Singer Island, Florida – Weekly Condo Market Update: 7/1/11

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Singer Island, Florida

There are 259 condos for resale on Singer Island; 11 condos are currently pending. Three condos sold within the past 7 days at an average of 92% of list price and an average of 131 days on the market.

Rates for the 30-yr. fixed mortgage rose slightly to 4.51 percent this week from 4.50%.

The average 15-year fixed mortgage rate remained 3.69%. Last year at this time, the 30-year fixed-rate mortgage averaged 4.58 percent.

Frank Nothaft, vice president and chief economist, Freddie Mac, states that “Interest rates on 30-year fixed mortgages hovered around 4.5 percent for the fourth consecutive week following mixed reports on the strength of the economy. First quarter economic growth was revised up in the final estimate, but growth in consumer spending stagnated in May while April’s figure was revised downward; consumer expenditures account for roughly two-thirds of the nation’s gross domestic product.

 Meanwhile, there were some signs of improvement in the housing market. In April, the S&P/Case-Shiller® 20-city composite home price index rose 0.7 percent, representing the first monthly increase since July 2010. However, much of the improvement reflected the seasonal increase in homebuying over the spring-summer period.  Pending existing home sales rebounded in May, exhibiting the largest monthly increase since November 2010.”

The majority (62%) of the mortgage industry experts polled by Bankrate.com expect the rates to increase over the next 30 to 45 days; while the remaining are evenly split with 19 percent predicting rates will decrease and 19% thinking rates will remain 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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