A Dip in Single Family Volume and Prices

Bella Caggiano
Issue Date: 
March, 2018
Article Body: 

According to the Norfolk Registry of Deeds, real estate Norfolk County real estate sales experienced a 6% reduction in January, 2017, compared to the same time period in January, 2018. While those figures do include commercial properties, the Town of Norwood followed suit but with a significant 13% decline in single family residential listings sold, from 20 in January, 2017, to 17, in January, 2018. In the same class, Norwood also saw a considerable dip in their average sales price. While low inventory levels appear to continue to be a major setback in local real estate, it appears that potential homebuyers are very cautious and are not willing to pay the prices that were posted a year ago.
Condominium sales actually increased slightly, and average sales prices noticed a large boost, but those numbers are likely due to the new construction community entering the market on Endicott St.
Homebuyers are reacting quickly to new listings on the market which is clear with the Days to Offer and Days on Market figures, both going down in single family homes and condominiums.
According to Norfolk County Register of Deeds William P. O'Donnell, the continued lack of inventory continues to affect the local real estate market, and Norwood corresponds with the County's month over month reduction in sales figures. There is a tremendous amount of competition for the few homes that enter the market and homebuyers are scrambling to make quick decisions, but are also not willing to yield to continuing raising prices.
“There is no question we are continuing to see a slowdown in the Norfolk County real estate market," Register O’Donnell concluded. "A lack of available real estate inventory continues to have a negative impact on the market. This lack of inventory, and consumers continued caution when contemplating borrowing money, is also causing a corresponding slowdown in the lending market. Until we see an uptick in available real estate inventory, these trends are more than likely to continue.”
Single Family 2017 2018
# of Listings Sold 20 17
Average Sale Price: $448,544 $425,639
DTO 40 24
DOM 60 35

Condominium 2017 2018
# of Listings Sold 3 4
Average Sale Price $358,750 $467,667
DTO 37 18
DOM 51 32