Plymouth housing market poised for growth
December marked the end of a turbulent 2008 for real estate sales, refinances and foreclosures, reported Plymouth County Register of Deeds John R. Buckley, Jr. While Buckley reported some signs of encouragement for Plymouth County in the month of December, the year was marked by a large volume of foreclosure activity and a decline in the volume and value of sales.
Buckley reported a bit of a bounce for Plymouth County real estate over the last month, with the number of sales rebounding to 571 from 539 in November. “November was a particularly slow month for recordings,” noted Buckley. “In November of 2007, we recorded 607 deeds. That number fell 11% to 539 in November of this year. Comparatively, we had a pretty strong December, keeping pace with last year’s 573 sales.”
While the number of December sales held steady in 2008, overall volume for the year and average sale prices remained in decline compared to 2007. Plymouth County recorded 7,483 deeds in 2008, down 10% from the 8,248 deeds recorded in 2007. The average sale price of $333,989 also represents a 10% decline from 2007, when the average was $371,329.
With respect to refinances, November’s 1,165 mortgages marked a thirteen-year low in Plymouth County. That figure jumped 22% to 1,421 in December. Overall however, Plymouth County saw a 30% decline in the number of mortgages recorded in 2008, down to 21,624 from 30,729 in 2007. At the same time, the average mortgage for $237,985 for 2008 was 9% higher than the $218,812 average for 2007.
“Last year will be remembered more for the increase in foreclosure activity than it will for the decline in the number of sales or refinances,” Buckley noted. “We recorded 885 foreclosure deeds in 2007, which at that time was a dramatic increase over prior years.” While December’s 76 foreclosure deeds was the lowest number for a single month this year, the total number of foreclosure deeds in 2008 jumped 42% from 2007 to 1,258.
Perhaps gaining the most attention currently is the fact that the number of notices initiating new foreclosures fell in 2008. Plymouth County recorded 73 notices in December, down from 93 in November and 144 in October. Overall, the total of 1,866 notices recorded in 2008 represents a 13% decline from 2007, when 2,136 such notices were recorded. “At first blush, it is encouraging that the number of new notices has fallen in 2008 and that less than 100 were recorded each of the last two months,” observed Buckley. “At the same time, however, we cannot determine what impact new statutory delays in foreclosure proceedings are having on this data. We will continue to watch those figures and report them on a monthly basis.”
In terms of the year ahead, Buckley describes his perspective as “hopeful, for all those who have felt the impact of the declining real estate market, that the reduction in interest rates and the federal attention to the market will bring better results in 2009.”
If you would like to receive a copy of our monthly report by e-mail, please contact Assistant Register of Deeds Michael P. Holden at holden@plymouthdeeds.org.
REAL ESTATE ACTIVITY THROUGH DECEMBER 2008
AS COMPARED TO THE SAME PERIOD IN 2007
All figures are based on sales or mortgages between $25,000.00 and $3,000,000.
2008 sales volume: 7,483
2007 sales volume: 8,282
(10% decrease)
2008 total sales value: $2,499,246,237
2007 total sales value: $3,075,354,530
(19% decrease)
2008 average sales price: $333,989
2007 average sales price: $371,329
(10% decrease)
2008 mortgage volume: 21,624
2007 mortgage volume: 30,729
(30% decrease)
2008 average mortgage amount: $237,985
2007 average mortgage amount: $218,812
(9% increase)
2008 foreclosure deeds: 1,258
2007 foreclosure deeds: 885
(42% increase)
2008 foreclosure notices: 1,866
2007 foreclosure notices: 2,136
(13% decrease)
