Moody's and Fiserv (Case-Shiller Indices) recently studied the most likely housing markets to lead the real estate recovery in the U.S. Washington state came out number 1, with particular attention to the Puget Sound region. Seattle was forecast to have a bullish 25.5% increase in prices over the next 4 years.
The group estimates that housing prices will rise significantly through 2014, and Washington's real estate market will be the strongest in the nation. Despite some recent dreary real estate news, Fiserv's chief economist sees the future as bright for Washington and the greater Seattle metro:
A housing market rebound seems tenuous following the expiration of the home buyer tax credit, and consumer confidence remains weak due to lackluster employment, but David Stiff, chief economist at Fiserv, says the bottom is near. Home prices in the U.S. have declined 29.5 percent over the past four years, according to the Fiserv Case-Shiller Indexes. Stiff says prices should form a trough early next year, when median prices will be down an estimated 32.9 percent from the 2006 peak.
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Top 10 Housing Markets That Will Be Strongest by 20141. Washington
Biggest home price increase projected in 2014: Bremerton-Silverdale metroForecast 4-year price increase: 44.7 percent
Current median price: $245,000
Prices to reach trough in: 2010 Q1
Median family income: $69,900
Population: 240,860The Bremerton-Silverdale area, on Puget Sound's Kitsap Peninsula, has the highest growth forecast of all MSAs in the country, with prices expected to jump 44.7 percent by 2014, according to Fiserv. Cathy Doney, general manger for Reid Real Estate in Silverdale, says the waterfront community has benefited from government employment, which has helped sustain the job market, and attracted buyers looking to live close to Seattle at a lower cost. Washington's second-strongest market is Tacoma, with a growth rate expected to be 33.1 percent. Prices in the Seattle area are expected to grow 25.5 percent by 2014.Index used to calculate historical home price changes: Case-Shiller
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Sam DeBord is a Realtor and Managing Real Estate Broker with SeattleHome.com, a division of Washington State Realty, LLC. He is a member of the Seattle-King County Association of Realtors and a Green-Certified Pro. The NWMLS did not compile or publish this information.
Have a question about this waterfront home, or Seattle real estate in general?
Sam can be contacted at (206) 658-3225 or Sam(at)SeattleHome.com.
Sam can be contacted at (206) 658-3225 or Sam(at)SeattleHome.com.
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