Homing in on Our Region's Housing Statistics

King County multifamily construction is on the upswing after three months of depressed permits following the implementation of the 2018 Energy Code. 91.7% of those multifamily units—and all of the multifamily growth in King County—are in buildings with five or more units; permits for two- to four-unit housing remain low. King County single-family permits have also hit a high for the year, although it is slightly lower than permit numbers at the same time last year. With less than one month of supply in both King and Snohomish counties, more housing production is desperately needed.

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 August 2021

	King County had 0.62 months' supply of inventory (down from 1.16 months' of inventory a year ago).
	Snohomish County had 0.49 months' supply of inventory (down from 0.69 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

August 2021

	The median price of single-family homes and condos was $771,750 in King County and $667,410 in Snohomish County.
	For single-family homes only, the median price in King County rose 14.41%, from $742,950 a year ago to $850,000. The median price in Snohomish County rose 25.21%, from $555,000 to $694,900.
	In Seattle, the median price of single-family homes and condos was $799,000. The median price for single-family homes only was $875,000, a 6.06% increase from $825,000 in August 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The Washington unemployment rate for August 2021 is 5.1%; for Seattle/Bellevue/Everett, it is also 5.1%.
	Construction employment in Washington decreased by 1,600 between July 2021 and August 2021. Total construction employment is 224,200 statewide and 107,300 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), August 2021 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

By Cameron Poague, Redmond Reporter

It’s not hard to see the good in this world—you just have to know where to look.

Take the corner of Northeast 140th Place and 100th Avenue Northeast in Kirkland, for example, where Angela Maccarrone can now freely and safely get in and out of her home thanks to a new wheelchair access ramp built free of charge by builder company Lochwood-Lozier Custom Homes.

The ramp was donated as part of an annual event called Rampathon, during which volunteers from the Master Builders Association of King and Snohomish counties donate their time and skills to build ramps for Puget Sound residents in need.

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

Master Builders Association Hires Kathleen Sims, Former Weyerhaeuser Executive, as its New Executive Director

Bellevue, Wash—March 1, 2018—The Master Builders Association of King and Snohomish Counties (MBAKS) announced the selection of Kathleen (Kat) Sims as its new executive director. Sims is the first woman to lead the association in its 109-year history. As the former vice president of environmental affairs, sustainability, and corporate responsibility of Weyerhaeuser Company, she is an influential leader accustomed to the building industry. She begins her new role Monday, March 5.

“Kat’s depth and breadth of experience as an executive, real estate attorney, and coalition builder will be a tremendous asset for our association,” said Erich Armbruster, the association’s board president. “She will be an excellent representative for Master Builders Association as we expand our influence with regional leaders in addressing the growth and critical housing issues facing our region. I could not be more pleased that such an exceptional leader is taking the helm.”

Sims is a seasoned attorney specializing in real estate law, with more than 10 years of in-house business management expertise. Prior to her most recent position at Weyerhaeuser, Sims worked as vice president of government affairs at Plum Creek Timber Company Inc., which merged with Weyerhaeuser in 2016. She also served as senior director of sustainability and senior director, real estate law at Plum Creek. Early in her career, Sims was a partner at Alston, Courtnage & Bassetti LLP and an associate attorney at Foster, Pepper & Shefelman LLP (now Foster Pepper), where she provided strategic legal advice to developers, landowners, and lenders.

“Developing adequate housing is vital to the health of our region and the Master Builders Association needs to be at the table as discussions are made that impact housing availability,” said Sims. “I’m looking forward to forging new partnerships and locking arms with the association’s leadership, members, and staff to help solve critical issues affecting our communities.”

“Having an opportunity to engage an experienced leader with Kathleen’s credentials is a terrific outcome for our association,” said Mike Walsh, MBAKS 2017 board president and head of the executive search committee.  “Kat has sound judgement and common sense and will be an effective voice for Master Builders Association.”

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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