January 24, 2020
Happy New Year!
Quick observations from the final 2019 mortgage and deed recordings.
• As we all know, the inventory shortage of existing homes is real. Judging from recorded deeds for the last four years (page 7), the Monroe County market seems capped at about 2600 transactions per year.
• Look at any of the mortgage charts (except under $50,000) and it’s apparent that 2019’s second half drop interest rates produced significant mortgage volume. This resulted in the strongest year for mortgage originations since 2012.
• The sales disclosure data for both primary and non-primary residence sales continues to show increased numbers at the higher bracket (pages 16 & 17). Yet more evidence that the existing home inventory shortage is causing values to increase.
• The spike in November Sheriff’s Deeds is a result of fifteen separate deeds involving one borrower and not indicative of any permanent trend.
John Bethell Title is experiencing one of its strongest January’s ever for new contracts. It appears that the market is starting to take off even earlier this year. So, take a deep breath and get ready for an early spring market!
In 2019 we helped 5,139 people buy, sell or refinance their homes and other properties. The opportunity to help that many people is a gift. One that we don’t take for granted. Thank you to our professional clients for letting us be a part of your success. Here’s to an even better 2020 for all of us!
~ John Bethell