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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Master Builders Association Inducts Todd Levitt as President

BELLEVUE, Wash—January 11, 2021—The Master Builders Association of King and Snohomish Counties (MBAKS) inducted Todd Levitt as its 2021 president of the board of directors during a virtual passing of the gavel ceremony in December 2020.

Levitt brings an extensive background in homebuilding to his role as MBAKS president. He has worked for more than 19 years across four western states on the land side of homebuilding—13 years as vice president of land at Pulte Homes and six years at Murray Franklyn as director of entitlements and government affairs. Levitt received his bachelor's in marine engineering from the United States Merchant Marine Academy and his master's in finance from California State University, Los Angeles.

Levitt set the 2021 MBAKS agenda as one of service: to the communities that homebuilders work in, to the jurisdictions that make housing policy possible, and to the association’s members and staff.

“Service is something I am very passionate about that is engrained within me,” says Levitt. “If we can serve our jurisdictions in a way that helps them be more successful with their councils, staff, and residents, this should only help us in accomplishing our goals in delivering more housing that is desperately needed in our very fast-growing region.”

Over the last four years, Levitt has performed as the service chair for his son’s Boy Scout troop, where he has organized community events like canned food drives, trail clean-ups, and Santa Scouts, a program that generates food, clothing, and games for underserved children. He also has dedicated time and resources to Habitat for Humanity and helped Doxa Housing build homes in Mexico, as well as participating in MBAKS’ Rampathon, where accessibility ramps are built for those in critical need.

The newly inducted 2021 board of directors is rounded out with First Vice President Cameron McKinnon (Gamut360 Holdings), Second Vice President Traci Tenhulzen (Tenhulzen Residential), Secretary Luellen Smith (Rhino Wine Cellars & Cooling Systems), and Immediate Past President Brian Holtzclaw (Village Life).

About MBAKS

Founded in 1909 and headquartered in Bellevue, Washington, the Master Builders Association of King and Snohomish Counties (MBAKS) is the nation’s oldest and largest local homebuilders association. Like our founders, our members continue to take a leading role in all facets of homebuilding and support the planning for a growing, thriving, and inclusive region.

By MBAKS Senior Policy Analyst Allison Butcher

Low Inventory Driving Home Prices Up

The latest Builder's Bulletin for February 2017 shows a continued decline in the inventory of homes for sale in King and Snohomish counties and prices still on the rise. According to the Northwest Multiple Listing Service, in December 2016, both counties had less than a months' supply of inventory, far below the four to six month level considered by many industry analysts as an indicator of a healthy market. Meanwhile, the December median home price for single-family homes and condos was up 12.2 percent year-over-year in King County and 12.4 percent in Snohomish County.

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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