August 2024 boosts Norfolk County real estate: Deeds and mortgages up 14%

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of August 2024 indicate an increase in overall real estate activity, with increases in the total number of deeds and mortgages recorded as compared to August 2023.

The Registry of Deeds recorded 9,367 documents in August 2024. This was 14% more than in August 2023, and a 5% decrease compared to July 2024.

“Lending activity, real estate sales, and transfers make up a majority of the documents recorded at the Registry of Deeds and August showed some significant increase in both categories. Noted Norfolk County Register of Deeds William P. O’Donnell. “The rise in recorded documents indicates a healthy level of real estate activity. It will be interesting to see if this trend continues into the fall.”

The total number of deeds recorded for August 2024, which reflects both, was 1,500, up 19% from August 2023 and down 1% from July 2024. However, looking at just home sales from last month, August 2024 saw a 20% increase compared to last year.

The substantial increase in the number of property sales compared to August 2023 is a good sign that the real estate market is thriving, and we are seeing pockets of the market here in Norfolk County that are seeing growth and stability, particularly in certain neighborhoods and property types,” stated Register O’Donnell. “It will be important to monitor if this positive trend persists in the coming months.”

The average sale price of commercial and residential properties for August 2024 rose to $1,267,950, a 14% increase compared to August 2023 and an increase of 31% from July 2024. The total dollar volume of commercial and residential sales is also up, increasing by 36% from last year and up 23% from last month.

“While we are seeing an increase in the number of property sales I think many would agree that it is a difficult market for buyers, especially first-time home buyers, due to the limited inventory of available property and an increase in property prices compared to previous years,” stated Register O’Donnell.

In August, lending activity increased compared to the same month a year ago. A total of 1,450 mortgages were recorded in August 2024, up 17% from August 2023 and exactly the same number recorded last month.

“This rise in lending activity may be a result of the increase in property sales and would indicate that those who bought property financed it through a lender. We will need to wait and see if a future decrease in mortgage interest rates encourages more individuals to secure mortgages for new homes,” Register O’Donnell stated.

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In August 2024, there were 10 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, more than the 3 recorded in August 2023. Additionally, in August 2024, there were 34 notices to foreclose, the first step in the foreclosure process, more than the 22 recorded in August 2023.

“The number of these notices is troubling. It suggests that more of our neighbors may have financial difficulties in the future,” said O’Donnell. “If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance,” 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 (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.

O’Donnell concluded, “August was a strong month for lending activity and property sales, suggesting a positive outlook for the real estate market in the coming months. However, it will be important to continue monitoring these trends in the coming months to see if this growth is sustainable or if it may be a temporary surge.”