By DON FENLEY

October’s mobile home market is seeing the same lackluster performance as the stick-built market. Last month there were 54 sales, down 27% from 74 this time last year.

The average sales price was $205,919, down 3.7%. This time last year it was $213,928.

The sector has seen a lot of activity this year from first-time buyers, those looking for affordable housing, and those who don’t want to live in a city. And since housing is so price sensitive, they tell a big part of the story. An average priced mobile home on the local market last month cost $59,000 less than the median priced stick-built home.

Without doubt, manufactured housing is the ugly duckling of affordable housing. Much of that is fueled by outdated prejudices that include:

• They are low-quality or poor construction
• They have the stigma of poverty
• Negative association with trailer parks
• They are transient or temporary living
• Perceived lack of community
• They’re not real homes

The U.S. Department of Housing and Urban Development (HUD) has taken several actions to support mobile homes and make them more affordable. One such program through the Federal Housing Administration (FHA) has announced the Manufactured Home Community Loan Product. It provides a FHA-insured financing option for the purchase, refinance, and revitalization of manufactured home communities. So far, that has not become a local issue here.

The mobile home market saw price reductions on 18 of the 54 listings that sold last month. The average was $29,039. Buyers were able to whittle down the price on 32 sales with an average concession of $16,647.

There are currently 125 active mobile home listings.

So far this year there have been 486 mobile home sales in the Tri-Cities region. Most of them (140) in Greene Co.

Categories: REAL ESTATE