Plymouth County Real Estate: Slowdown In Sales, Mortgages

Filed Under: More News, Real Estate

The number of deeds recorded this month dropped from the number of deeds recorded in January 2021, the Plymouth Country Register of Deeds reported this week.

There were 661 deeds recorded in Plymouth County, compared to the 708 deeds recorded last January, representing a 7 percent decrease in sales. 

“We are definitely seeing a slow-down in recordings, but it is noteworthy that the January 2022 activity is almost equal to the pre-COVID-19 numbers of January 2020,” said Register John Buckley.Two years ago we recorded 672 deeds. Given that last year’s numbers were the highest since 2005, the 2020 numbers might provide a better perspective to consider.”

The average sales price in January was $553,451 compared to the $489,987 average sales price last January.  Low inventory of properties on the market remains a factor in the number of transactions.

Mortgage numbers also show a reduction in recordings.  Plymouth County recorded 1,920 mortgages in January, 43 percent fewer than the 3,390 mortgages recorded during January 2021. Similar to the sales numbers, the 1,920 mortgages recorded in January 2022, are more comparable to the 1,862 mortgages recorded in pre-COVID-19 January 2020.

“Clearly people have taken advantage of the low interest rates to reduce their monthly payments.  It is also clear that you reach a point when most, if not all, have refinanced their mortgage and that the re-finance market begins to dry up,” added Buckley.

With the end of the foreclosure moratorium, lenders are re-activating their foreclosure departments. In January 2022, the Plymouth County Registry of Deeds recorded 30 foreclosure notices compared to the 11 foreclosure notices recorded in January 2021.  This represents a 173 percent increase in filings. 

Plymouth County recorded five foreclosure deeds in January, compared to six recorded last January. In January 2020, the Registry recorded 25 foreclosure deeds.

“As the intent to foreclose notice process moves forward, foreclosure deed recordings will climb,” said Buckley.