Thirty Master Builders Association of King and Snohomish Counites (MBAKS) members and government affairs staff traveled to the State Capitol on Wednesday, January 24 to advocate for housing on our annual Hill Day.

This was MBAKS’ first in-person Hill Day in Olympia since 2020, having gone virtual the past three years. MBAKS met with 31 legislators whose districts include parts of King and Snohomish counties.

“Hill Day is an excellent opportunity engage in direct dialogue with state lawmakers on our issues and build meaningful connections,” said Dylan Sluder, MBAKS’ state government affairs manager.

Members highlighted our association’s support for several pro-housing bills under consideration in the Washington State Legislature, including lot-splitting, parking flexibility, the Washington Housing Accountability Act, co-living housing, rural accessory dwelling units, Wildland Urban Interface (WUI) reform, and more.

Read MBAKS’ Core Issues to learn more about the bills members highlighted in conversations with legislators.

MBAKS also expressed our strong concerns with a bill that would ban natural gas. The bill, HB 1589, passed the House earlier in the week in a 52-44-2 vote and is now pending before the Senate.

Sluder added, “Thanks to everyone who participated and helped make the day a success! Having legislators hear from our members about why these issues matter really does make a difference.”

Homing in on Our Region's Housing Statistics

Despite headlines about a housing market cooldown and home prices dipping slightly compared to last month, median housing prices continue to rise year over year, with an 8.03% rise and a 22.29% rise in King and Snohomish counties, respectively, for combined single family and condo sales. Likewise, for-sale housing supply continues to drop, with both King and Snohomish counties—and much of the state—more accurately described as having weeks of supply, not months. Year over year, months of supply dropped 59% in King County and 37% in Snohomish County. There is at least some relief on the horizon, however, as year to date residential building permit activity is up 30% in our two-county region.

Please contact data@mbaks.com with questions or feedback. We want to know what data would be useful to you!

Months' Supply of Housing Inventory

As of November 2021

	King County had 0.38 months' supply of inventory (down from 0.93 months' of inventory a year ago).
	Snohomish County had 0.24 months' supply of inventory (down from 0.38 a year ago).

Many industry analysts consider a four-to-six-month level as an indicator of a healthy market.

Source: Northwest Multiple Listing Service

Median Home Price

November 2021

	The median price of single-family homes and condos was $740,000 in King County and $658,505 in Snohomish County.
	For single-family homes only, the median price in King County rose 12.25%, from $730,500 a year ago to $820,000. The median price in Snohomish County rose 22.79%, from $566,000 to $695,000.
	In Seattle, the median price of single-family homes and condos was $765,000. The median price for single-family homes only was $850,000, a 3.66% increase from $820,000 in November 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for November 2021 is 4.7%; for Seattle/Bellevue/Everett, it is 4.4%.
	Construction employment in Washington increased by 1,800 between October 2021 and November 2021. Total construction employment is 229,400 statewide and 110,200 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), November 2021 and Bureau of Labor Statistics.

Population

The Puget Sound region's population as of April 1, 2021 was 4,330,400. Over the past year, the region added 66,200 people, as follows:

Source: Office of Financial Management

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