Quincy, MA – Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the first seven months of 2024 (January to July) show consistent trends in overall real estate activity for both the county and the City of Quincy compared to the first seven months of 2023.
The Norfolk County Registry of Deeds recorded 58,698 documents in the first seven months of 2024. This was nearly equal to the first seven months of 2023 down only 268 documents.
For the City of Quincy during this time period the total number of documents recorded was 5,269 down 8% from the 5,757 documents recorded from Quincy in 2023.
“Looking at the big picture of recordings for the first seven months of 2024 shows that real estate activity for Norfolk County is right around the same levels as in 2023 with Quincy real estate activity down only slightly,” stated Norfolk County Register of Deeds William P. O’Donnell. “Overall there are still pockets of the market in Norfolk County that are seeing growth and stability, particularly in certain neighborhoods and property types.”
The number of deeds for the first seven months of 2024, which reflects both commercial and residential real estate sales and transfers, was 9,009, an increase of 3% from the first seven months of 2023. Looking at just real estate sales recording show an increase of 9 property sold from January to July compared to the same time period last year.
For the City of Quincy during this time period the total number of deeds recorded was 999 down 3% from 2023.
“Recordings for the first seven months of 2024 show not only an increase in overall deeds recorded but also an increase in the number of property transactions taking place compared to January through July of 2023,” said Register O’Donnell. “During the same time period, there were only 15 fewer properties sold in Quincy than in 2023.”
The first seven months’ average sale prices have increased compared to the first seven months of 2023. The average sale price in the first seven months was $1,096,191, a 5% increase from the first seven months of 2023. The total dollar volume of commercial and residential sales is up $5,157,580,967, increasing 6% from the same period a year ago.
Average property sale price in Quincy in the first seven months increased 40% to $1,041,163 compared to last year during the same time.
“The desire to live and work in area communities drives Norfolk County’s competitive real estate market,” noted Register O’Donnell. “Additionally, with the significantly high demand in Norfolk County and, more specifically, the City of Quincy, the current stock of available properties is unable to match that demand, leading to real estate prices remaining elevated. Quincy is a desirable place to live and this demand given limited inventory drives sale price increases.”
Overall lending activity for the county was down for the first seven months. A total of 8,435 mortgages were recorded in the first seven months of 2024, 1% less than the first seven months of 2023. However lending activity in Quincy was up 1% increasing to 797 mortgages recorded.
“While overall lending activity for the county is slightly down, in some communities like Quincy with its 1% increase in the first seven months of 2024 there have been some signs of lending picking up,” noted O’Donnell.
The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In the first seven months of 2024, 54 foreclosure deeds were recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in the first seven months of 2023, 47 were recorded. Additionally, in the first seven months of 2024, there were 227 notices to foreclose, the first step in the foreclosure process, more than the 207 recorded in the first seven months of 2023.
For the City of Quincy 9 foreclosure deeds were recorded in the first seven months of 2024 an increase of 6 from last year. Notices to foreclose are also up going from 18 in 2023 to 27 in 2024.
“The increased number of these notices to foreclose is troubling. It suggests that more of our neighbors in both the county and in Quincy may have financial difficulties in the future,” said O’Donnell. “If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance,” said Register O’Donnell.
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.
“The first seven months of 2024 revealed a stable real estate market in both the county and in the City of Quincy that, while consistent, remains affected by a lack of available property inventory, resulting in increased competition among buyers and an increase in property prices,” Register O’Donnell concluded. “Norfolk County continues to garner a strong demand from individuals who desire to both live and work in area communities, which is one factor contributing to the competitive market.”