Singer Island, Florida – Weekly Condo Market Update: 05/13/2011

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Martinique – Direct Ocean

There are 295 condos for resale on Singer Island; 12 condos are currently pending. Three condos sold within the past 7 days at an average 85% of their list price after being on the market for an average 181 days.

Rates for the 30-yr. fixed mortgage fell to the lowest level of the year, the fourth straight weekly decline ending at 4.63 percent from 4.71% the week before. It hit a 40-year low 0f 4.17% last November.

The average 15-year fixed mortgage rate fell to 3.82% from 3.89% last week, the lowest point since last December.

 Last year at this time, the 30-year fixed-rate mortgage averaged 4.93 percent.

These lowering rates are providing an incentive for buyers, along with falling home prices. They’re tempting for refinancers, too.

Still, analysts say the combination isn’t likely to lift the depressed housing industry or contribute much to the overall economy.  Real estate is straining under the weight of foreclosures, higher downpayment requirements, tighter credit, still-high unemployment and buyers’ expectations of even lower prices.

“If people aren’t confident about the economy, about jobs and home prices, they certainly aren’t going to sign up for the biggest purchase of their lives,” said Greg McBride, a senior analyst at Bankrate.com.

Half (50%) of mortgage industry experts polled by Bankrate.com expect the rates to rise in the next 30 to 45 days; while 44% percent predict rates will remain relatively constant, with the remaining 6% thinking rates will decrease.

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

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