California Mobile & Manufactured Home Values Continue to Rise in 2016
Try to explain to someone in Texas that a manufactured can sell for over a $ Million in California. Bubba's moving his double wide west! The California mobile and manufactured home market continues to show strength with over $1.27 Billion in total sales in 2015.
Recently Sold Point Dume Club Malibu $600,000 - Financed by MH Loans Corporation California
Malibu continues to lead all markets with an average sale price of over $800,000. Santa Barbara comes in a distant second with average sales price of $305,000. San Jose was the most active market. Combined with Sunnyvale, area sales topped $116 Million last year. Double wide home sales between $50,000 and $300,000 represented over 75% of the market; over $915 million.
Southern California average prices are dampened by the number of older manufactured homes built in the the 1970s that refuse to give up their economic life. In many markets, home owners are choosing to remodel instead of replace. New home "chattel" sales topped $268 million in the last year and new home activity across Orange and San Diego Counties remains strong.
With affordable housing demand increasing across California, values of manufactured homes across the state continue to increase. Like any real estate market, location is key to value value in California. Land lease communities also have a monthly lease component that can effects home values. Rent controlled mobile home parks show more appreciation in overall value than privately owned "market rent" parks.
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