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.

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 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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We encourage you to invite your staff, subcontractors, homeowner clients, as well as friends and business partners to enjoy the evening with you. We especially encourage you to make sure your T-REX recipients attend. This is an opportunity for all to show their appreciation and support for the exceptional group of remodelers who are part of the oldest Remodelers Council in the nation.

I look forward to celebrating with you on May 13!

Your 2017 REX/T-REX Chair,

Luellen Smith
Rhino Wine Cellars & Cooling Systems

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

Bellevue, Wash—June 22, 2016—The Master Builders Association of King and Snohomish Counties and Regence BlueShield will volunteer for Habitat for Humanity Seattle-King County's "La Fortuna" townhome community in Renton, a 3-Star Built Green® property. Volunteers will focus on unmasking floors, installing appliances, painting, and cleaning in preparation for the homeowner dedication on July 16, 2016. At that time, eight low-income families will receive the keys to their new homes and a better future.

La Fortuna residents will include U.S. military veterans, Americans who were once refugees from war-torn countries, and others who came to our region in search of a better life for their families. The future homeowners have worked together as friends and neighbors to help build and create this community.

Habitat for Humanity's vision of creating "a world where everyone has a decent place to live" is shared by the Master Builders Association of King and Snohomish Counties and Regence BlueShield. This vision, and the idea that affordable housing should be accessible to all families—including low-income, middle class, and those struggling with homelessness—has led Regence and the MBA to form ongoing partnerships with this organization.

Schedule—Wednesday, June 22, 8:45 a.m. to 1 p.m.

• 8:45 a.m.: Check-in. Distribute protective equipment.
• 9:00 a.m.: Safety orientation, description of work assignments.
• 9:15 a.m.: Work under the instruction of Habitat site staff.
• 12:45 p.m.: Cleanup
• Location: Habitat for Humanity Seattle-King County's La Fortuna New Construction community in Renton, 17286 127th Ave. SE, Renton, WA 98058

About Habitat for Humanity Seattle-King County

Habitat for Humanity SKC is an affiliate of Habitat for Humanity International, a nonprofit housing organization that brings people together to build homes, communities, and hope. Habitat SKC is dedicated to eliminating substandard housing through constructing, renovating, and preserving affordable homes, and by providing training and access to resources to help families improve their shelter conditions. Habitat SKC builds more than houses—we transform local communities. Habitat SKC has built renovated or repaired more than 450 homes for local families in need. For more information or to get involved, visit habitatskc.org or follow us on facebook.com/habitatskc or twitter.com/habitatskc.

About Regence BlueShield

Regence BlueShield has been serving Washingtonians in select counties for nearly a century and now provides more than 1.1 million members with comprehensive health insurance solutions. As a nonprofit independent licensee of the Blue Cross and Blue Shield Association, Regence is part of a family of companies dedicated to transforming health care by delivering innovative products and services that change the way consumers nationwide experience health care. For more information, please visit regence.com, facebook.com/regenceblueshieldwa or twitter.com/regencewa.

About the Master Builders Association

Founded in 1909, the Master Builders Association of King and Snohomish Counties (MBA) has grown to become the largest residential homebuilders association in the United States. With 2,800 member companies, the association is dedicated to membership value, government advocacy, financial stewardship, and promoting the residential building industry in the Puget Sound region. The association and its members address many of the concerns and issues affecting the residential housing industry. If you are looking to buy, build, remodel, or maintain your home, trust MBA for industry professional referrals and practical information to get the job done. mbaks.com

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