Healthy Real Estate Activity Continues in Norfolk County
As communities start to get back to normal and COVID restrictions are starting to be lifted, Register of Deeds William P. O’Donnell reports that the increases seen in real estate activity in Norfolk County are continuing. The month of April in 2021 saw increases in a number of real estate indicators over the same time period in 2020.
According to O’Donnell, there were 17,744 documents recorded at the Norfolk County Registry of Deeds in April, a 53% increase over last year’s April document volume. There were 1,693 deeds recorded out of this document volume, representing a 54% increase over April of last year. Average sale price, including both residential and commercial sales, increased 45% over 2020 to $1,163,838.48.
Low inventory of properties for sale are keeping prices for real estate up. Low interest rates are helping buyers afford the home prices of these properties. The county unemployment rate in Massachusetts was reported as 6.8%. However, in 5 of the 14 Counties in Massachusetts the unemployment rate is lower than 6.8%. Norfolk County is one of those counties in the lower unemployment rate category.
In addition to real estate sales, the Norfolk County lending market has been very busy in April. There were 4,212 mortgages recorded during the month which is a 21% increase over 2020. Total amount of money borrowed for mortgages county wide was almost 2 billon, a 23% increase compared to April 2020. While some of the mortgages are due to purchases and sales of real estate, there are a large number of individuals and families taking advantage off historically low interest rates by refinancing existing mortgages. Individuals have different motivations to refinance. Some refinance to reduce their monthly payments, others to take some years off their debt while still others are using the money to pay for home improvements and other capital expenditures, noted Register O’Donnell.
There has been a strong demand for housing, single family housing particular, coupled with a limited supply of available housing stock and historically low interest rates which could be motivating buyers to do what is necessary to secure housing. Lending activity was up. The growth in numbers seen in 2020 continues into 2021.
A moratorium on foreclosures in place during the pandemic in 2020 was lifted on October 17, 2020.
Additionally, 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, 508-587-0950 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.
According to O’Donnell, there were 17,744 documents recorded at the Norfolk County Registry of Deeds in April, a 53% increase over last year’s April document volume. There were 1,693 deeds recorded out of this document volume, representing a 54% increase over April of last year. Average sale price, including both residential and commercial sales, increased 45% over 2020 to $1,163,838.48.
Low inventory of properties for sale are keeping prices for real estate up. Low interest rates are helping buyers afford the home prices of these properties. The county unemployment rate in Massachusetts was reported as 6.8%. However, in 5 of the 14 Counties in Massachusetts the unemployment rate is lower than 6.8%. Norfolk County is one of those counties in the lower unemployment rate category.
In addition to real estate sales, the Norfolk County lending market has been very busy in April. There were 4,212 mortgages recorded during the month which is a 21% increase over 2020. Total amount of money borrowed for mortgages county wide was almost 2 billon, a 23% increase compared to April 2020. While some of the mortgages are due to purchases and sales of real estate, there are a large number of individuals and families taking advantage off historically low interest rates by refinancing existing mortgages. Individuals have different motivations to refinance. Some refinance to reduce their monthly payments, others to take some years off their debt while still others are using the money to pay for home improvements and other capital expenditures, noted Register O’Donnell.
There has been a strong demand for housing, single family housing particular, coupled with a limited supply of available housing stock and historically low interest rates which could be motivating buyers to do what is necessary to secure housing. Lending activity was up. The growth in numbers seen in 2020 continues into 2021.
A moratorium on foreclosures in place during the pandemic in 2020 was lifted on October 17, 2020.
Additionally, 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, 508-587-0950 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.
