Homing in on Our Region's Housing Statistics

Despite headlines about a housing market cooldown and home prices dipping slightly compared to last month, median housing prices continue to rise year over year, with an 8.03% rise and a 22.29% rise in King and Snohomish counties, respectively, for combined single family and condo sales. Likewise, for-sale housing supply continues to drop, with both King and Snohomish counties—and much of the state—more accurately described as having weeks of supply, not months. Year over year, months of supply dropped 59% in King County and 37% in Snohomish County. There is at least some relief on the horizon, however, as year to date residential building permit activity is up 30% in our two-county region.

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Months' Supply of Housing Inventory

As of November 2021

	King County had 0.38 months' supply of inventory (down from 0.93 months' of inventory a year ago).
	Snohomish County had 0.24 months' supply of inventory (down from 0.38 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

November 2021

	The median price of single-family homes and condos was $740,000 in King County and $658,505 in Snohomish County.
	For single-family homes only, the median price in King County rose 12.25%, from $730,500 a year ago to $820,000. The median price in Snohomish County rose 22.79%, from $566,000 to $695,000.
	In Seattle, the median price of single-family homes and condos was $765,000. The median price for single-family homes only was $850,000, a 3.66% increase from $820,000 in November 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for November 2021 is 4.7%; for Seattle/Bellevue/Everett, it is 4.4%.
	Construction employment in Washington increased by 1,800 between October 2021 and November 2021. Total construction employment is 229,400 statewide and 110,200 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), November 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 Employment Security Department’s latest Monthly Employment Report shows a strong labor market in Washington and Seattle. As reported in the November Builder’s Bulletin, Washington’s unemployment rate for September fell to 4.4 percent, representing a 42-year low based on the Bureau of Labor Statistics data series. The Seattle/Bellevue/Everett unemployment rate was 3.4 percent.

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, State of the Cities Data Systems, Office of Financial Management and the Washington State Employment Security Department.

Download this month's report:

January 3, 2019
Media Contact:
Caia Caldwell, Public Relations & Media Specialist
Master Builders Association of King and Snohomish Counties
p 425.460.8213
m 717.479.1231

Bonnie Geers Named 2019 Board President of Master Builders Association

She is a member of the senior management team at Quadrant Homes, and former titles held include vice president of community development and vice president of entitlements. Based out of Bellevue, Quadrant Homes is entering its 50th year.

Geers previously worked as an associate attorney with Oade, Stroud & Kleiman P.C. in East Lansing, Michigan, practicing land use, real estate and business transactions, and estate planning. She has maintained her membership in the Washington Bar Association since 2000.

A member of MBAKS’ board of directors since 2014, Geers also served as the president of the Affordable Housing Council from 2014–2017.

Geers previously worked as an associate attorney with Oade, Stroud & Kleiman P.C. in East Lansing, Michigan, practicing land use, real estate and business transactions, and estate planning. She has maintained her membership in the Washington Bar Association since 2000.

“For decades, the Master Builders Association has stood as a testament of the value we deliver to our members,” said Bonnie Geers. “I am honored to have been chosen to lead the board and confident in our association’s leadership to represent our industry needs and support sound housing policy.”

About MBAKS

Founded in 1909, the Master Builders Association of King and Snohomish Counties has grown to become the largest local residential homebuilders association in the United States. With nearly 3,000 member companies, the association is dedicated to membership value, housing advocacy, community service, and financial stewardship throughout the Puget Sound region