Singer Island, Florida – Weekly Market Update 02/19/10 – Condos for Sale

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Singer Island, Florida

There are 334 condos for resale on Singer Island; 20 condos are currently pending. Only one condo sold within the past 7 days for 78% of list price after being on the market for 328 days.

 

Rates for the 30-yr. fixed mortgage dipped slightly remaining below the 5% benchmark from 4.97 percent to 4.93 percent. This time last year the 30-year average was 5.04 percent. The average 15-year fixed mortgage rate fell slightly to 4.33 percent from 4.34 percent the previous week.

“Mortgage rates eased for the second week, while economic data releases suggest that the housing market may be in a slow state of recovery,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The National Association of Realtors® (NAR) reported that existing home sales rose in 48 states and the District of Columbia between the third and fourth quarters of 2009; 32 states experienced double-digit growth. In addition, 67 metropolitan areas saw positive annual house price growth in the fourth quarter, more than double that in the third quarter, according to the NAR.

Expect little to no change in mortgage rates over the next 30 to 45 days says 73 percent of the industry experts polled by Bankrate.com. Only 27 percent foresee an increase while no one expects a further drop.

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

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