Singer Island, Florida – Weekly Condo Market Update: 05/06/2011

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Ritz Carlton Residences, Singer Island

There are 291 condos for resale on Singer Island; 13 condos are currently pending. Seven condos sold within the past 7 days at an average 81% of their list price after being on the market for an average 393 days.

Rates for the 30-yr. fixed mortgage fell to the lowest level of the year, the third straight weekly decline ending at 4.71 percent from 4.78% the week before.  It hit a 40-year low 0f 4.17% last November.

The average 15-year fixed mortgage rate fell to 3.89% from 3.97% last week.  Last year at this time, the 30-year fixed-rate mortgage averaged 5.00 percent.

Frank Nothaft, vice president and chief economist, Freddie Mac said “real economic growth in the first quarter fell short of the market consensus forecast and represented the slowest pace since the second quarter of 2010.  In addition, both the manufacturing and service sectors exhibited growth at a slower rate in April.  Data reports on the housing market, on the other hand, were a little more uplifting. The National Association of Realtors® reported pending home sales rose in March for the second month in a row to the highest index reading since November 2010.”

Thirty-nine percent of mortgage industry experts polled by Bankrate.com expect the rates to remain realtively unchanged in the next 30 to 45 days; while 28% percent predict rates to decrease, with the remaining 33% thinking 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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