Here’s why Wenatchee’s Real Estate Market is Strong!
Real estate markets are local markets. So why is Wenatchee bucking the national trends? One reason is jobs growth is still strong, with the economy in Chelan and Douglas counties reporting 3.4 percent more jobs this January than a year ago as stated in this article in the Wenatchee World.
For that matter, a good economy is what has been keeping Seattle’s market afloat, coupled with a being a desirable area to live. Wenatchee also is a relatively affordable market when Seattle and surrounding areas are considered. So, it is the economy and the desirability of North Central Washington that are driving the demand in our market.
As long as the job numbers remain healthy, our real estate market should do well. I find it pretty amazing that Washington’s economy is as healthy as it is. Our local county and city governments are business friendly. I won’t say there is nothing to worry about, for those that like to worry.
During my career, the political climate in the state has become increasingly hostile to business. We have the Business & Occupation tax, estate tax, sales tax, state mandated high health care costs and some of the highest Labor & Industries and unemployment taxes anywhere. Seattle and Bellevue and other cities have their own B & O tax and in many cases employment taxes. Couple that with a state government hostile to solving transportation congestion, that seems dedicated to sub-par public education, committed to driving up the prices of land through growth management and with one of the highest small business failure rates in the country and it is a wonder that our economy is doing as well as it is.
Thankfully, in spite of all of that, we live in a beautiful area with a great climate and unlimited recreation opportunity. So far, we’ve been able to buck the trends that have hit other areas.
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I actually think that one of the strengths of the “Wenatchee” market (as measured by the OFHEO) is that it is multiple hyper-local markets. You have a strong residential market in Wenatchee that is driven by job growth, good weather, and lots of retirees. You also have vacation and second home markets like the ones we work in - Leavenworth and Chelan. These markets are less succeptible to problems in the credit arena. I think it is a diversity of mini-markets that will be our saving grace at the end of the day.