Singer Island, Florida – Weekly Condo Market Update: 07/08/2011

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Singer Island, Florida

There are 258 condos for resale on Singer Island; 10 condos are currently pending. Only one condo sold within the past 7 days at 100% of list price after 58 days on the market.

Rates for the 30-yr. fixed mortgageincreased to 4.60 percent this week from 4.51%.

The average 15-year fixed mortgage rate also rose to 3.75% from 3.69% last week.

Last year at this time, the 30-year fixed-rate mortgage averaged 4.57 percent.

Low mortgage rates and plummeting home prices have done little to boost the
troubled housing market. Tougher lending standards and bigger downpayment
requirements have prevented many people from taking advantage of the ultra-low
rates. Many people who can qualify are holding off, worried that prices have yet
to bottom out.

Forty-seven percent of the mortgage industry experts polled by expect the rates to remain steady over the next 30 to 45 days; while 18 percent predicting rates will increase and 35% thinking rates will go lower.

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

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