Weekly Condo Update 08/28/09 – Condos for sale on Singer Island, Florida

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Singer Island, FloridaThere are 341 condos for resale on Singer Island; 7 condos are currently pending. Three condos sold within the past 7 days for 77%, 84% and 88% their original list price; being on the market for 141 days, 101 days and 141 days, respectively.

Rates raised slightly this week with the 30-yr fixed mortgage at 5.14% up from 5.12%.  The average 15-year fixed mortgage rate also raised slightly to 4.58% from 4.56%.  Despite government efforts to prop up the mortgage market, qualifying for a loan is still tough. Lenders have tightened their standards dramatically over the past year, so the best rates are available to those with solid credit.

According to mortgage experts polled by Bankrate.com, only 23 percent expect mortgage rates to increase over the next 30 to 45 days; whereas the remaining experts are fairly evenly split between the rates decreasing (38 percent) and remaining relatively unchanged (39 percent).

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

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