There are 335 condos for resale on Singer Island; 13 condos are currently pending. Only one condo sold within the past 7 days; it sold for 79% of list price after being on the market for 409 days.
Rates dropped below 5 percent for the first time in four months with the 30-yr fixed mortgage at 4.94 down from 5.04%. The average 15-year fixed mortgage rate decreased as well to 4.36% from 4.46%.
Pending home sales have now increased for a seventh straight month, the longest in the series of the index which began in 2001. So the good news is sales are up, but prices are down. Sales of existing homes in Florida rose 28 percent in August compared to August 2008. The median sales price for existing homes in August decreased 22 percent from a year ago. The sales of existing condominiums statewide increased 45 percent compared to last year.
Closer to home, the condominium inventory on Singer Island has decreased 40.6% from this time last year; and condominium pending sales are up 66.7% for the same period.
According to mortgage experts polled by Bankrate.com, 50 percent expect rates to hold steady over the next 30 to 45 days; while 21 percent foresee an increase and the remaining 29 percent expect further reduction.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected]