About the Washougal, WA Market
The city of Washougal originated as a provisioning camp for early explorers and fur traders. Washougal became known as Washougally Camp, which is thought to be a derivative of an Indian word meaning “rushing water.” The city is located on the Washington side of the Columbia River and has majestic views of Mt. Hood rising above the Cascade Mountains. Washougal is conveniently located within a 15-minute drive to Portland International Airport.
At the east border of Washougal’s location on the Columbia River is a popular tourist and wind surfing area. The Washougal River is excellent for fishing. The city and its parks provide excellent opportunities for hiking, picnics, and many more recreational activities. The climate is mild with an average of 50 inches of rain per year.
Property tax rates in Washougal are low with a rate of $14.22 per $1,000. Washington State does not have an income tax. The city of Washougal’s sales tax rate is 7.9% on all sales except food, medicine, and services.
Washougal WA Office Market
Vacancy Rates are beginning their climb after a 10-Year low. In 2008, rates were at 20% as of the beginning of 2018 rates were at an all-time low of less than 2%. Forecasts for Vacancy rates is a slow rise to roughly 5% by 2022. Contrast that to the Market Rent per Sqft. In 2008, rates were in the middle of their fast downhill slide from $21.5 to less than $19 at the beginning of 2012. Today rates are sitting at $24 and are forecasted to rise to more than $26 by 2022.
Below is the 5-Year forecast for Market Sale Price per Sqft, showing a slow but steady increase.
Washougal WA Industrial Market
Industrial Asset Value is on the rise and forecasted to continue to rise through 2022. Starting at $100M in 2009 and rising to 210M in 2018. Value is expected to hit 230M by 2022. Since 2009 the Industrial market has seen a rise, plateau and then a drop. Ending in 2018 at Less than 2%. Peaking at 19% in the second quarter of 2011 and the last quarter of 2015.
Below is the 5-Year Forecast of Market Rent per Sqft in the Industrial Sector.
Washougal WA Retail Market
Cap Rates in Camas are projected to increase from their low this year. 2018 rates are sitting at 6.5% and expected to rise to 7.2% by 2022. Vacancy rates, however, are low at 4.9% and are forecasted to stay low through 2022.
Below is the 5-Year forecast for Market Rent per Sqft.
Washougal WA Multi-Family Market
The Multi-Family is off to a great start this year with ~1.2k Units under construction. The steady increase in under construction units is at a 10 year high. Starting at less than 100 units in 2008 and increasing rapidly to our current numbers. With this increase in the number of units available, Vacancy rates have stayed fairly stable with small peaks and valleys during the last 10 years. 2008 started high at 6.5% and has dropped slightly to 4.5-5% in 2018. The 5-Year Forecast for vacancy rates is bringing rates up more confidently at 5.0%.
Market rent in the area has been rapidly increasing since 2008. Below is the 5-Year Forecast for Market Rent per Unit in the Vancouver/Camas/Washougal area.
Residential Market in Washougal, WA
Comparing the average price of homes sold in the twelve months ending March 31st of this year ($370,200) with the average price of homes in the twelve months ending March 2017 ($334,100) shows an increase of 10.8%. the same comparison of the median shows an increase of 12.6% over the same period, from $297,500 to $334,900.
The median sales price for Camas/Washougal is $414,500
** Please note all numbers, statistics and forecasts for Camas, WA are combined with the numbers from Washougal, WA.