Plymouth County real estate sales in November remained on roughly the same lackluster pace as in recent months, with the volume of deeds down 27 percent from November 2021, reported Register of Deeds John R. Buckley Jr.
Through 11 months of 2022, Plymouth County has recorded 8,244 deeds, down from 9,833 during the same period last year.
“While the decline in the volume of monthly real estate sales has mostly been at roughly 16 percent through most of the year, the total value of Plymouth County sales has only declined 7 percent, with roughly $5 billion in sales in 2022, as compared to $5.4 billion through November of 2021,” said Buckley.
During the past couple of months there has been a modest drop in the average sales price, but over the calendar year it has risen 11 percent, he said,, from $547,101 this time last year to $607,430 presently.
The Registry recorded 1,205 mortgages in November, down from the 1,275 mortgages recorded last month and down 55 percent from the 2,653 mortgages recorded in November 2021. The total value of Plymouth County mortgages has also seen a decline in 2022. The decline in mortgage filings is significantly higher than the decline in sales. Consumers have borrowed approximately $6.5 billion in mortgages this year, down 46 percent from the $11.9 billion borrowed at this point in 2021. At the same time, the average mortgage of $349,055 is 1 percent higher than the average of $345,608 through the first 11 months of last year.
Foreclosure sales continue at their post-moratorium pace. Plymouth County recorded nine foreclosure deeds in November, equaling the August and September foreclosure recordings, but less than the 12 foreclosures recorded in October. The year-to-date total is 94, which is a 49 percent increase over the 63 foreclosures recorded at this time last year. Although this increase is not good news, when you consider that there were 1,179 foreclosures recorded in Plymouth County at this time in 2008, it does bring a different perspective to today’s numbers.
The number of notices initiating new foreclosures in November also continued at a steady pace. Plymouth County recorded 45 notices, slightly less than the 47 recorded in October and the 48 recorded in September. The year-to-date total is 431, which is significantly higher than the 203 recorded at this time in 2021, but again, significantly less than the 1,793 notices recorded at this time in 2008.
“Thankfully, the trend in new foreclosure filings has not skyrocketed from last year with the termination of the foreclosure moratorium on June 30, 2021,” said Buckley.