Weekly Market Update – 02/06/09: Condos for Sale on Singer Island, Florida

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There are 368 condos for resale on Singer Island; 2 condos sold in the last 7 days and 18 are currently pending. For the two sales, “days on market” were 136 and 211 days, respectively. The sale prices were 86% and 91% of the list prices.

Mortgage rates for 30-yr fixed rates rose from last week with the average rate for 30-yr fixed mortgage averaging 5.25%, up from 5,10%; at this time last year, the 30-year, fixed-rate mortgage averaged 5.67 percent. The 15-yr fixed mortgage rate increased slightly to 4.92% compared to 4.80% last week; the comparable rate a year ago was 5.15 percent.

According to mortgage industry experts polled by Bankrate.com this week, 48 percent believe mortgage rates will drop over the next 30 to 45 days, with the remaining experts equally divided between those who think it will rise (26%) and those who expect it to remain unchanged (26%). 
 

 

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

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