About the Ridgefield, WA Market
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.
Ridgefield WA Office Market
Market Sale price per Sqft has been on the rise since 2008 and is projected to continue to rise through 2022. Currently sitting at $200 per Sqft and steadily increasing to $220 per sqft. Vacancy rates have fallen from 17% in 2014 to 5% in 2018. There is a small increase projected but followed by a decrease from 2020 through 2022.
Below is the 5-Year forecast of Market Rent per Sqft.
Ridgefield WA Industrial Market
Asset Value in the Industrial Market is on the rise. Your investments are gaining traction. Starting at a low in 2009 at 160M and increasing to 308M in 2018. Numbers are forecasted to increase to $327M by 2022. Inventory has been slowly increasing the last 10 years from 2.50M in 2008 to 2.80M in 2018. Forecasts show it will skyrocket to 3.07M by 2022.
Below is the 5-Year Market Rent per Sqft forecast through 2022.
Ridgefield WA Retail Market
Similar to the Industrial Market, Asset Values are climbing in the Retail Market as well. Starting at $160M in 2009, reaching $280M in 2018 and forecasted to increase to $300M by the end of 2022. Vacancy rates have been all over the place the last 10 years. Small spikes every year that return to an average of 2-3%. In 2018 rates are currently at just under 2% and expected to take a slight and steady rise to 3.3% by 2022.
Below is the 5-Year Market Cap Rate forecast showing a slight rise in cap rates over the next 5 years.
Ridgefield WA Multi-Family Market
Market Rents in Multi-Family are on the rise but not as high as in Vancouver. Starting at $800 per unit in 2009 and rising to $1,077 in 2018. The steady increase is forecasted to slow down and reach a high of $1,150 by 2022. The Market Sale Price per unit has seen a steady increase from 2009 at 46K to $127K in 2018. Forecasts show that they will reach a plateau by 2022 at $124K.
Below is the 5-Year Forecast for Vacancy rates.
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
** Please note all numbers, statistics and forecasts for Ridgefield, WA are combined with the numbers from all Clark County Outlying areas.