While many industries are still facing financial challenges with COVID-19 restrictions, real estate sales continue to post increases within Norfolk County. According to the Norfolk Registry of Deeds, 1,285 deeds were recorded in January, a 2% increase over last year’s January document volume. Average sale price also rose in residential and commercial sales, increasing by 6% over 2019, to $951,679.85.

“The Norfolk County real estate market has continued to be busy,”  Register of Deeds William P. O’Donnell noted. “Historically, January is one of the winter months that does not see as much real estate activity.  The real estate numbers are robust, especially considering that last year’s January real estate numbers were prior to the onset of COVID-19 and the COVID-19 emergency declarations.”

The Norfolk County lending market also displayed a busy month with 4,189 mortgages recorded during the January, a 75% increase over 2019.  Total amount of money borrowed was over 1.8 billon, a 42% increase compared to January 2019.  

“While some of the mortgages are due to purchases and sales of real estate, there are a large number of individuals and families taking advantage of historically low interest rates by refinancing existing mortgages,’ Register O’Donnell said. “Individuals have different motivations to refinance.  Some refinance to reduce their monthly payments, others to take some years off their debt while still others are using the money to pay for home improvements and other capital expenditures.”

There are many factors that are contributing to the drastic rise in lending activity; continued high demand, limited inventory,and historically low interest rates. Those in the real estate market, however, may see some changes in 2021.  

“There has been a strong demand for housing, single family housing particular, coupled with a limited supply of available housing stock and historically low interest rates which could be motivating buyers to do what is necessary to secure housing,” Register O’Donnell said. “The growth in numbers seen in 2020 continues into 2021.  However, there are expectations that for 2021 many of the numbers may not be as expansive as what took place in 2020.”

Register O’Donnell is watching the foreclosure market very closely as the moratorium on foreclosures during the pandemic in 2020 was lifted on October, 17, 2020.

“During January of 2021, there was only 1 foreclosure deed recorded as a result of foreclosure processes taking place in Norfolk County,” Register O’Donnell said.  “Additionally, there were 7 Notices to Foreclosure Mortgages, the first step in the foreclosure process, recorded here in Norfolk County.  A foreclosure recording is very impactful on those being foreclosed on.  These numbers are extremely low especially when you consider in January of 2019, pre-COVID, there were 46 Notices to Foreclosure Mortgages and 15 foreclosure Deeds. The foreclosure numbers in the future bear watching given the negative economic impacts of COVID-19. The Norfolk County Registry of Deeds has also been working in close cooperation with Attorney General Maura Healey’s office to ensure there are no abuses being perpetrated against homeowners while the COVID-19 state of emergency is ongoing.”

In Norwood, the January, 2021 real estate numbers are very favorable for single family homes. There was a 45% increase in home sales from January, 2020, to January 2021. Average sale prices also rose by 12.5% and spent significantly less time on the open market.

For condominiums, the numbers vary with an increase in total sales, but the average sale price dipped by $11,384.