While the weather in May was starting to get warmer, so too was the Norfolk County real estate market, according to Register of Deeds William P. O’Donnell.
The Register noted that a noticeable uptick in both real estate sales and lending transactions happened last month. During the month of May, Norfolk County real estate sales, both residential and commercial, totaled 1,767, a healthy 48% increase year over year from 2020 to 2021.
“The Norfolk County real estate market continues to be strong,” said Register O’Donnell. “There were 16,367 documents recorded at the Norfolk County Registry of Deeds in May which is a 30% increase over last year’s May document volume.  Average sale price, again including both residential and commercial sales, increased 2% over 2020 to $1,005,765.93.  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.  It is pleasing to see that the real estate market has been solid and steady.”
In addition to real estate sales, the Norfolk County lending market was very busy in May. There were 3,832 mortgages recorded during the month which is an 8% increase over 2020.  Total amount of money borrowed for mortgages county wide was almost 2 billon, a 41% increase compared to May 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,” said Register O’Donnell. 
Register O’Donnell  noted that there has been a strong demand for housing, single family housing in 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.  This moratorium was in place due to the COVID-19 pandemic.  During May of 2021 there were 6 foreclosure deeds recorded as a result of foreclosure processes taking place in Norfolk County.  Additionally, there were 14 Notices to Foreclosure Mortgages, the first step in the foreclosure process. 
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.
The Norfolk County Registry of Deeds is located at 649 High Street in Dedham.  The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, 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 via telephone at (781) 461-6101 or email at [email protected].