Ridgefield Washington Commercial Real Estate Market

Photo of Downtown Ridgefield Washington

In 1840, a young Irish immigrant named James Carty filed the first Land Donation Claim in the area, a portion of which is in what is the present day the northern part of downtown Ridgefield. His nephew, James Carty visited in 1860 and later settled in the area in 1872. History indicates that Mr. Carty was the only settler until 1853, when Frederick Shobert arrived to homestead 320 acres, which included the southern portion of the current downtown area. Most of this homestead was covered with heavy timber and family members say this was the reason that Mr. Shobert selected this land so that he could log the timber.

The original name of the community was Union Ridge due to the number of residents originating from the Union Ranks of the Civil War. The name was changed to Ridgefield in 1890 after S. P. Mackay successfully circulated a petition to rename the area and a meeting was called to order to decide the fate of the city name.

Ridgefield was incorporated in 1909. The established businesses for the City in 1909, as advertised in the Ridgefield Reflector, were two general merchandise stores, a department store, two lumber mills, a water well contractor & driller, two contractors and builders, boat builder, meat market, hotel, livery and draying, boot & shoemaker, creamery, barber shop, blacksmith, realtor, and a weaver.

Ridgefield is a growing community with a picturesque 5,150 acre National Wildlife Refuge as its backyard. Main Street in Downtown Ridgfield still offers an old fashioned setting for residents and visitors.

Source: http://www.ci.ridgefield.wa.us/community/page/welcome-ridgefield

Ridgefield WA Retail Investment Market Anaylsis

  • There is a positive 12 Mo. Absorption rate being 3,114 compared to the 5-year Avg. of -897
  • Average sale price in Ridgefield, WA is approx. $136 PSF compared to $162 in the first quarter of 2012
  • The NNN asking rent per SF is approx. $19 PSF compared to $12.50 in 2011
  • Vacancy rate is also down to 1.7% compared to the 5 year average of 4.4%

Residential Market in Clark County

Southwest Washington home sales are steadily and consistently strong. Inventory remains at an overall low, demand is still high despite the slight rise in interest rates. Currently monthly inventory is at 1.6 months, whereas in 2009 we saw inventory upwards of 20 months of inventory. Inventory in months is calculated by dividing the active residential listings at the end of the month in question by the number of closed sales for that month. This number includes proposed and under construction homes. The average days on market for the County is around two months overall – the more moderately priced homes sell within days. We are seeing an influx of buyers from all over the country moving to the Pacific Northwest. With the popularity and expense of the surrounding areas of Seattle and Portland, Vancouver is a great alternative offering many benefits including more affordable living.

The average residential sales price in Clark County has risen to nearly $400,000
The median sales price in Clark County is nearly $350,000
Median sales prices broken out by area:

  • Battle Ground: $311,000
  • Brush Prairie/Hockinson: $352,300
  • Camas/Washougal: $414,500
  • Cascade Park: $320,000
  • Central Vancouver: $288,300
  • Felida: $364,000
  • Hazel Dell/Minnehaha: $306,500
  • Heights: $339,400
  • Orchards: $302,300
  • Ridgefield: $405,000
  • Salmon Creek: $471,500
  • Woodland: $349,900