Singer Island Florida – Weekly Market Update 01/22/10 – Condos for Sale

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Singer Island, Florida

There are 328 condos for resale on Singer Island; 11 condos are currently pending. Three condos sold within the past 7 days with a sale price 87%, 96% and 60% of list price and 65, 29, 1139 days on market, respectively.

Rates for the 30-yr. fixed mortgage dropped below 5% last week down from the previous week’s 5.06 percent to 4.99 percent. This time last year the 30-year average was 5.12 percent. The average 15-year fixed mortgage rate fell to 4.40 percent from 4.45 percent the previous week.

“Fixed mortgage rates followed bond yields lower for the third consecutive week, pushing 30-year mortgages below 5 percent once more,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Similarly, ARM rates eased along with shorter-term rates, as the federal funds futures market indicates no increase in the Federal Reserve’s. target rate following its upcoming committee meeting on January 26th and 27th.

“Because of reduced sample sizes and work disruptions that occur with severe weather, housing starts tend to be more volatile during winter months. And, indeed, housing starts. declined 4.0 percent in December, falling short of the market consensus of no change. Building permits., which are less vulnerable to weather interruptions, unexpectedly jumped 10.9 percent.”

Just about half (46%) of the morgage experts polled by expect no rate change over the next 30 to 45 days, while a little more than a third (36%) foresee an increase and the remaining 18 percent expect a decline.

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

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