By MBAKS Senior Policy Analyst Allison Butcher

Pierce is Only County in Seattle Metro Area to See Permit Activity Rise

Looking at the three-county Seattle Metro Area, Pierce is the only county to see permit activity rise through July 31 of this year, compared to the same period last year. The latest permit data from the U.S. Census Bureau show single family permits rose 13 percent and multifamily permits doubled in Pierce County. Meanwhile, King County saw a slight decrease in permits, with single family permits down 2 percent and multifamily permits down 4 percent. Snohomish County saw double-digit declines of 11 percent and 15 percent, respectively.

The Builders’ Bulletin is intended to provide a convenient way to track housing in our market and includes information from the Northwest Multiple Listing Service, U.S. Census Bureau, Office of Financial Management and the Washington State Employment Security Department.

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Contact: data@mbaks.com

The latest data for permit amounts in King, Snohomish, and Pierce County for the month of January has been released, and it reveals a significant decline in multifamily permit activity in King County. In January 2022, there were 1,544 multifamily permits taken out, whereas this January, only 293 were recorded, resulting in an 81% drop year-on-year. Pierce County is also trending downwards; however, Snohomish County has recorded similar numbers to the previous year.

Read the full March Builders Bulletin:

By MBAKS Senior Policy Analyst Allison Butcher

Housing Inventory Still Well Below Healthy Levels

Despite a modest increase in housing inventory for sale in King and Snohomish counties during September—reaching the highest levels seen all year with 1.13 and 1.26 months’ supply of inventory respectively—these figures are still well below the four-to-six month range that many industry analysts consider to be an indicator of a healthy market. The continued high demand and low supply is driving year-over-year price hikes of more than 14 percent in both counties.

The Builders’ Bulletin is intended to provide a convenient way to track housing in our market and includes information from the Northwest Multiple Listing Service, U.S. Census Bureau, Office of Financial Management and the Washington State Employment Security Department.

Download this month's report: