Quarterly Real Estate Report

Quarterly Real Estate Activity Report

  

Norfolk County Register of Deeds William P. O’Donnell reported today on real estate activity in Norfolk County for the quarter ending March 31, 2010.

 

In January, 2010 the Registry launched its electronic recording division. By the end of March the Registry had received 323 electronically transmitted recordings generating total Registry revenue of $40,568.00. The Registry has received E-File submitter Agreements from both the local and national real estate communities. Register William P. O’Donnell said, “I am pleased to report that 40 different firms submitted an electronic document in the quarter. This was made possible only through a concerted effort with our in-house recording and IT personnel working closely with the recording community. I look forward to further expanding this program.”

 

Total dollar volume of real estate sales in Norfolk County for the quarter period from January to March, 2010, settled at just under $887 million, an increase of $11.7 million over the same 2009 quarter. This translates to an increase in total value of 1%. The total number of 3,008 deeds recorded during the January to March, 2010 quarter was also up slightly by 2%. The average sale price of deeds over $1,000 (both residential and commercial properties) increased countywide by 5% over the same quarter in 2009 to $618,724. This increase might signify an upward trend in prices, although foreclosures continue to trouble the market with 208 foreclosure deeds recorded from January to March, 2010 compared to 133 recorded in the same period for 2009.

 

Mortgage recording activity saw a positive run slowed with 7,041 mortgages recorded, a falloff of 20% from 2009. Total mortgage value for the quarter stood at $4.7 billion, a steep decline from the 2009 numbers which were bolstered by some larger commercial loans last year. It is important to note that this total mortgage value amount does not necessarily represent the true increase in indebtedness as some mortgages may be recorded multiple times against different parcels of land, are refinances simply replacing existing debt, or are recorded to secure equity credit lines which may not be drawn to their capacity. 

 

The Norfolk County Registry of Deeds, located at 649 High Street, Dedham, is the principal office for real property in Norfolk County. The Registry is the basic resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, accessible land record information. The Registry land records back to the founding of Norfolk County in 1793 are available for online viewing. The Registry’s online index is available from 1927 forward and continues to expand to include earlier records. The Registry of Deeds can be contacted via telephone at 781-461-6101, or on the internet at www.norfolkdeeds.org.