Florida’s existing condo sales rose in the 1st Qtr 2011 by 29 percent compared to the same period last year according to the latest housing statics from Florida Realtors®. Looking at Florida’s housing sector in the first quarter of 2011, Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness, pointed out that the recovery is gaining strength. “Florida Realtors’ first quarter report shows sales picking up significant momentum after decelerating in the fourth quarter of last year, though prices are continuing to slip,” Snaith said. “The labor market recovery is just starting to blossom – once it is in full bloom it will provide some needed curb appeal for Florida’s struggling housing market by creating a new pool of qualified buyers and preventing other homeowners from falling victim to foreclosure.“Distressed properties are proving to be an ongoing complication in the healing process of Florida’s housing market,” he added. “The foreclosure moratorium and Florida’s overburdened court system have slowed the process of handling foreclosures. Until these properties can move through this process, complete recovery will be difficult to attain.”
Low mortgage rates continued to be available during the first quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.85 percent in 1st Qtr 2011; one year earlier, it averaged 5.0 percent.
Nationally, home sales are on track to outperform last year, even though the market does not have the benefit of the homebuyer tax credit. Even with historically low mortgage interest rates, averaging below 5 percent, overly strict lending standards and the high number of distressed homes are the primary reasons the housing recover has not progressed quicker.
According to NAR Chief Economist Lawrence Yun, “If lenders would just go back to the normal standards that were in place prior to the boom years, sales might be 20 percent higher.” In some ways, the heroes of housing today are the all-cash buyers. They are 40 percent of the market now, so they are helping to drive sales despite the tight availability of financing.
The attached link directs you to our wbsite site to obtain detailed information regarding condos currently listed, pending and sold on Singer Island including recent price reductions, new listings and homes that have come back on the market. We hope you find this information to be useful. Call us today if you know of someone looking to buy or sell on Singer Island. Your referral is our greatest compliment.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].