Plymouth County Home Sales Rise, Refinances Lag

Filed Under: More News, Real Estate

Plymouth County Register of Deeds John R. Buckley, Jr. reported 795 sales in May, the highest number of monthly sales in 2022. 

There were 717 deeds recorded in April, 725 in March, 555 in February, and 661 deeds recorded this past January.

“This is a good indication that the spring market has arrived,” said Buckley.  “Hopefully, we will see continued increases in our sales numbers as the year goes on.”

The total sales volume for 2022 year-to-date trails 2021 sales by 10 percent. So far in 2022, there have been 3,453 sales in Plymouth County, compared to 3,854 sales for the same time period in 2021.  The average sales price of a home is up by 11 percent compared to last year.  This year the average sale is $577,825 through May, compared to an average sales price of $520,565 through May, 2021.  Inventory remains tight, but houses seem to be moving quickly.

The drop in refinances continues to be the most significant change in the Plymouth County real estate landscape, Buckley added. It is this activity that has most affected the real estate activity in Plymouth County and throughout the state.  Through May, there were 9,509 mortgages recorded, compared to 17,006 through the same timeframe last year.  This represents a 44 percent decrease.  In May, 2021, Plymouth County recorded 2,951 mortgages.  In this May, that number decreased significantly, to 1,793 mortgages recorded in Plymouth County.  This represents a 39 percent decrease in mortgages recorded this month.

While mortgages have been reaching the Registry of Deeds at a decreased pace, the real estate activity in the area of foreclosures continues to climb. The number of foreclosure deeds recorded over the course of the first five months of 2022 is up 46 percent compared to last year, from 28 to 41.  The number of notices recorded to initiate new foreclosure proceedings sees even larger increases.  Foreclosure notices are up by 142 percent through the first five months of the year, from 73 in 2021, to 177 notices recorded this year.

“With the termination of the moratorium, lenders are beginning to move on properties in arrears,” explained Buckley.


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