Norfolk & Wrentham April 2024

Page 28 Norfolk & Wrentham Local Town Pages | www.norfolkwrenthamnews.com April 2024
Norfolk County Monthly Property Sales Increase for 2nd Month
Norfolk County recordings
in February 2024 show a slight
increase in the total number of
documents recorded, which includes
an increase in property
sales and mortgage recordings
compared to February 2023.
According to Norfolk County
Register of Deeds William P.
O’Donnell, this marks the second
month in a row that yearover-year
property sales have
increased.
The Registry of Deeds recorded
6,787 documents in February
2024. This was 1% more
than in February 2023 and a
10% decrease compared to January
2024.
Norfolk County seems to be
holding steady with some increases
in property sales, noted
O’Donnell.
“It is still very early in the
year, and with the traditional
home buying season yet to begin,
it will be important to continue
monitoring these trends and to
see how external factors, such
as interest rates, may impact the
real estate market in the coming
months to see if this positive
momentum will be sustained
throughout the year,” he said.
The total number of deeds recorded
for February 2024, which
reflects both commercial and
residential real estate sales and
transfers, was 961, which was
nearly equal to the number in
February 2023. However, looking
at just commercial and residential
real estate sales, the number
was up 1% from last year.
“Despite some difficult market
conditions, the total number
of commercial and residential
property sales in February 2024
showed a slight increase compared
to the previous year,”
stated Register O’Donnell.
“This year-over-year increase
may suggest that the prospects
of lower mortgage interest
rates, predicted by some market
observers to come down by the
first half of the upcoming year
in 2024, are bringing buyers to
the table early.”
The average sale price of
commercial and residential
properties for February 2024
rose to $994,236, a 5% increase
compared to February 2023 but
a decrease of 2% from January
2024. The total dollar volume
of commercial and residential
sales is up, increasing 6% from
last year but down 11% from
last month.
O’Donnell said, “With a limited
supply of available properties
on the market, any increase
in demand is likely to cause an
increase in the average property
sales price. Unfortunately, when
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prices rise without a corresponding
rise in inventory, it may result
in increased competition among
buyers. This makes it harder for
homebuyers in general, but especially
for first-time homebuyers.”
For the month of February,
lending activity showed an increase
compared to the same
month a year ago, the first time
this has happened in over a year.
A total of 916 mortgages were
recorded in February 2024, up
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1% from February 2023 and 4%
less than last month.
The increase in lending activity
this month is likely a product
of the increase in the number of
property transactions compared
to 2023, said O’Donnell. This
may suggest that while some
homeowners are still hesitant to
make moves with average mortgage
interest rates above 6%,
others are not dissuaded by current
interest rates.
The Norfolk County Registry
of Deeds continues to closely
monitor the foreclosure market.
In February 2024, there were 6
foreclosure deeds recorded as a
result of mortgage foreclosures
taking place in Norfolk County,
whereas in February 2023, there
were 3 recorded. The total
number of notices to foreclose,
the first step in the foreclosure
process, increased from last
year, going from 26 notices in
February 2023 to 43 in February
2024.
“We all experience unforeseen
events in our lives. Sometimes
these events are beyond
our control and can have a devastating
impact on our finances.
I would urge anyone struggling
to pay their mortgage or who
knows someone who is struggling
to contact one of the nonprofit
organizations listed on our
website, www.norfolkdeeds.org,”
said O’Donnell.
For the past several years,
the Norfolk County Registry
of Deeds has partnered with
Quincy Community Action Programs
(617-479-8181 x376) and
NeighborWorks Housing Solutions
(617-770-2227) to help
anyone facing challenges paying
their mortgage. Another option
for homeowners is to contact the
Massachusetts Attorney General’s
Consumer Advocacy and
Response Division (CARD) at
(617) 727-8400.
The Norfolk County Registry
of Deeds, located at 649 High
St., Dedham, is the principal
office for real property in Norfolk
County. The Registry is a
resource for homeowners, title
examiners, mortgage lenders,
municipalities, and others with
a need for secure, accurate, and
accessible land record information.
All land record research information
can be found on the
Registry’s website, www.norfolkdeeds.org.
Residents in need of
assistance can contact the Registry
of Deeds Customer Service
Center at (781) 461-6101 or by
email at registerodonnell@norfolkdeeds.org.
Call Jen Schofield at 508-570-6544
to run in our Real Estate Corner