West Mojave Plan FEIR/S - Desert Managers Group

Long-term growth in the West Mojave is not solely driven by regional employment gainsbut is also influenced by increases in the local population base, which generates populationservingemployment and attendant housing demand from jobs created.Housing submarket locations with relatively strong housing demand tend to supporthigher average product pricing, reflecting market preferences of prospective residents. Table 3-41 summarizes the estimated average unit value for new single-family detached homes issuedbuilding permits during the first eight months of 2002.Table 3-41West Mojave Average Housing Value –New Single Family Detached Units2002 AVG. 10-YR. INDEX 2002 INDEXED AVERAGEWEMO Location SFD Value vs. WEMO vs. 1992 vs. WEMOPalmdale $242,800 1.08 1.64 1.17Victorville $232,500 0.94 1.74 1.12Lancaster $211,800 1.09 1.37 1.02Hesperia $203,000 0.95 1.28 0.98Apple Valley $189,800 1.05 1.22 0.91California City $164,600 0.88 1.34 0.79Ridgecrest $161,000 0.88 1.42 0.78Yucca Valley $153,300 0.83 1.14 0.74Barstow $139,500 1.01 1.07 0.6729 Palms $112,900 0.75 0.91 0.54Adelanto $91,100 0.53 1.23 0.44San Bernardino Subarea $192,100 0.91 1.60 0.93Los Angeles Subarea $231,800 1.11 1.47 1.12Kern Subarea $163,400 0.89 1.38 0.79WEMO Overall $207,600 1.00 1.54 1.00WEMO Counties (3) $257,900 1.29 1.39 1.24Source: U.S. Bureau of the Census - Residential Construction Branch; Alfred Gobar Associates.Within theWest Mojave, cities and housing submarket locations closest to metropolitanemployment centers have consistently realized higher average unit values. Indicated pricingpatterns are symptomatic of demand preferences expected to drive future growth. The City ofAdelanto reflects the notable exception. Historically overlooked, Adelanto is now experiencingincreased housing activity due to its location along the principal growth vector of the City ofVictorville. Overall, the West Mojave remains a price-competitive market in relation to thebroader Southern California housing market.During the past 10 years, West Mojave has captured nearly a 14.0 percent average shareof all new home construction activity within the four counties surrounding the West Mojave (LosAngeles, San Bernardino, Kern, and Inyo County).Chapter 3 3-206