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Page A-8 - Shelton-Mason County Journal - Thursday, Nov. 28, 2019
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Washington Employment Security Division regional economist Jim Vleming
speaks on Nov. 21 at the Ridge Performance Center at Ridge Motorsports
Park in Shelton about the state of the residential real estate market and
economy in Mason County. Journal photo by Isabella Breda
Home sales on rise,
but local economy
'still lagging behind’
By IsabellaiBre-da
Isabel/a@masoncounty. com
Residential home sales are rising
in Mason County, however, according
to regional economist Jim Vleming of
the Washington Employment Security
Department, the economy as a whole
is “really still lagging behind to where
we were in ’07 and ’08.”
Andy Conklin, certified residential
specialist with The Conklin Team at
Windermere Real Estate in Shelton,
and Vleming provided market and
economic outlooks during the Shelton-
Mason County Chamber Real Estate
and Economic Update on Nov. 21 at
the Ridge Motorsports Park in Shel-
ton. .
“I always like to say: real estate is
the first indicator of what’s to come,”
said Heidi McCutcheon, executive di-
rector of the chamber.
According to Conklin, “the over-
all market is strong.” The number of
homes sold from January to Septem-
ber increased by 6% from 2018 num-
bers.
Home values are also on the rise,
with homes in Shelton approach-
ing 79% of market value in Olympia,
Conklin said.
~ “As we creep closer to that (value),
the market is going to expect we have
the same amenities (as Olympia),”
Conklin told about 30 people repre-
senting local businesses during the
monthly chamber luncheon. Unlike
Olympia and other urban areas, Ma-
son County is still hindered by the eco-
nomic downturn of 2007. ‘
“Wages‘in the county aren’t up to
par with the rest in the state,” and
some Mason County residents com-
mute to earn living wages in neighbor-‘
ing Pierce, Thurston and Kitsap coun-
ties, Vleming said.
. As of September, the median home
sale price in Mason County was
$258,300, and according to the Wash-
ington Office of Financial Manage-
ment, and workforce households can
afford homes valued between $150,000
and $375,000, leaving some members
of the workforce without access to
housing.
According to the Office of Financial
Management, workforce households
earn between 60% and 140% of the
median household income of $53,087,
or between $31,058 and $72,469. ‘
Though the workforce may not be
the No. 1 contributor to the rising mar—
ket value, “many of the higher-end wa-
terfront homes in the county are sell-
ing as vacation homes —— the VRBO
world is invading,” Conklin said.
Overall market trends, however,
show that the community is growing.
Homes in new housing developments
are selling near Shelton High School,
where $65 million in school bond proj—
ects added new learning amenities K
and upgraded athletic facilities.
“At some point we have to quit driv—
ing (to neighboring counties),” Conklin
said. “So what are we doing?”
Infrastructure, such as the $4.3
million Shelton downtown connector
project, and Phase 1 of the Shelton
YMCA construction, are also adding to
the versatility of the community. Ac-
cording to McCutcheon, for the first
time, the Ridge Motorsports Park will
host MotoAmerica, a three-day super—
bike event, which will make its Pacific
Northwest debut in Mason County.
Each development project invites in
more traffic and offers new opportuni-
ties, Conklin said.
“We’re working our tails off to make
it better.”
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