By MBAKS Senior Policy Analyst Allison Butcher

The median price of single-family homes and condos rose to $679,075 in King County and $576,050 in Snohomish County in February, data from the Northwest Multiple Listing Service show. Home prices are rising amid continued strong demand and low supply of homes for sale. King County had less than a months’ supply of homes for sale in February, while Snohomish County had less than two weeks’ supply.

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.

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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.

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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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Washington, DC—(RealEstateRama)—Juli Bacon, owner of JB Consulting Systems LLC and Bacon Maintenance Services LLC in Woodinville, Wash., was recently sworn in as the 2017 chair of the National Association of Home Builders (NAHB) Professional Women in Building (PWB) Council.

“Ensuring that women understand they have a place at the table and helping them find a way to get to that place at the table in construction is really important to me,” said Bacon. “We have a lot of young women wanting to know how to get there and my goal as the PWB chair is to help them in the most efficient way possible.”