Washington’s Bremerton-Silverdale metro area could see a big boost in home prices come 2014, based on the Case-Schiller Index, reports MSN.com. The 4-year price increase from 2010 to 2014 is forecast at 44.7 percent. The current median home price stands at $245,000, and the median family income is $69,900 for a population of 240,860.
The Bremerton-Silverdale area, located on Puget Sound’s Kitsap Peninsula, touts the best growth forecast in both the nation and the region. Cathy Doney, general manager for Reid Real Estate in Silverdale, credits this momentum to the area’s strong labor market.
Tacoma is second in Washington state for growth, anticipated at 33.1 percent. And Seattle’s home prices are also expected to go up by about 25.5 percent in 2014. Elsewhere in the Pacific Northwest, home prices in Bend, OR, could rise by 33.6 percent.
Housing pundits have attempted to predict the bottoming out of prices, which now seems imminent, says David Stiff, chief economist at Fiserv. He believes that the market has stablized, according to Bloomberg Businessweek. This is good news for buyers who are ready to make a purchasing move and for sellers, particularly those who have put off marketing their properties until prices shift upwards.