Pahrump Manufactured Home Market – Prices continuing to fall!
While the Pahrump Single Family home market is showing signs of getting better, the manufactured home market is struggling. For the past 3+ years, I have been recording and watching the market data to share with our clients. For the past 3 years, we have seen the Single Family home prices drop, from an average of $141,605 in 2007, to $109,579 in 2008, to $67,307 in 2009, to $52,256 in 2010. In February of 2011 the average price dropped to $39,882 – an all time low since the recession began. Seriously! If you want to see the charts and data go to our Facebook Fan Page IRealtyProperties, LLC and check it out. Is everything terrible? Well, NO! There are some signs other than the continuing price decline. This is the second time since October 2010 that there have been more Manufactured homes sold than listed. Our inventory of Manufactured homes has been steady all year and as the buying continues there will be less and less inventory – hopefully then the prices will start to increase. Over 75% of the manufactured homes sold in the past 12 months have been distressed properties (Bank-Owned or Short Sales). On the listing side of the market, (distressed Listings) only make up 60% of the properties listed. There is getting to be less and less distressed properties to choose from. Does this mean that manufactured home prices are going to continue to decrease? We have had a “balanced” market for the past year (meaning that we have ~ 5-8 months of supply). Also around 14% of the homes listed sell every month! If you are “contemplating” buying a manufactured home, now might be a great time to get into that home that you have been dreaming about purchasing. Check out the Pahrump properties that are for sale now.
Comments (2)
So very true Jon. You are correct.
Michelle Chauvin, about 13 years ago
Banks HATE to write mortgages on manufactured homes. Basically they've been hit by the entire housing decline and have become a cash market. This has priced almost everyone out who would normally be in this market. Cash investors have kept them fro falling even farther. Hopefully banks will loosen up soon on MHs.
Jon Klaus, about 13 years ago