Homing in on Our Region's Housing Statistics

Though not quite a record low, housing supply is still far from healthy in the Puget Sound region. Year over year, months of supply dropped 42% to 0.57 and 27% to 0.36 in King and Snohomish counties, respectively.

The East of Lake Sammamish MLS map area had the lowest months of inventory for King County, at 0.16; Belltown/Downtown had the highest, at 2.41. King County condo supply was higher, at 0.94 months of supply, than single-family housing supply, at 0.47.

The Southwest Snohomish County MLS map area had the lowest months of inventory for Snohomish County, at 0.25, and Northeast Snohomish County had the highest, at 0.49. Snohomish County condo supply was lower, at 0.24 months of supply, than single-family housing supply, at 0.39. 

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Months' Supply of Housing Inventory

As of October 2021

	King County had 0.57 months' supply of inventory (down from 0.99 months' of inventory a year ago).
	Snohomish County had 0.36 months' supply of inventory (down from 0.49 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

October 2021

	The median price of single-family homes and condos was $750,000 in King County and $664,950 in Snohomish County.
	For single-family homes only, the median price in King County rose 10.64%, from $745,000 a year ago to $824,270. The median price in Snohomish County rose 19.83%, from $579,972 to $695,000.
	In Seattle, the median price of single-family homes and condos was $790,000. The median price for single-family homes only was $850,000, a 6.25% increase from $800,000 in October 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for October 2021 is 5.0%; for Seattle/Bellevue/Everett, it is 4.9%.
	Construction employment in Washington decreased by 800 between September 2021 and October 2021. Total construction employment is 228,100 statewide and 109,600 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), October 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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Washington becomes the 11th state to adopt background check reform within the private sector. 

Today, June 7, marks the date the Fair Chance Act goes into effect in effort to ensure applicants are judged by their work and experience qualifications—and not by criminal or arrest histories. The act, HB 1298, is designed to get figurative feet in the door or, in other words, to keep companies from discriminating against potential hires until applicants at least meet minimum requirements for various job types. 

If an employer determines that the applicant is qualified, the law does not restrict the employer from inquiring into or obtaining information about a criminal record.

Maurice Emsellem, program director with the National Employment Law Project, says “HB 1298 represents a major step forward for Washington state’s business community and economy, while providing hope and opportunity to all those qualified workers who have struggled to find work with a conviction record but who are ready to give back to their communities.”

Penalties for not adhering to the act are as follows: 

• First Violation: Notice of violation.
• Second Violation: Penalty of up to $750.
• Third Violation and beyond: Penalty of up to $1,000 for each instance.

HB 1506, Washington's Equal Pay Opportunity Act, also goes into effect today. Learn more about complying with both laws from BIAW.

Shannon, on-site at last weekend's team build in Renton, talks with Andy from Habitat for Humanity on affordable housing and the importance of being Built Green.

More about our community stewardship