By MBAKS Senior Policy Analyst Allison Butcher

Region Sees Continued Decline in Supply of Homes for Sale

Housing data highlighted in the latest Builder's Bulletin show our region continues to face a severe inventory shortage, with only 1.14 months' supply of homes for sale in Snohomish County and less than one months' supply in King County. The November median price of single family homes and condos rose more than 15 percent year-over-year in both King and Snohomish counties.

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.

Download this month's report:

The MBA held its annual Hill Day in Olympia last Wednesday, February 8, providing an opportunity for members to advocate for our top-priority housing issues. Twenty-five members and Government Affairs staff met with over 30 King and Snohomish county-based legislators throughout the day.

Members discussed our core issues with senators and representatives, including the need to restore vested development rights, improve the process for measuring buildable land supply, find a path forward for permit-exempt wells in the wake of the Supreme Court's Hirst decision, and support workforce development.

MBA members also shared with legislators our new housing attainability piece, describing steps needed to bring housing supply more in line with our region's strong demand.

During the lunch break, Rep. Joe Fitzgibbon (34th District) met with the MBA to provide a legislative update. Fitzgibbon is sponsoring a bill, HB 1862, backed by the MBA, that would allow final subdivision plat approvals to be conducted administratively.

Thanks to all our members who participated and helped make sure our association's voice is heard in Olympia!

This week, MBAKS Snohomish County Manager Mike Pattison explains the Hirst fix and what it means for our members—especially those in rural areas.