According to the 950 industry experts surveyed by the Urban Land Institute (ULI), Seattle is a "wealth island" and one of the "sexy six" markets to watch. #1 Washington DC, #2 Austin, TX #3 San Francisco, #4 New York City, #5 Boston and #6 Seattle. Common attributes" They are each robust job centers, global gateways, have diversified economies, offer "cool town" factors (like walk-able downtowns, 24 hour vibrancy and proximity to employment that lure the blossoming generation "Y" movement).
Overall, the US economy is in the early stages or recovery with job growth being the most critical component followed by stability in housing prices. Seattle stands to benefit from this nexus as one of the last in and among the first out of the housing correction. It helps that blue chip businesses are expanding within urban campuses in downtown Seattle- Amazon, Microsoft, Google Yahoo, the "Global Health Cluster" in South Lake Union, the Bill and Melinda Gates Foundation, etc ) rather than suburban office parks.
I personally have seen the benefit of the expansion and rise in hiring from Amazon.com and the Gates Foundation. New hires are finding Bainbridge Island and deciding this is where they want to be. While most of the Generation Y employees will likely rent downtown, the Gen X'ers have families and want to be more settled in a community such as ours.
Please feel free to call me if you have any questions or need more info on any of this!