Homing in on Our Region's Housing Statistics

Severe shortages of housing inventory for sale continued in December, with only 0.27 months’ supply (about one week) in King County and 0.20 months’ supply (less than a week) in Snohomish County. This represents a decline from the previous month and year-over-year. The snow and cold temperatures also impacted home sales in December, according to the Northwest Multiple Listing Service.

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Months' Supply of Housing Inventory

As of December 2021

	King County had 0.27 months' supply of inventory (down from 0.63 months' of inventory a year ago).
	Snohomish County had 0.20 months' supply of inventory (down from 0.26 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

December 2021

	The median price of single-family homes and condos was $749,000 in King County and $679,950 in Snohomish County.
	For single-family homes only, the median price in King County rose 9.46%, from $740,000 a year ago to $810,000. The median price in Snohomish County rose 22.06%, from $573,495 to $700,000.
	In Seattle, the median price of single-family homes and condos was $762,475. The median price for single-family homes only was $839,000, a 4.88% increase from $799,950 in December 2020.

Source: Northwest Multiple Listing Service

 

Building Permit Activity

 

Jobs

	The seasonally adjusted Washington unemployment rate for December 2021 is 4.5%; for Seattle/Bellevue/Everett, it is 4.1%.
	Construction employment in Washington increased by 1,300 between November 2021 and December 2021. Total construction employment is 231,400 statewide and 109,200 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), December 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

Icons made by Freepik from flaticon.com

By Aaron Kunkler, Redmond Reporter

Willows and Rose Hill neighborhoods expanded following last week’s Redmond City Council meeting, when 54 acres of unincorporated King County were annexed into the city.

The area annexed is located along 132nd Avenue Northeast, is flanked to the west by the City of Kirkland, and is surrounded on the other three sides by Redmond.

Read article

Contact: data@mbaks.com

Amidst economic fluctuations, the construction sector in Washington is grappling with challenges. Recent data reveals a 10,800-job decline in construction employment between February 2023 and February 2024. The state’s overall construction workforce now stands at 225,800.

Read the full April Builders Bulletin: