There are 320 condos for resale on Singer Island; 13 condos are currently pending. Three condos sold within the past 7 days at an average sales price of 72% of list; and average days on market of 479.
Rates for the 30-yr. fixed mortgage remainded above 5% for a second straight week rising to 5.14 percent from 5.07 percent. This time last year the 30-year average was 5.10 percent. The average 15-year fixed mortgage rate rose to 4.54 percent from 4.45 percent the previous week.
Although long-term mortgage rates rose for the fourth week in a row, they still remain affordable by historical standards,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Based on today’s median loan amount of $138,000, monthly principal and interest payments for a 30-year fixed-rate mortgage are close to one-third less than a decade ago when rates peaked at 8.6 percent in May 2000. This translates into almost 50 percent less in interest payments over the full 30-year term.
“Nationally, the housing market is slowly improving. House prices rose for the fifth consecutive month in October to the highest level since the beginning of 2009, according to the S&P/Case-Shiller® 20-city composite index. Eleven of the cities experienced positive growth.”
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected]