Real Estate
'Steady Signs' in Norfolk County Real Estate, Says Register O'Donnell
The activity has remained relatively stable, he said.
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Submitted by Register William O’Donnell, Norfolk County Registry of Deeds:
Taking a monthly snapshot of October 2014 in comparison to October 2013, Norfolk County Register of Deeds William P. O’Donnell reported that real estate activity in Norfolk County has remained relatively stable.
The Register cited the average sales price for both commercial and residential real estate has decreased by only a little more than 1 percent from $642,120 to $632,815 in year to year numbers. Additionally, Register O’Donnell noted that total sales comparing October 2014 to the previous October rose to $567 million from $560 million, an increase of just over 1 percent. Another solid indicator noted O’Donnell was that during the same period of time deed recordings increased by 4 percent to 1,502 from 1,438.
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Mortgage activity in October from year to year decreased by just 2 percent. Total mortgage lending, however, rose by a whopping 39 percent increase, mainly due to a small number of high dollar mortgages recorded against property in the towns of Norwood and Westwood, noted the Register.
Homestead recording activity in October, 2014 decreased by 3% year to year. A total of 935 Homesteads were recorded in October, 2014 compared to 964 in October, 2013. Information regarding the Homestead Act, which provides homeowners with limited protection on their primary home against unsecured creditors, can be found on the Registry’s website at www.norfolkdeeds.org.
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Register O’Donnell noted, “If there is one note of caution in this steady real estate market, it is the 36 percent increase in foreclosures in comparing the two previous Octobers. This Foreclosure number is a sobering reminder that some of our neighbors continue to face economic hardship. The Registry of Deeds is committed to working closely with our partners, South Shore Home Consortium and Neighbor Works Southern Mass, to help identify services and counseling for those Norfolk County homeowners who have recently received a Notice of Foreclosure from a lender.”
Register O’Donnell concluded “Looking at these overall real estate numbers, Norfolk County is a very desirable and attractive place to live, work and raise a family.”
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