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Builders Bulletin: Continued Multifamily Permit Growth

Homing in on Our Region's Housing Statistics

Multifamily permits jumped again in King County—a 113% increase over the average for the last 12 months. King County was joined this month by a spike in Pierce County multifamily permits (247% over average) and modest growth in Snohomish County multifamily permits (8% over average). 51% of housing permitted for the month in the three-county region was in buildings in King County with five or more units. Two-unit building permits are also up 87% over average in King County, possibly due to local ADU policy reforms. Single-family permits remain fairly stable, with slight month-over-month increases in Snohomish and Pierce that are nonetheless at or below the 12-month average for those counties. 

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Months' Supply of Housing Inventory

As of September 2021

icon showing a house for sale King County had 0.68 months' supply of inventory (down from 1.12 months' of inventory a year ago).
icon showing a house for sale Snohomish County had 0.48 months' supply of inventory (down from 0.56 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

September 2021

icon showing a price tag The median price of single-family homes and condos was $745,000 in King County and $650,000 in Snohomish County.
icon showing a price tag For single-family homes only, the median price in King County rose 9.55%, from $753,600 a year ago to $825,600. The median price in Snohomish County rose 18.42%, from $569,997 to $675,000.
icon showing a price tag 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 September 2020.

Source: Northwest Multiple Listing Service

 

Building Permit Activity

 

Jobs

icon showing a hand holding a hammer The seasonally adjusted Washington unemployment rate for September 2021 is 4.9%; for Seattle/Bellevue/Everett, it is 4.8%.
icon showing a hand holding a hammer Construction employment in Washington increased by 3,600 between August 2021 and September 2021. Total construction employment is 229,500 statewide and 110,000 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), September 2021 and Bureau of Labor Statistics.

 

Population

icon showing a group of people 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:
 

King County

+32,500

Kitsap County

+3,400

Pierce County

+16,400

Snohomish County

+13,900

Source: Office of Financial Management

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