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.

Please contact data@mbaks.com with questions or feedback. We want to know what data would be useful to you!

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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Contact:
Stephanie Giralmo, Public Relations & Media Manager
Master Builders Association of King and Snohomish Counties
p 425.457.7067

FOR IMMEDIATE RELEASE

MBAKS Establishes Two NAHB Student Chapters as Part of Their Emerging Professionals Initiative

BELLEVUE, Wash., October 31, 2022—The Master Builders Association of King and Snohomish Counties (MBAKS) announced today the official establishment of two NAHB Student Chapters in partnership with Edmonds College Construction Management and Seattle College Wood Technology Center. MBAKS will be the first local home building association in Washington state to have active NAHB Student Chapters in 2022.

As part of the Emerging Professionals program, these student chapters will allow participants to become student members of MBAKS, which, in addition to other benefits, provides complimentary access to events and networking opportunities with local building professionals. This program will bring awareness to field-based education, training opportunities and address the urgent need for qualified trade professionals in our industry.

“These NAHB Student Chapters are integral, vital parts of our comprehensive, ground-breaking Emerging Professionals initiative,” said Colby Goodman, MBAKS Director of Membership and Councils. “Additionally, they serve as a testament to the commitment by MBAKS to a meaningful workforce development strategy and the future of the homebuilding trades.”

MBAKS is an active, contributing partner to the BIAW Workforce Development Task Force and is a pioneer, along with other Washington local home building associations, in addressing the need to foster talent for the future of the building industry. Currently, MBAKS has plans to establish two more NAHB Student Chapters with Sno-Isle TECH and Lake Washington Institute of Technology, with the expectation of formalization of those chapters by years’ end.

About MBAKS

Founded in 1909 and headquartered in Bellevue, Washington, the Master Builders Association of King and Snohomish Counties (MBAKS) is the nation’s oldest and largest local homebuilders’ association. Like our founders, our members continue to take a leading role in all facets of homebuilding and support the planning for a growing region. From new technology to advances in sustainability, from collaborative public policy efforts to investing in our communities, our commitment to a thriving, inclusive and well-planned region never wavers. We are the professional homebuilders, architects, remodelers, tradespeople (carpenters, framers, roofers, plumbers, electricians), planners and engineers, suppliers, manufacturers, and sales and marketing professionals in your community who believe everyone deserves access to a healthy and productive place to call home.

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The Building Industry Association of Washington has received a 2018 City Champion Award in the Partners for Progress category from the Association of Washington Cities (AWC).

The award was given to BIAW and other partners, including MBAKS and several of its members, for finding common ground to help pass Hirst and Foster “fix” legislation and for efforts to ensure city challenges were expressed throughout the process.

“This award recognizes the unique partnerships created to address the complex water resource issues that faced our state these past few years,” the AWC announced.

BIAW President Kevin Russell says of the award, “We are honored to be an AWC award recipient along with all of the other partners. BIAW is pleased that we were able to find common ground and a mutually agreed to fix for the Hirst and Foster decisions.” 

“The importance of the Hirst Fix cannot be overstated,” adds MBAKS Interim Director of Government Affairs Mike Pattison. “Without the hard work of so many dedicated partners, entire family savings and hopes would have been wiped out.”

Read the full press release