October 31, 2014 and let's take a look at manufactured homes sales, in Trigg County for the last year. All data comes from the Western Kentucky Regional MLS data base covering the same time period. This report covers sales of MLS inventory, of mobile homes and modular homes, collectively referred to as manufactured homes which included less than 2 acres of land..
In the last 12 months there have been a total of 15 manufactured homes, as describedf above, sold in Trigg county. 2 of the units were described as waterfront and the balance as not being on waterfront lots. Value of the lot is included in the sale price and in the subsequent dollars per square foot of each sale. Since the waterfront lot value is so much higher than an off water lots, we will consider each group separately.
Waterfront Manufactured Homes Sales:
There were two waterfront units sold in the last 12 months. Sold at $84,000 and $85,500 they averaged 156 Days on Market before being sold. Both units were over 20 years old and sold on an average of $82.88 per square foot.
Off water Manufactured Homes Sales:
There were 13 off water manufactured homes, with less thatn two acres, sold in Trigg County in the last 12 months. These included units in the country and some that were within sight of Lake Barkley. Some units were over 30 years old and a few were less than 10 years old. The average time on market was 277 days with the shortest DOM being 33 days and the longest being 1151 ( yes, thats 1151 days). Purchase prices ranged from $21,500 to $112,000. The average purchase price was $53,723 and the average Dollars per square foot was $39.88 per square foot.
So what does it all mean? Of interest, is the difference between waterfront sales and off water sales. Waterfront units sell substantially quicker and the value of the lot makes a huge difference in the Dollars per square foot that Buyers are willing to pay. Off water units make up much more of the market but take longer to sell and sell for substantially less.
If you are considering selling your manufactured home, this report should point out the importance of pricing your unit correctly. The unit that languished on the market for 1151 days above was listed at $49,900 and sold for $25,000, Over three years on the market to end up accepting half the listing price. Folly.
Hope this was helpful.