Homing in on Our Region's Housing Statistics

By MBAKS Senior Policy Analyst Allison Butcher

Data from the Northwest Multiple Listing Service show King and Snohomish counties had less than two weeks of supply of homes for sale in March, while home prices continued to escalate. Meanwhile, single-family permits for King, Snohomish, and Pierce counties combined stood at 1,259 through February, with 3,039 multifamily units permitted in the three counties during the same two-month period.

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 March 2022

	King County had 0.49 months' supply of inventory (down from 0.60 months' of inventory a year ago).
	Snohomish County had 0.42 months' supply of inventory (up from 0.28 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

March 2022

	The median price of single-family homes and condos was $838,753 in King County and $758,707 in Snohomish County.
	For single-family homes only, the median price in King County rose 12.73%, from $824,997 a year ago to $930,000. The median price in Snohomish County rose 25.00%, from $640,000 to $800,000.
	In Seattle, the median price of single-family homes and condos was $865,000. The median price for single-family homes only was $970,000, a 17.58% increase from $825,000 in March 2021.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for March 2022 is 4.2%; for Seattle/Bellevue/Everett, it is 3.1%.
	Construction employment in Washington increased by 1,300 between February 2022 and March 2022. Total construction employment is 231,200 statewide and 106,900 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), March 2022 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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Homing in on Our Region's Housing Statistics

By MBAKS Senior Policy Analyst Allison Butcher

The Seattle metropolitan area saw a significant increase in multifamily permit activity in 2021 compared to the previous year, led by King and Pierce counties—up 71% and 31% respectively. More than 22,000 multifamily permits were issued in the three-county metro area last year, surpassing pre-pandemic levels of fewer than 19,000 multifamily homes in 2018 and 2019. Single family permits were also up 24% in Pierce County year-over-year. Meanwhile, Snohomish County had a modest decrease in permits last year compared to 2020. King County ended the year down 8% for single family permits.

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 January 2022

	King County had 0.49 months' supply of inventory (down from 0.92 months' of inventory a year ago).
	Snohomish County had 0.33 months' supply of inventory (down from 0.41 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

January 2022

	The median price of single-family homes and condos was $720,000 in King County and $686,792 in Snohomish County.
	For single-family homes only, the median price in King County rose 6.90%, from $725,000 a year ago to $775,000. The median price in Snohomish County rose 19.17%, from $599,990 to $715,000.
	In Seattle, the median price of single-family homes and condos was $729,000. The median price for single-family homes only was $790,000, a 0.19% decrease from $791,471 in January 2021.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for January 2022 is 4.4%; for Seattle/Bellevue/Everett, it is 3.5%.
	Construction employment in Washington increased by 500 between December 2021 and January 2022. Total construction employment is 228,100 statewide and 101,900 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), January 2022 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

Contact:
Stephanie Giralmo, Public Relations & Media Manager
Master Builders Association of King and Snohomish Counties
p 425.457.7067

FOR IMMEDIATE RELEASE

MBAKS Builds Ramps to Give Mobility Freedom to Those in Need

BELLEVUE, Wash., May 23, 2022—Since 1993 the Master Builders Association of King and Snohomish Counties (MBAKS) has built almost 600 wheelchair access ramps for families in need. Built by MBAKS members and community volunteers, these ramps provide a much-needed benefit for those who struggle to get themselves or their loved ones safely in and out of their homes.

“As one of our signature community stewardship programs, Rampathon is something we look forward to every year,” says Jerry Hall, Executive Director at MBAKS. “I have so much gratitude for our members, who lend their free time and knowledge to provide mobility freedom to individuals and families within our community.”

MBAKS is planning to build 27 mobility ramps for deserving families across King and Snohomish Counties this year. As part of this effort, they showcased Francisco Avila-Mooney, an 8-year-old who is wheelchair-bound and has multiple equipment needs for his therapy and care. At the time of the showcase, the Avila-Mooney Family did not have a ramp, which made it difficult to get Francisco out of the house. However, thanks to the efforts of MBAKS member, Shirey Home Pro, the family now has a new ramp that aids in ease of mobility and safety, making it easier to transport Francisco to and from his appointments.

In addition to the 22 member companies that volunteered to be a part of this year’s program, long-time program sponsor Dunn Lumber supplied the lumber at no cost and BECU provided funding as the Community Sponsor.

“MBAKS has been working tirelessly since 1909 to support builders who build homes for our communities and provide attainable homes for all,” said Traci Tenhulzen, MBAKS Board President and Executive Producer at Tenhulzen Residential. “It is a pleasure to be a part of an association that provides this invaluable service of universal access to those in need. Tenhulzen Residential has been building ramps for Rampathon since the program began and we look forward to building our 33rd ramp this summer.”

About MBAKS

Founded in 1909 and headquartered in Bellevue, Washington, the Master Builders Association of King and Snohomish Counties (MBAKS) is the nation’s oldest and largest local homebuilders’ association. Like our founders, our members continue to take a leading role in all facets of homebuilding and support the planning for a growing region. From new technology to advances in sustainability, from collaborative public policy efforts to investing in our communities, our commitment to a thriving, inclusive and well-planned region never wavers. We are the professional homebuilders, architects, remodelers, tradespeople (carpenters, framers, roofers, plumbers, electricians), planners and engineers, suppliers, manufacturers, and sales and marketing professionals in your community who believe everyone deserves access to a healthy and productive place to call home.

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