Homing in on Our Region's Housing Statistics

By MBAKS Senior Policy Analyst Allison Butcher

The Seattle metropolitan area saw a significant increase in multifamily permit activity in 2021 compared to the previous year, led by King and Pierce counties—up 71% and 31% respectively. More than 22,000 multifamily permits were issued in the three-county metro area last year, surpassing pre-pandemic levels of fewer than 19,000 multifamily homes in 2018 and 2019. Single family permits were also up 24% in Pierce County year-over-year. Meanwhile, Snohomish County had a modest decrease in permits last year compared to 2020. King County ended the year down 8% for single family permits.

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Months' Supply of Housing Inventory

As of January 2022

	King County had 0.49 months' supply of inventory (down from 0.92 months' of inventory a year ago).
	Snohomish County had 0.33 months' supply of inventory (down from 0.41 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

January 2022

	The median price of single-family homes and condos was $720,000 in King County and $686,792 in Snohomish County.
	For single-family homes only, the median price in King County rose 6.90%, from $725,000 a year ago to $775,000. The median price in Snohomish County rose 19.17%, from $599,990 to $715,000.
	In Seattle, the median price of single-family homes and condos was $729,000. The median price for single-family homes only was $790,000, a 0.19% decrease from $791,471 in January 2021.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for January 2022 is 4.4%; for Seattle/Bellevue/Everett, it is 3.5%.
	Construction employment in Washington increased by 500 between December 2021 and January 2022. Total construction employment is 228,100 statewide and 101,900 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), January 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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FOR IMMEDIATE RELEASE
Media Contact:
Caia Caldwell
Master Builders Association of King and Snohomish Counties
425.460.8213

Master Builders Association Hires Jeremy Hall as Its New Chief Operating Officer

In addition to having more than a dozen years of business leadership experience, Hall is a graduate of Harvard Business School and holds a Master of Business Administration.

Previously, Hall was principal at Brightspeed Consulting, COO of California Medical Evaluators, and COO of Medical Consultants Network. During his time as the COO of Medical Consultants Network, Hall reduced operational expenses, expanded the number of the company’s call centers, and oversaw the growth of a regional company into a national presence. Early in his career, Hall worked for Arthur Andersen where he focused on business consulting specifically within the healthcare, construction, and telecommunications industries.

“I’m delighted to announce that Jerry will be joining the team,” said Kat Sims, executive director of MBAKS. “Jerry’s extensive COO experience and wealth of financial and operational knowledge will help elevate all aspects of our planning and operations, opening up possibilities and improving our performance in the coming years.”

“It is a privilege to join MBAKS,” said Jerry Hall. “Keeping the Puget Sound region as one of the top places in the world to live is something I am passionate about. I’m excited to be part of the vital work MBAKS does for its members and the Pacific Northwest.”

About MBAKS

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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By MBAKS Senior Policy Analyst Allison Butcher

Home Prices Up Amid Continued Inventory Crunch

King and Snohomish counties continue to have less than one month's supply of housing inventory for sale. Our region's low supply coupled with strong demand is driving up home prices. The latest market summary from the Northwest Multiple Listing Service shows median home prices are up 14 percent year-over-year in both counties during February.

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, U.S. Census Bureau, Office of Financial Management and the Washington State Employment Security Department.

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