A rise in the number of real-estate sales transactions was offset by reductions in total sales volume and average sale price.
After carefully reviewing Second Quarter 2016 Norfolk County real estate statistics, Register of Deeds William P. O’Donnell noted the theme for the quarter was “mixed messages” as a solid rise in the number of real-estate sales transactions was offset by reductions in total real estate sales volume and average sale price.
Register O’Donnell elaborated, “During the second quarter 2016, the number of real estate sales transactions, both residential and commercial, increased 3 percent, totaling 4,901 in comparison to the same quarter in 2015. However, juxtaposed with this number was a 7 percent reduction in the total volume of residential and commercial sales, coming in at $2.2 billion for the quarter. Also, the average sale price, again, both residential and commercial, for the quarter was $689,371, a 13 percent decrease year over year.
“The above figures would seem to indicate a small but noticeable market correction. Certainly, the average price increases we had been seeing previously could not be sustained. The one silver lining here is that hopefully, first time buyers will have a better chance of achieving home ownership,” noted the register.
Mortgage market activity for the quarter was flat. The number of mortgages recorded at the Registry for the second quarter 2016 was 8,622, a small 1 percent increase. Total mortgage borrowing for the quarter was $5.2 billion, a 31 percent increase compared to 2nd quarter 2015.
“Mixed messages” was also the theme for foreclosure activity in Norfolk County during the 2nd quarter 2016. While the number of foreclosure deeds recorded during the quarter was 60, this represented a 13 percent decrease compared to same time period in 2015.
Register O’Donnell stated, “While one foreclosure deed recording is one too many, I am encouraged by the reduction in filings compared to 2nd quarter 2015.”
Read Full Article: Register O’Donnell Sees Mixed Messages in Norfolk County Real-Estate Data