With a relatively mild winter coming to a close, it will be interesting to see if the usual climb in sales comes with the spring weather. Given the recent drop in the interest rate it will also be interesting to see if refinances can continue at the 2019 pace.
Plymouth County recorded 562 deeds in February compared to 538 transactions in 2019.
“Notwithstanding the 2019 predictions of many of the experts, 2019 proved to be a busy year, and 2020 has started even stronger,” said Register of Deeds John R. Buckley, Jr.
Through February 2020, there were 1,234 deeds recorded in Plymouth County, representing an 11 percent increase in sales transactions. At the close of February 2019, Plymouth County had recorded 1,110 sales transactions. The average sales amount increased by 6 percent. In 2019, the average sales price was $405,544. In 2020, the average sales price increased to $431,437.
Mortgage activity remains good. In February there were 1,799 mortgages recorded, 69 percent higher than the 1,145 recorded in 2019. Through February, Plymouth County recorded 3,661 mortgages, 63 percent more than the 2,243 mortgages recorded through February 2019. Given the solid 2019 numbers, one might question whether the refinance splurge will quiet down, but with interest rates reduced again it remains to be seen whether the mortgage activity will remain robust. According to the Wall Street Journal the Federal Reserve reduced rates between scheduled Fed policy meetings for the first time since the 2008 financial crisis. The Fed’s actions reflect fears that the coronavirus epidemic is raising recession risks for the U.S. and for the global economies.
The real estate activity in the area of foreclosures is a little mixed. The number of foreclosure deeds recorded over the course of the first two months of 2020, is down 10 percent compared to last year, from 59 to 53 foreclosures. For the second month in a row, the number of notices recorded to initiate new foreclosure proceedings is up. Through the first two months of the year, there have been 147 notices recorded, compared to 110 notices recorded through February, 2019. This represents a 34 percent increase and as noted in last month’s newsletter bears continued monitoring.
Real Estate Activity Through February 2019 Compared To The Same Period In 2020
All figures based on sales or mortgages between $25,000 and $3,000,000.
2020 sales volume: 1,234
2019 sales volume: 1,110
(11 percent increase)
2020 total sales value: $532,392,875
2019 total sales value: $450,154,387
(18 percent increase)
2020 average sales price: $431,437
2019 average sales price: $405,544
(6 percent increase)
2020 mortgage volume: 3,661
2019 mortgage volume: 2,243
(63 percent increase)
2020 average mortgage amount: $313,858
2019 average mortgage amount: $284,818
(10 percent increase)
2020 foreclosure deeds: 53
2019 foreclosure deeds: 59
(10 percent decrease)
2020 foreclosure notices: 147
2019 foreclosure notices: 110
(34 percent increase)