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

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By MBAKS Senior Policy Analyst Allison Butcher

The housing and economic indicators featured in this month’s Builders Bulletin reflect the state of the market just prior to the start of the COVID-19 crisis in the Puget Sound region. It shows housing inventories still very low in our two counties, with 1.17 months’ supply in King County and 0.93 months’ supply in Snohomish County. Data from the Northwest Multiple Listing Services also show median home prices holding steady in February—$615,000 in King County and $494,263 in Snohomish County. The February unemployment rate was a near record-low 2.6% for Seattle/Bellevue/Everett and statewide construction employment was 225,200.

The Builder's Bulletin is intended to provide a convenient way to track housing in our market and includes information from the Northwest Multiple Listing Service, State of the Cities Data Systems, Office of Financial Management and the Washington State Employment Security Department.

Download this month's report:

Larry Thibeault of Lake Stevens Design Build shares how MBAKS helped him go from a cabinet salesman to a big builder in Snohomish County.

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