Contact: data@mbaks.com

In the Seattle Metro Area, the building permit data for the year-to-date period ending on August 31, 2023, paints a distinctive picture of the region's construction activity. There were 4,021 single-family permits issued during this time, reflecting a substantial 28% decrease compared to the same period in 2022. Similarly, the multifamily segment also saw a noteworthy decline, with 7,851 permits issued, indicating a substantial 46% decrease from the prior year. These statistics show a notable slowdown in both single-family and multifamily construction projects.

Read the full October Builders Bulletin:

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.

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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

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Seattle Is the Nation's Hottest Housing Market… Still

Can you count to 15?

That's how many months the City of Seattle has worn the increasingly heavy crown of hottest U.S. housing market. The median home in Seattle now costs more than $718,000, a 16.2 percent rise over the last 12 months according to Zillow. The Seattle-based real estate company does predict the city's massive gains to simmer down to just 5.7 percent over the next 12 months.

Still, 15 months is an impressive streak. And that got us thinking—which streaks have we beat as the nation's fastest-growing residential market in the country, behind first- and second-place losers Las Vegas and San Francisco?

Lance Armstrong recorded seven straight Tour de France victories from 1999 to 2005. I forget what happened after that.

Retired NBA center Chris Dudley once missed 13 straight free throws in a row, one of which included an air ball.

Pro surfer and Baywatch alum Kelly Slater won 11 world surfing championships, including five in a row from 1994 to 1998.

Okay, maybe we're not quite at legendary status yet, but hey, give it time.

The Seattle-based epicenter of explosive home prices has for some time been distributing its affluent ash across the region, covering the greater Puget Sound landscape with extravagant home prices and happy homeowners—and despondent home buyers. But that's life in the Pacific Northwest right now.

Even while Amazon looks to expand its lush landscape and make traffic stand still elsewhere, plenty more workers will be testing our rich soil in the coming months and maybe years, though they'll be paying a hefty price for a spot in our Emerald garden.

Where might one find their dream home in the foggy future?

MBAKS member Quadrant Homes, for one, is looking to build 63 single-family residences near Laurelhurst on the 17.8 acres currently housing the Talaris Conference Center. If all goes according to Quadrant's plan, the homes would be hot property, with individual lots averaging 5,500 square feet upon which homeowners could enjoy high-end residential living and easy access to everything.

While we wait, we can keep counting months and finding new records to compare to…