Number of the Day: 12.4

As in, Seattle metro area median home prices are up 12.4 percent from last year, topping Zillow's list of fastest appreciating U.S. markets.

In the everlasting battle between West Coast cities boasting the most eye-popping home prices, Seattle seems to have landed a surprise left uppercut to its sister (cousin?) to the south, the n-o-t-o-r-i-o-u-s San Francisco.

San Fran (they hate being called that) still holds the edge in median home values, with the average Bay Area home running just over $865,000, compared to $455,000 in the Seattle metro area, which includes Everett, Bellevue, and Tacoma.

Despite the still rather large gap in median prices, our region's $455,000 is up 12.4 percent from last year, which is good enough to top Zillow's list of fastest-appreciating markets. U.S. home values rose 6.9 percent during the same period, while San Francisco has thus far seen a 6 percent increase, or half of what Seattle is experiencing.

Still, don't expect the median price gap to close anytime soon. San Francisco had hit our current median home value way back in July 2002 and they haven't looked back since.

Is this a sign of where we're headed? MBAKS and friends recently addressed this issue at our annual Housing Summit, held October 17. At the Summit, the association announced our 2018 legislative agenda, including a 10-Point Plan for Housing Attainability.

Curious about the rental market? Seattle tops that list too, with a 5.5 percent increase year over year, which comes out to a median monthly rent of $2,189. U.S. rents are up 2.1 percent (at $1,430 a month), and San Francisco again limbos under the trend at a scant 0.4 percent increase, though don't start putting flowers in your hair just yet—their median rent is still a bloated $3,376 per month.

I guess that's one thing to be thankful for this Northwest Thanksgiving—at least we're not San Francisco… yet.

Contact: data@mbaks.com

The latest data for permit amounts in King, Snohomish, and Pierce County for the month of January has been released, and it reveals a significant decline in multifamily permit activity in King County. In January 2022, there were 1,544 multifamily permits taken out, whereas this January, only 293 were recorded, resulting in an 81% drop year-on-year. Pierce County is also trending downwards; however, Snohomish County has recorded similar numbers to the previous year.

Read the full March Builders Bulletin:

Media Contact:
Nona Raybern, PR & Media Manager
Master Builders Association of King and Snohomish Counties
p 425.457.7067
m 425.208.6308

COVID-19 Safety Toolkit Released for Construction Restart

Master Builders Association of King and Snohomish Counties develops a safety packet with templates for builders to resume work during COVID-19 crisis

BELLEVUE, Wash—April 24, 2020—Today, Governor Jay Inslee announced a plan to immediately restart some residential construction that can be done safely. The plan is based on recommendations unanimously agreed to by a workgroup formed by the Governor, consisting of construction industry and labor leaders. Based on the Governor’s announcement and this framework, MBAKS has created a safety toolkit designed to create and maintain a safe working environment upon return to construction projects.

“We have an obligation to help our workforce and our community stay safe as residential construction restarts,” said MBAKS Executive Director Kat Sims. “We are providing this toolkit simply because the safety of everyone who returns to work in this climate carries the highest importance.”

The Phase 1 toolkit includes safety plans for job sites—including policies regarding control measures related to safe distancing, hygiene, sanitation, etc.—and plans for jobsite cleaning and disinfecting, OSHA recordkeeping, and other safety information.

The toolkit also includes English- and Spanish-language signage and posters to be posted at job sites, and identifies specific duties given to onsite supervisors or managers who will oversee the compliance of safety protocols. Guidance on weekly meetings for procedures and expectations is included in the toolkit, along with daily checklists and safety data sheets.

MBAKS has created this toolkit alongside our existing COVID-19-dedicated website, which provides resources on where businesses can find safety equipment—PPE, handwashing stations, etc.—and resources pertaining to jurisdictions and utilities.

More information on this release: mbakscovid19.org/phase-1-toolkit

 

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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 region. From new technology to advances in sustainability and from collaborative public policy efforts to investing in our communities, our commitment to a thriving, inclusive, and well-planned region never wavers. We are the professional homebuilders, architects, remodelers, tradespeople (carpenters, framers, roofers, plumbers, electricians), planners and engineers, suppliers, manufacturers, and sales and marketing professionals in your community who believe everyone deserves access to a healthy and productive place to call home.