Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of April, 2024, indicate an increase in overall real estate activity, with significant increases in property sales and mortgage activity as compared to April, 2023.

The Registry of Deeds recorded 8,312 documents in April, 2024. This was 9% more than in April, 2023, and an 8% increase compared to March, 2024.

“Spring is the first half of the traditional home-buying season and typically marks the beginning of a busy period for the real estate market,” O’Donnell said. “The rise in property sales and mortgage activity compared to last year reflects a strong demand for housing in Norfolk County.”

The total number of deeds recorded for April, 2024, which reflects both commercial and residential real estate sales and transfers, was 1,250, up 12% from April, 2023, and up 6% from March, 2024. Looking at just commercial and residential real estate sales, the number was up 15% from last year.

“Despite some difficult market conditions, the total number of commercial and residential property sales in April, 2024, showed a significant increase compared to the previous year,” O’Donnell stated. “This may be an indication that March’s increase in property listings, while still not enough to counteract the overall lack of available property inventory is beginning to attract more buyers, leading to more property sales.”

The average sale price of commercial and residential properties for April, 2024, rose to $1,036,735, a 12% increase compared to April, 2023, but a decrease of 1% from March, 2024. The total dollar volume of commercial and residential sales is up, increasing 28% from last year and up 13% from last month.

“With a limited supply of available properties on the market, any increase in demand is likely to cause an increase in the average property sales price ,” O’Donnell said. “Unfortunately, when prices rise without an equivalent rise in inventory, it may result in increased competition among buyers. This makes it harder for homebuyers in general, but especially for first-time homebuyers.”

For the month of April, lending activity showed an increase compared to the same month a year ago. A total of 1,243 mortgages were recorded in April, 2024, up 12% from April, 2023, and 14% more than last month.

“The increase in lending activity this month is likely a product of the increase in the number of property transactions compared to 2023,” O’Donnell said. “This may suggest that while some homeowners are still hesitant to make moves with average mortgage interest rates above 7%, others are not dissuaded by current interest rates, but time will tell if this trend holds out.”

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In April, 2024, there were six foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in April, 2023, there were ten recorded. However, in April, 2024, there were 43 notices to foreclose, the first step in the foreclosure process, more than the 30 recorded in April, 2023.

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

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.

“It is good to see that the increase of property listings in March resulted in an increase in property sales which is an indication that the desire for individuals to live in Norfolk County communities remains strong,” O’Donnell concluded. “As we move further into the home buying season we hope to see similar real estate activity.”