There are 336 condos for resale on Singer Island; 14 condos are currently pending. Four condos were sold within the past 7 days for an average sales price 80% of average list; and average days on market of 270 days.
Rates stayed below 5 percent for a third straight week although they inched upward with the 30-yr fixed mortgage at 4.92% up from 4.87%. The average 15-year fixed mortgage rate increased as well to 4.37% from 4.33%.
Despite the government’s effort to support the housing market though their purchase of over a trillion dollars of mortgage-backed securities; qualifying for a loan is still difficult. Lenders have tightened their standards dramatically, so the best rates are available to those with solid credit and a 20 percent down-payment.
According to mortgage experts polled by Bankrate.com, 67 percent expect rates to increase over the next 30 to 45 days; while 25 percent foresee no rate change and the remaining 8 percent expect further reduction.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected]