Singer Island Condo Market: Week in Review – August 10, 2013

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World profits There are 159 condos for resale on Singer Island; 16 condos are currently pending. Only one condo sold within the past 7 days at an average 98% of list price after 56 days on the market.

The average rate for the 30-yr. fixed mortgage barely moved this week, giving homebuyers time to lock in relatively low rates.  The rate increased slightly to 4.40 percent this week from 4.39%.   Although a full percentage point higher than last May, when rates were near their record lows, they still remain low by historical standards.

The average 15-year fixed mortgage rate remained unchanged at 3.43 percent.

Mortgage rates spiked in June after Chairman Ben Bernanke indicated the Federal Reserve could slow its bond purchases later this year. The bond purchases have kept long-term interest rates low, encouraging more borrowing and spending.

Despite the recent rate increases, mortgages remain a bargain for those who can qualify. Low rates have boosted home sales and prices, contributing to a housing recovery that has helped drive economic growth this year.  Greater demand, along with a tight supply of homes for sale, has pushed up home prices. It also has led to more home construction, which has created more jobs.

The majority of mortgage industry experts (59%) polled by Bankrate.com expect rates to remain relatively unchanged over the next 30 to 45 days; with only 8 percent predicting rates will increase and 33% thinking rates will go lower.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].

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