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

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By MBAKS Senior Policy Analyst Allison Butcher

Building Permits Up in Pierce County

Pierce County is experiencing an uptick in permit activity this year, unlike King and Snohomish counties where permits remain flat or down compared to the same period last year. Specifically, single family permits are up 17 percent in Pierce County, while multifamily permits are up 93 percent through September.

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:

Homing in on Our Region's Housing Statistics

By MBAKS Senior Policy Analyst Allison Butcher

Data from the Northwest Multiple Listing Service show King and Snohomish counties had less than two weeks of supply of homes for sale in March, while home prices continued to escalate. Meanwhile, single-family permits for King, Snohomish, and Pierce counties combined stood at 1,259 through February, with 3,039 multifamily units permitted in the three counties during the same two-month period.

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 March 2022

	King County had 0.49 months' supply of inventory (down from 0.60 months' of inventory a year ago).
	Snohomish County had 0.42 months' supply of inventory (up from 0.28 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

March 2022

	The median price of single-family homes and condos was $838,753 in King County and $758,707 in Snohomish County.
	For single-family homes only, the median price in King County rose 12.73%, from $824,997 a year ago to $930,000. The median price in Snohomish County rose 25.00%, from $640,000 to $800,000.
	In Seattle, the median price of single-family homes and condos was $865,000. The median price for single-family homes only was $970,000, a 17.58% increase from $825,000 in March 2021.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for March 2022 is 4.2%; for Seattle/Bellevue/Everett, it is 3.1%.
	Construction employment in Washington increased by 1,300 between February 2022 and March 2022. Total construction employment is 231,200 statewide and 106,900 for Seattle/Bellevue/Everett specifically.

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