Singer Island, Florida – Weekly Market Update 04/30/10 – Condos for Sale

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Ocean's Edge at Singer Island

Ocean's Edge at Singer Island - Ultra Luxury

There are 328 condos for resale on Singer Island; 15 condos are currently pending. Eight condos sold within the past 7 days at an average rate of 81% of the respective list price after being on the market for an average 174 days.

Rates for the 30-yr. fixed mortgage fell slightly last week from 5.07 percent to 5.06%, still remaining above the 5% benchmark. This time last year the 30-year average was 4.78 percent. The average 15-year fixed mortgage rate remained the same at 4.39 percent.

“Mortgage rates on 30-year fixed loans have averaged about 5 percent over the first four months of this year, staying within a band of roughly a quarter percentage point and virtually matching 2009’s annual average,” said Frank Nothaft, Freddie Mac vice president and chief economist.” These low rates have been helping to moderate house price declines over the course of the year.  “Prices on existing homes showed a 12-month increase of 0.7 percent in February, which was the first annual increase since December 2006, according to the S&P/Case-Shiller® 20-city composite index.

The majority (53 percent) of mortgage industry experts polled by Bankrate.com expect the rates to  hold steady in the next 30 to 45 days; 31 percent predict further increase while the remaining 16 % forsee 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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