Norfolk County Register of Deeds William P. O’Donnell reported during the month of April, strong mortgage lending numbers, fueled by historically low interest rates, more than offset a downturn in real estate sales numbers in Norfolk County. 

 “During April, 2020, a total of 1,101 real estate sales were recorded, a 20% decrease from April of 2019, Register O’Donnell said. “The average sales price, both residential and commercial, was statistically unchanged year over year, coming in at $799,969. However, total dollar sales volume for the month was $577.5 million, a 13% decrease from the previous year. Clearly, the COVID-19 pandemic is having an adverse effect on real estate sales county wide. During April, Real Estate Brokers and Agents reported being unable to hold open houses. As state officials receive assurances from public health personnel that it is safe to gradually re-open the local economy, we are hopeful a pent up demand for real estate in Norfolk County will show itself in the coming months.”

 One area where the COVID-19 pandemic is seemingly not having an adverse impact is the mortgage lending market. During April, a total of 3,495 mortgages were recorded in Norfolk County, a significant 73% increase year over year. Total mortgage borrowing came in at just over $1.6 billion.

 “As we have seen for the past few months, consumers are taking advantage of low interest rates to not only finance new home sales but refinance existing mortgages,”  Register O’Donnell noted. 

 Foreclosure activity ground to a halt in April. On April 20th,  Governor Baker signed into law Chapter 65, Acts of 2020, which provided for a moratorium on foreclosures and evictions during the COVID-19 pandemic.

 “I applaud the actions of the Massachusetts Legislature and Governor Baker in approving this critical legislation,” Register O’Donnell said. “Many of our neighbors have experienced significant economic hardship during the pandemic. During this unprecedented time in our history, families need to know they will not lose their home through no fault of their own.”