By Mike Pattison, Snohomish County Manager

In December 2016, the Washington state Supreme Court struck a blow to vesting rights when it ruled that newly adopted stormwater regulations do not vest. The Court let stand a window for certain projects to remain vested. The new stormwater regulations will apply to all applications submitted after July 1, 2015 and projects approved prior to July 1, 2015 which have not started construction by June 30, 2020.

The case, Snohomish County, et al. v. Pollution Control Hearings Board, will severely impact applications that have been submitted to a jurisdiction but are not yet approved. The opinion eliminates vesting for environmental regulations mandated by the state, including stormwater.

An editorial by MBA President Mike Walsh was recently published in The Herald discussing the case and explaining why vesting is so important to the homebuilding industry.

While there is no ability for local government to overcome the decision with local legislation, King and Snohomish counties are currently petitioning the Court to reconsider and clarify some of the opinion.

Further, there is a proposal before the Washington State Legislature, Senate Bill 5212, that would restore vesting rights.

For more information, contact Snohomish County Manager Mike Pattison, 425.460.8203.

FOR IMMEDIATE RELEASE
Media Contact:
Sharon Couts
Master Builders Association of King and Snohomish Counties
425.499.1723

$30,000 in Scholarship Funds Available to Students Enrolled in Residential Construction Programs

Deadline to Apply is April 30, 2018

BELLEVUE, Wash—April 23, 2018—Nearly 82 percent of construction businesses struggle to find qualified skilled labor, according to a 2017 survey conducted by the Master Builders Association of King and Snohomish Counties (MBAKS) and Redfin. This labor shortage, area companies say, is a factor in too few homes being constructed and contributes to higher home prices.

In an effort to develop skilled labor for the industry, bring more homes to market, and help ease the costs of housing, MBAKS is working to attract more high school and college students to exciting careers in the construction and trades industries through education programs and scholarships.

Each year, MBAKS offers $30,000 in scholarships to students who are seeking education related to the homebuilding industry and are enrolled at qualifying technical, community college, and university-level programs within Washington state. Students can apply at mbaks.com/scholarships.

About the Master Builders Association of King and Snohomish Counties

Founded in 1909, the Master Builders Association of King and Snohomish Counties has grown to become the largest 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.

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Homing in on Our Region's Housing Statistics

Severe shortages of housing inventory for sale continued in December, with only 0.27 months’ supply (about one week) in King County and 0.20 months’ supply (less than a week) in Snohomish County. This represents a decline from the previous month and year-over-year. The snow and cold temperatures also impacted home sales in December, according to the Northwest Multiple Listing Service.

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 December 2021

	King County had 0.27 months' supply of inventory (down from 0.63 months' of inventory a year ago).
	Snohomish County had 0.20 months' supply of inventory (down from 0.26 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

December 2021

	The median price of single-family homes and condos was $749,000 in King County and $679,950 in Snohomish County.
	For single-family homes only, the median price in King County rose 9.46%, from $740,000 a year ago to $810,000. The median price in Snohomish County rose 22.06%, from $573,495 to $700,000.
	In Seattle, the median price of single-family homes and condos was $762,475. The median price for single-family homes only was $839,000, a 4.88% increase from $799,950 in December 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for December 2021 is 4.5%; for Seattle/Bellevue/Everett, it is 4.1%.
	Construction employment in Washington increased by 1,300 between November 2021 and December 2021. Total construction employment is 231,400 statewide and 109,200 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), December 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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