Singer Island, Florida – Weekly Market Update 03/05/10 – Condos for Sale

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Oasis Singer Island

Oasis Singer Island – “Where Lifestyle Matters”

There are 343 condos for resale on Singer Island; 13 condos are currently pending. Four condos sold within the past 7 days for an average sale price 67% of list price.

 Rates for the 30-yr. fixed mortgage dropped below the 5% benchmark once again going from 5.05 percent to 4.97 percent. This time last year the 30-year average was 5.15 percent. The average 15-year fixed mortgage rate also decreased to 4.33 percent from 4.40 percent the previous week.

“30-year fixed mortgages fell below 5 percent to match levels seen two weeks ago and are helping to maintain affordable home-purchase conditions,” said Frank Nothaft, Freddie Mac vice president and chief economist. “In fact, monthly principal and interest mortgage payments for a typical family buying a median-priced home of $163,800 were just $709 in January, the lowest amount since February 1998, according to the National Association of Realtors®.. For first-time homebuyers, the fourth quarter of 2009 was the third most affordable quarter since 1981 behind the first and second quarter of 2009.

Fifty-seven percent of the industry experts polled by forsee little movement of rates in the next 30 to 45 days, where 43 percent expect an increase. There was no one expecting a rate 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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