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Puget Sound home buyers 'finally got some good news' amid rising prices


Homes in Seattle s Capitol Hill neighborhood. (Seattle Municipal Archives)
The latest data indicates that housing prices in the Puget Sound region are continuing to grow rapidly. Despite that, Windermere Chief Economist Matthew Gardner also believes that there’s a bit of good news for buyers as well.
The median price of a residential home in King County grew by 16% year-over-year as of April, with similar increases in Snohomish (28%) and Pierce (23%) counties. That has options scarce for the time being, with the Northwest Multiple Listing Service (NWMLS) estimating that it will likely take between four to six months for the Puget Sound region to shift to “a more balanced market.” ....

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Economist: How to 'sympathetically' upzone Seattle's single-family neighborhoods


A home on Seattle s Millionaire s Row. (Joe Mabel, Wikimedia Commons)
With Puget Sound housing prices continuing to rise, Windermere Chief Economist Matthew Gardner believes that moving past our single-family zone mindset is more important now than ever.
In Seattle, approximately 70% of the city is zoned solely for single-family homes, restricting the city’s ability to increase its density, and in turn, provide more affordable housing options.
Still, many who oppose upzoning in single-family neighborhoods cite concerns over large-scale apartment complexes sprouting up next door. Those are fears Gardner says could easily be allayed.
“A lot of people get up in arms about it they think that I’m advocating for the development of 50-story high rises,” he told KIRO Radio’s Dave Ross. “I’m not, but I think that when you look at where single families own land, why can we not start thinking about ways of taking that land and allowing duplexes or even tripl ....

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Economist: Seattle's single-family zoning 'doesn't make any sense'


Over the last year, housing prices in Seattle and the greater Puget Sound area have skyrocketed. What can be done to manage that? Windermere Chief Economist Matthew Gardner believes that the solution may lie in ending single-family zoning once and for all.
As Gardner points out, roughly 70% of Seattle is zoned for single-family homes, restricting the construction of larger, dense housing options, like duplexes, triplexes, or apartments.
“That doesn’t make any sense we need to reconsider that,” Gardner told KIRO Radio’s Gee and Ursula Show. “The trouble is we have a lot of existing residents who don’t like change. They want to keep the status quo, and they’re going to push back.” ....

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