Singer Island Florida – Market Update 11/20/09 – Condos for Sale

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Singer Island, Florida

There are 347 condos for resale on Singer Island; 13 condos are currently pending. Two condos sold within the past 7 days at a sales price of 57% and 70% of list; and days on market of 681 and 610 days, respectively.

 

Rates for the 30-yr. fixed mortgage stayed below 5 percent for the third straight week; dropping further to 4.83 percent from 4.91 percent. The average 15-year fixed mortgage rate decreased as well to 4.32 percent from 4.36 percent.

This week’s 4.83% is closing on the record low 4.78% that occurred last Spring  and is still propelling buyers. One in 20 Americans say they plan to buy a home within the next year, and they’re most likely to be 34 years old or younger and living in the South or West, according to a Move.com survey.  Roughly a quarter of potential buyers said the No. 1 reason they would buy now is because prices appear to have bottomed out. That reason topped bargain-priced foreclosures, worries about rising interest rates and a wide selection of homes.

According to mortgage experts polled by Bankrate.com, 55 percent expect rates to remain the same over the next 30 to 45 days; while 45 percent foresee an increase and no one expects further reduction.

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

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