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Market Report
The
city of Ocean Shores, includes approximately 12,000 residential
and commercial lots. Less than 40% of these lots have been developed.
Ocean Shores
has seen a new home start every 3.7 days on average for the past
ten years. Commercial development has out paced residential construction
in seven of the past eight years with more than $80 million in
commercial construction during the past seven years. Construction
spending fell slightly in 1997 and 1998 while the city constructed
its new city-wide sewer system which was completed in 2000.
Ocean Shores
has seen tremendous growth in the number of construction and
real estate firms over the past five years. General contractors,
licensed to work in Ocean Shores, have grown from 97 in 1994
to 225 in 2005. Specialty contractors (landscape, drywall, electrical,
plumbing, etc.) have steadily decreased from 63 in 1994 to 55
in 2000. There are three lumber and building supply companies
and nine real estate offices. In both of these trades the number
of businesses has remained steady over the past five years.
Ocean Shores
has issued 320 to 398 building permits per year for the last
five years and new home starts have ranged from 88 in 2000 to
a high of 118 in 1997. The average number of new home starts
each year is 98. It is estimated that new home starts will increase
now that the sewer system is in place. Ocean Shores will have
over 181 new home starts for the year 2006!
New things happening
in the area:
- New Ramada with
Waterpark opened in 2005
- Hogan's Corner
has a planned development with an 18 hole golf course, shopping
center with grocery store, restaurant and hotel.
- Pacific Beach
has a new development "Seabrook, WA", plus new shops
and restaurants.
The number of closed sales in all areas of real estate in Ocean
Shores have steadily increased over the last five years. If you
would like to view graphs of these figures, please send us an
email or fill out the form found here. In the comment box mention
that you would like to receive the graphs showing the growth
in Ocean Shores.
You may also
learn more about the economic development of Ocean Shores by
visiting our Chamber of Commerce site or the City of Ocean Shores site. |