Washington state and the Puget Sound region are experiencing a significant housing supply shortage. The latest numbers from the Northwest Multiple Listing Service show that we have less than a two-week supply of homes for sale in King and Snohomish counties. For perspective, many industry analysts consider a four-to-six-month supply as an indicator of a healthy market.

The Puget Sound Regional Council has said in their Housing Needs Assessment that our four-county Puget Sound region needs 800,000 new homes by 2050 to meet the future need. For King County alone, the Regional Affordability Task Force has reported a total of 244,000 net new homes are needed by 2040 to meet demand. At this point we are already starting several hundreds of thousands of homes behind.

Why does this matter?
Limited housing supply increases the costs of homes, which makes becoming a homeowner out of reach for more community members.

According to the Northwest Multiple Listing Service January data, the median price for single-family homes in King County rose 9.46%, from $740,000 a year ago to $810,000. In Snohomish County, the median price rose 22.06%, from $573,495 to $700,000.

What created this housing supply shortage?
There are several factors that contribute to the housing supply shortage in our region and hinders our industry’s ability to add more affordable housing choices. These factors include:

• Inflation driving up the costs of building materials 

• Limited land supply on which to build

• Local development regulations not aligned with meeting the urgent need for more housing

• Permit delays

• Persistent labor shortages making is challenging to keep projects on schedule

• Supply chain disruptions

Additionally, King County is experiencing a shortage of concrete due to a nearly three-month long strike across numerous local concrete companies. Most American home foundations are concrete, along with other integral outdoor features such as pathways, stairs, and sidewalks. The inability to get concrete to builders’ jobsites is inhibiting their ability to meet the demand for additional housing.

Where does MBAKS fit into this?
Driven by our mission, MBAKS is committed to ensuring all people can attain housing. One way we do this is through our advocacy work. Our government affairs team is dedicated to making sure our members have a voice in policy and regulatory debates that directly impact the housing industry. Only through our direct participation in this dialogue can we hope to create a better climate for housing.

Painting a Better Tomorrow is a one-day experience unlike any other. Join us Nov. 10 to help us paint and change someone’s life forever—maybe even your own.

Few things feel better than closing the books on a successful project. Especially one fueled by kindness and compassion.

Whatever your designation in the world of residential homebuilding, you have a calling. Sometimes that calling extends beyond the job site or office. Because, at the end of the day, our collective job is to provide housing for the millions of people who make the Puget Sound region home.

Shoreline Veterans Center

We are the lucky ones. We get to give people a place they can call their very own. Sometimes this space is temporary or shared with others. But it doesn’t make it any less theirs. Take the folks who reside at the Shoreline Veterans Center, a Compass Housing Alliance property. The center is a 25-bed facility for honorably discharged homeless veterans who seek rehabilitation from drug, alcohol, or other issues. The goal of the center and its internal program is to help residents resolve their issues and learn to live on their own as contributing citizens to their communities. Upon graduation from the two-year program, veterans are then moved into their own apartment, but return to the center for ongoing counseling.

This year, MBAKS is proud to partner with the Veterans Center for Painting a Better Tomorrow 2018. Painting a Better Tomorrow, or PBT, is an annual one-day service event where association members and community volunteers add fresh paint to the walls and surfaces of a local nonprofit organization. This is where you come in. Even if you’re not a painter by trade, we want you to volunteer! There are plenty of tasks to keep you busy throughout the day and we can all but guarantee that you’ll have a fantastic time helping out a few of our well-deserving neighbors in need.

Volunteer—Just Do It!

Pull together a team of co-workers, friends, or family—or come as an individual and make some new friends and memories! MBAKS provides all the supplies for the event, including breakfast snacks and lunch, as well as our ever-popular, totally stylish PBT t-shirt so you look good while doing good. When you close the books on this project, your life, and those of the Shoreline Veterans Center, will be forever brighter.

Contact Michell Filleau-Maas, 425.460.8232, today, right now, to volunteer.

Step Up With Sponsorship

Over the years, we've painted hundreds of thousands of square feet of service organizations' walls. That wouldn't be possible without the help of our generous sponsors. If your company is interested in sponsoring a fresh coat of paint for the Veterans Center this year, contact Business Development Manager Ty Coleman, 425.278.0222 by October 10.

Photo courtesy Alabastro Photography

By Aaron Kunkler, Redmond Reporter

Willows and Rose Hill neighborhoods expanded following last week’s Redmond City Council meeting, when 54 acres of unincorporated King County were annexed into the city.

The area annexed is located along 132nd Avenue Northeast, is flanked to the west by the City of Kirkland, and is surrounded on the other three sides by Redmond.

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