Low inventory driving housing prices higher in Bradenton area. Here’s where we stand

Persistent low inventory of single-family houses in the Bradenton market produced a quick sales turnaround in August, a median of just 44 days. The median price was $296,000.

Year over year, prices were up 3.2 percent in Manatee County.

August 2018 reported fewer pending sales than the same month a year ago. In the Bradenton-Sarasota market, pending sales for single-family homes were down 12.8 percent, according to the Realtor Association of Sarasota and Manatee.

“Homes went under contract at a faster rate in August and prices continue to go up. We are still feeling the impact of low inventory levels,” Greg Owens, president of the Realtor association, said in a press release.

The Manatee County condo market continued to improve in August, with sales increasing by 26.9 percent over the previous year. The median price increased 3.8 percent to $190,000.

A bright spot during the month was new listings, with Manatee single-home listings increasing 4.5 percent and condo listings increasing 8.2 percent.

“New listings tend to rise in response to rising prices,” Owens said. “Our typical snowbird season is just around the corner. The trend indicates that now is a good time to prepare listings for the market.”

The inventory of Manatee single-family homes and condos decreased in August. They were down 2.7 percent to 2,050 single-family houses, while condos fell 1.5 percent to 801 available properties.

Manatee and Sarasota, each with a 3.9-month supply of single-family homes, continue to be sellers markets.

As for condos, Manatee has a 3.6-month supply. Sarasota has a 4.1-month supply. A six-month supply of available homes is considered a normal market.

In Sarasota County, the median price for a single-family house increased 9.9 percent to $283,488, while the median sales price for a condo increased 9.1 percent to $232,950.

The new home market in the Bradenton-Sarasota area also is experiencing a problem with low inventory, said Tony Polito, regional director of Tampa/Sarasota Metrostudy, a Hanley Wood Company.

“It’s much like the resale market,” Polito said.

During the period, from July 1, 2017, to June 30, 2018, there were 2,895 new home starts in Manatee County, up 9.5 percent from the previous year.

There were 801 new home starts in April, May and June of 2018, an increase of 27.5 percent from the same period a year earlier when there were 628, Polito said.

The 2018 average sales price for a new home in Manatee County was $396,412, he said.

The hottest spot in Manatee County for new home starts? Southeast Manatee, including Lakewood Ranch, with 1,266 in the past year.

“Their start pace was 40 percent higher at the Ranch than in the previous year,” Polito said.

Across the state

The Florida median sales price in August for single-family existing homes was $254,290, up 6 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.

The statewide median price for condo-townhouse units in August was $185,000, up 8.8 percent over the year-ago figure.

Sales of single-family homes statewide totaled 26,273 last month, up 4.2 percent compared to August 2017, according to Florida Realtors.

“August marked the second month in a row that Florida’s housing market experienced a rise in new listings, which is a good sign for potential homebuyers,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale.

New listings for existing single-family homes rose 6.6 percent compared to a year ago, and new listings for condo-townhouse properties increased 4.1 percent from last August.

At the same time, the median time for a sale to go to contract is getting shorter: For single-family homes, it was 36 days, down 2.7 percent; for condo-townhouse properties, it was 46 days, down 6.1 percent.

Across the nation

The median existing-home price for all housing types in August was $264,800, up 4.6 percent from August 2017 when it was $253,100, according to the National Association of Realtors.

August’s price increase marks the 78th straight month of year-over-year gains. Total housing inventory at the end of August also remained unchanged from July at 1.92 million existing homes available for sale, and is up from 1.87 million a year ago.

Unsold inventory is at a 4.3-month supply at the current sales pace, consistent from last month and up from 4.1 months a year ago. Properties typically stayed on the market for 29 days in August, up from 27 days in July but down from 30 days a year ago. Fifty-two percent of homes sold in August were on the market for less than a month.

The median existing single-family home price was $267,300 in August, up 4.9 percent from August 2017. Existing condominium and co-op sales were at a seasonally adjusted annual rate of 590,000 units in August (unchanged from last month), and are down 4.8 percent from a year ago. The median existing condo price was $244,500 in August, which is up 2.0 percent from a year ago.

This story was originally published September 20, 2018 at 1:42 PM.