FOR IMMEDIATE RELEASE
Media Contact:
Sharon Couts
Master Builders Association of King and Snohomish Counties
425.499.1723

Governor Signs Into Law Buildable Lands Bill

New Law Will Improve the Methodology and Process Used to Assess Buildable Lands

Bellevue, Wash—July 7, 2017—Governor Jay Inslee yesterday signed into law Senate Bill 5254, ensuring adequacy of buildable lands and zoning in urban growth areas. The bill, sponsored by Senator Joe Fain (R-47th District), will improve the methodology and process by which local jurisdictions assess buildable lands.

Nick Harper, senior director of strategy & policy at the Master Builders Association of King and Snohomish Counties, explained the significance of the bill, which has been a top legislative priority for the association. “The bill’s passage represents a major step forward for the buildable lands process by ensuring greater accuracy of information used to plan for growth,” he said. 

“The new law brings more specificity into what items must be reviewed to determine whether lands are buildable or what density could be achieved,” Harper added. “More accurate buildable lands data should help our region do a better job of utilizing existing land supply and infrastructure to meet current and future housing demand.”

The new law also provides increased certainty and flexibility for local jurisdictions to assist in funding low-income and homelessness programs.

The Growth Management Act requires King, Snohomish, Pierce, Clark, Thurston, and Kitsap counties to establish a buildable lands program to determine whether the counties and cities within them are achieving urban growth within their urban growth areas. Senate Bill 5254 adds Whatcom County to the list of counties participating in the buildable lands program. View the House Bill Report for Senate Bill 5254.

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 more than 2,900 member companies, the association is dedicated to membership value, housing advocacy, community service, and financial stewardship throughout the Puget Sound region. mbaks.com

###

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.

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 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

Icons made by Freepik from flaticon.com

This week, Shannon talks to Kevin Kartak of AAA KARTAK Glass & Closet about his 28 years as an MBA member.

Join the MBA