Singer Island, Florida – Weekly Market Update 05/07/10 – Condos for Sale

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2700 North Ocean

2700 North Ocean – Ultra-Luxury

There are 310 condos for resale on Singer Island; 18 condos are currently pending. Four condos sold within the past 7 days at an average rate of 83.5% of the respective list price after being on the market for an average 122 days.

Rates for the 30-yr. fixed mortgage fell once again last week to a six week low from 5.06 percent to 5.00%, still remaining at the 5% benchmark. This time last year the 30-year average was 4.84 percent. The average 15-year fixed mortgage rate fell as well from 4.39 percent last week to 4.36 percent.

 “The homebuyer tax credit helped support home sales in March, and anecdotal reports point to strong April sales as well. Pending existing home sales rose for the second consecutive month in March to the strongest pace since October 2009, just before the original deadline for the credit, based on figures published by the National Association of Realtors®. Three of the four Census regions showed an up tick in sales, led by the South with a 12.7 percent gain, while sales in the Northeast fell 3.3 percent. To receive the federal tax credit, homebuyers had to sign contracts by April 30th and settle by June 30th of this year.”

The majority (47 percent) of mortgage industry experts polled by Bankrate.com expect the rates to rise in the next 30 to 45 days; 18 percent predict a decrease while the remaining 35 % forsee little change.

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