Norfolk County Property Transactions Increase Signifcantly in August

The Norfolk Country real estate market saw property transactions rise by nearly double digits in the month of August.

“The total number of deeds recorded for the month of August increased 9% compared to August 2014. These numbers are confirmation of my strong belief that Norfolk County is a destination location for individuals and families to live and work. Reinforcing this belief is the 5% increase in total dollar volume of commercial and residential sales to $737 million,” noted Register O’Donnell.

On the flip side, the average sale price of Norfolk County property decreased 2% to $597,009.

O’Donnell said, “We need to watch this figure closely to see if this decrease that took place in August was an aberration or a slight market correction that is taking hold.”

The mortgage market continued its improvement. Statistics showed that in August, 2,607 mortgages were recorded compared to 2,394 during the same time period in 2014. Total mortgage indebtedness for the month was $1.058 billion, a 47% decrease compared to the previous August. This decrease is explained by a large mortgage that was taken out against commercial retail property in Dedham, Canton and Medfield in August of 2014.

Another positive result that occurred in August was the reduced number of foreclosure deeds filed and maybe more importantly, a significant reduction in Notice to Foreclose Mortgage filings. There were 19 foreclosure deeds filed in August as compared to 21 in August 2014.

“Lending institutions have been working through a backlog of foreclosures that resulted from the economic downturn that occurred in 2008. Hopefully, this reduction in foreclosure deed filings will continue,” said the Norfolk County Register.

Even more encouraging was the reduced number of Notice to Foreclose Mortgage recordings.

“There were 31 Notice to Foreclose Mortgages recorded in August as compared to 52 year over year. Notice to Foreclose Mortgage is the first step in the foreclosure process. While one foreclosure is one too many, it is hoped these numbers are an indication that the worst of the crisis is behind us,” stated Register O’Donnell.

“In several ways, August was a solid month for real estate activity in Norfolk County,” O’Donnell concluded.