Home prices in the Puget Sound region continue to skyrocket as buyers engage in intense bidding wars and demand continues to outpace supply.
Like many places across the nation, the Puget Sound region continues to feel the pain of an overheated housing market, reports Nick Bowman. Despite a jump of 40 percent in new listings in February, prices remain high and inventory continues to trail demand.
Around the region, "median residential home prices still continued to climb year-over-year in February, increasing by over 14%, 19%, and 15%, respectively, in King, Snohomish, and Pierce counties. That trend has been even more pronounced in other areas, evidenced by a 21% increase in Kitsap County, where market activity 'is up across the board,' notes Frank Wilson, a regional manager at John L. Scott Real Estate."
"Meanwhile, expensive bidding wars have continued to cause headaches for buyers, with one Berkshire Hathaway broker recalling a recent prospective instance where a purchaser offered $250,000 over the asking price of a $2 million Wallingford home, 'only to be outbid by several hundred thousand dollars,'" Bowman writes.
Industry experts see "no relief in sight" for 2022.
FULL STORY: ‘No relief in sight’ for hyper-competitive Puget Sound housing market
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Planning for Accessibility: Proximity is More Important than Mobility
Accessibility-based planning minimizes the distance that people must travel to reach desired services and activities. Measured this way, increased density can provide more total benefits than increased speeds.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
Eviction Looms for Low-Income Tenants as Rent Debt Rises
Nonprofit housing operators across the country face almost $10 billion in rent debt.
Brightline West Breaks Ground
The high-speed rail line will link Las Vegas and the Los Angeles area.
Colorado Bans No-Fault Evictions
In most cases, landlords must provide a just cause for evicting tenants.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.