Singer Island, Florida – Weekly Condo Market Update: 06/17/2011

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Via Delfino - Singer Island

There are 274 condos for resale on Singer Island; 10 condos are currently pending. Three condos sold within the past 7 days at an average 77% of their list price after being on the market for an average 643 days.

Rates for the 30-yr. fixed mortgage raised slightly from the lowest level of the year, at 4.50 percent from 4.49% the week before.

The average 15-year fixed mortgage rate fell to 3.67% from 3.68% last week, the lowest point since last December. Last year at this time, the 30-year fixed-rate mortgage averaged 4.75 percent.

Most people can’t take advantage of the low mortgage rates because they cannot meet tougher lending requirements. And many who could afford to refinance likely did so last year, when rates fell to their lowest levels in decades.

Sales of new and previously occupied homes rose in April. But sales are well below healthy levels as waves of foreclosures have pushed prices down. Many would-be buyers are holding off, worried that prices have yet to bottom out.

And prices are expected to keep falling until the glut of foreclosures for sale is reduced, companies start hiring in greater numbers, banks ease up on their tougher lending rules and more people think it makes sense to buy a house again. In some areas of the country, that could take years.

Additionally, most people cannot take advantage of the low mortgage rates because they are not able meet tougher lending requirements. And many who could afford to refinance likely did so last year, when rates fell to their lowest levels in decades.

More than half (56%) of the mortgage industry experts polled by Bankrate.com expect the rates to increase in the next 30 to 45 days; while 13 percent predicting rates will decrease and 31% thinking rates will hold steady.

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

 

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