Seattle / Tacoma WA Areas, Bright Spots in 2010 Housing Picture ---
Two major factors align to forecast stabilizing, if not improving, housing markets for the major metropolitan areas of Seattle and Tacoma, with a general strengthening of the surrounding Puget Sound housing markets.
According to an analysis recently completed by Moody's Economy.com the State of Washington Puget Sound cities, most notably Seattle and Tacoma, will pretty much stabilize their housing markets in 2010, and even show some growth in their economies. Significantly, these areas lagged behind in the inflating of the housing bubble with housing prices remaining geared to local income levels. So when the national bubble burst, these areas have experienced less of a decline. These areas also were moderated away from rapid overdevelopment due to environmental constraints.
Of course the major issue standing in the way of total economic recovery nationwide is job creation, retention, and unemployment. Here too we find a bright spot for the Puget Sound area. According to the US Department of Labor statistics published January 15, 2010, the Seattle -Tacoma - Bellevue areas showed an unemployment rate of 8.8 percent, dropping from 9 percent in the previous month.
The brighter employment picture is due to strong businesses in the Puget Sound area. For instance in Redmond, situated across Lake Washington from Seattle is Microsoft, a healthy employment engine. Boeing also has a significant presence throughout the Puget Sound region, and even with its labor and production issues, remains a viable employer with lots of orders on its books.
There are many other recession resistant companies in the area helping keep the local economy viable. The strength of the area will continue to keep other local real estate markets, like Woodinville, Bellevue, and Kirkland as feasible housing options, in addition to the major metropolitan areas of Seattle and Tacoma and their surrounding cities.
Seattle also is positioned as a key transportation hub for trade throughout the Pacific Rim. Diversity in the various local industries and a continuing demand for high tech products bodes well for the entire region. The continuing overall aging of the world's commercial airline fleet, needing the more energy efficient airplanes produced locally will have a strengthening effect on the overall Puget Sound economy.
If you wish to sell or buy real estate in the Puget Sound area . . .
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