Singer Island, Florida – Weekly Condo Market Update – 04/29/2011

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There are 287 condos for resale on Singer Island; 17 condos are currently pending. Four condos sold within the past 7 days at an average 91% of their list price after being on the market for an average 152 days.

Rates for the 30-yr. fixed mortgage fell slightly to 4.78 percent from 4.80% the week before.  It hit a 40-year low 0f 4.17% last November. The average 15-year fixed mortgage rate fell to 3.97% from 4.02% last week.

Despite the low rates, housing remains in the doldrums. High unemployment and tight lending standards are preventing people from buying homes. A record number of foreclosures are forcing down home prices, leaving would-be buyers worried that prices haven’t bottomed out yet.

More Americans did sign contracts to buy homes last month, the National Association of Realtors reported Thursday. But the increase wasn’t enough to bring home sales to a level economists consider healthy.

Seventy-seven percent of mortgage industry experts polled by Bankrate.com expect the rates to remain realtively unchanged in the next 30 to 45 days; only 8% percent predict rates to decrease, while the remaining 15% think rates will increase.

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

 

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