The spring market has begun without the bounce we typically get at this time of year, reflected Register of Deeds John R. Buckley Jr.
“Plymouth County recorded 717 deeds in April, 725 deeds were recorded in March, so we had a 5 percent drop in monthly sales. Whether May and June activity will pick up remains to be seen,” said Buckley.
Thus far this year Plymouth County recorded 2,658 deeds compared to 2,931 at this time in 2021. This represents a 9 percent decrease from the 2021 sales activity. Average sales price has shown an 11 percent increase. In 2021, the average sale price year to date was $506,401. The 2022 numbers calculate out to a year-to-date average price of $561,614.
Plymouth County recorded 1,891 mortgages in April. This represents only a 1 percent drop from the 2,158 mortgages recorded in March. However, Buckley said it is the total recordings for the year that show the dramatic decline in recordings compared to last year.
By the end of April, 2021, Plymouth County had recorded 14,055 mortgages, and by the end of April 2022, the number of recordings was slashed by 45 percent. 7,716 mortgages have been recorded this year through the end of April.
“These numbers, although not unexpected, are concerning as I believe that with interest rates continuing to rise, the number of recordings could worsen,” said Buckley. “I believe that refinances are pretty much done for a while, and historically continued increases in the interest rates affect the sales numbers.”
Similar to the last couple of months, the number of sales taking place by way of foreclosure continues to rise. Plymouth County recorded 31 foreclosure deeds year-to- date, up by 29 percent from the 24 foreclosure deeds recorded by this time in 2021. With the expiration of the moratorium, lenders are now moving forward with a backlog of mortgages in arrears.