br />
Cathy is the go-to person! ”<br />
What My Clients Are Saying<br />
Commonwealth Real Estate<br />
Cathy Flem<br />
REALTOR®<br />
Licensed in MA & RI<br />
Longtime <strong>Norfolk</strong><br />
Resident<br />
508-395-7321 | cathy.flem@commonmoves.com
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