By MBAKS Senior Policy Analyst Allison Butcher

Single family permits are down 10 percent in the Seattle metro area the first 9 months of the year, compared to the same period last year. The single family permit decline is led by Snohomish County, which is down 25 percent, followed by Pierce County, which is down 14 percent. Within the three-county metro area, the only county to see a slight increase in single family permits through September 2018 was King County, where permits were up four percent.

Meanwhile, multifamily permits are up three percent throughout the metro area. While King County saw a nine percent decline in multifamily permits during the first three quarters of 2018, Snohomish County has experienced an 80 percent increase in multifamily permit activity, and Pierce County is up 35 percent.

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, State of the Cities Data Systems, Office of Financial Management and the Washington State Employment Security Department.

Download this month's report:

Homing in on Our Region's Housing Statistics

By MBAKS Senior Policy Analyst Allison Butcher

The Office of Financial Management (OFM) released its annual population estimates this week for the state of Washington and its counties, cities, and towns. The report shows that as of April 1, 2022, the Puget Sound region’s population (King, Snohomish, Pierce, and Kitsap counties) is 4,383,300, an annual increase of 52,550. Most of the growth occurred in King County, which added 30,650 over the past year. This is down from the average of 33,800 people per year in King County between 2010 and 2020. Snohomish, Pierce, and Kitsap counties also saw a smaller population increase than the previous year. For more information, see OFM’s press release.

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 May 2022

	King County had 0.83 months' supply of inventory (up from 0.55 months' of inventory a year ago).
	Snohomish County had 0.85 months' supply of inventory (up from 0.34 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

May 2022

	The median price of single-family homes and condos was $880,000 in King County and $782,800 in Snohomish County.
	For single-family homes only, the median price in King County rose 14.82%, from $869,975 a year ago to $998,888. The median price in Snohomish County rose 16.93%, from $697,000 to $815,000.
	In Seattle, the median price of single-family homes and condos was $899,475. The median price for single-family homes only was $1,025,500, a 11.59% increase from $919,000 in April 2021.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for May 2022 is 3.9%; for Seattle/Bellevue/Everett, it is 2.7%.
	Construction employment in Washington increased by 800 between April 2022 and May 2022. Total construction employment is 232,400 statewide and 107,600 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), May 2022 and Bureau of Labor Statistics.

Population

The Puget Sound region's population as of April 1, 2022 was 4,383,300. Over the past year, the region added 52,550 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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