Northampton County's real estate market is depressed, having declined forty-six per cent over the past five years. In the first two months of this year, things actually got worse. February was the worst month on record since 1983. But do I see light at the end of that tunnel? There were modest increases in March (10%) and April (6%) over the same periods last year. In May, there was an explosion.
According to Northampton County's real estate records, there were 567 deeds transferred in May. That's a 21% increase over the same period in 2009, the biggest monthly increase this year and the third month in a row that deed transfers have gone up.
Before popping open those champagne bottles, last month is still 38% below the average May over the past ten years. Also, 37 of the 567 deeds recorded, or 6.5%, are the result of mortgage foreclosures.
But we have been going in the right direction for three months, and that's a good sign.
Here's the raw data: May 2010 - 567 deeds; May 2009 - 467 Deeds; May 2008 - 618 Deeds; May 2007 - 667 Deeds; May 2006 - 873 Deeds; May 2005 - 863 Deeds; May 2004 - 881 Deeds; May 2002 - 856 Deeds; May 2001 - 795 Deeds; May 2000 - 714 Deeds.