Seattle Is the Nation's Hottest Housing Market… Still

Can you count to 15?

That's how many months the City of Seattle has worn the increasingly heavy crown of hottest U.S. housing market. The median home in Seattle now costs more than $718,000, a 16.2 percent rise over the last 12 months according to Zillow. The Seattle-based real estate company does predict the city's massive gains to simmer down to just 5.7 percent over the next 12 months.

Still, 15 months is an impressive streak. And that got us thinking—which streaks have we beat as the nation's fastest-growing residential market in the country, behind first- and second-place losers Las Vegas and San Francisco?

Lance Armstrong recorded seven straight Tour de France victories from 1999 to 2005. I forget what happened after that.

Retired NBA center Chris Dudley once missed 13 straight free throws in a row, one of which included an air ball.

Pro surfer and Baywatch alum Kelly Slater won 11 world surfing championships, including five in a row from 1994 to 1998.

Okay, maybe we're not quite at legendary status yet, but hey, give it time.

The Seattle-based epicenter of explosive home prices has for some time been distributing its affluent ash across the region, covering the greater Puget Sound landscape with extravagant home prices and happy homeowners—and despondent home buyers. But that's life in the Pacific Northwest right now.

Even while Amazon looks to expand its lush landscape and make traffic stand still elsewhere, plenty more workers will be testing our rich soil in the coming months and maybe years, though they'll be paying a hefty price for a spot in our Emerald garden.

Where might one find their dream home in the foggy future?

MBAKS member Quadrant Homes, for one, is looking to build 63 single-family residences near Laurelhurst on the 17.8 acres currently housing the Talaris Conference Center. If all goes according to Quadrant's plan, the homes would be hot property, with individual lots averaging 5,500 square feet upon which homeowners could enjoy high-end residential living and easy access to everything.

While we wait, we can keep counting months and finding new records to compare to…

A MULTIFACETED CIVIL ENGINEERING FIRM

Land Development Consulting (LDC) is a consulting, engineering, surveying, and planning firm based in Woodinville. The company was founded in 2003 and currently employs 43 people.

LDC works in three different market sectors:

1. The first is civil engineering related to residential land development in the Puget Sound area, which includes surveying, permitting, and road and utility work for builders.
2. The second sector is helping cellular companies, such as Verizon, AT&T, and T-Mobile, with tower siting and installations in Washington, Oregon, Idaho, Alaska, and Texas. “It’s interesting and challenging work,” says Mark. “We’re often designing small cell systems in localized environments, like the Gorge Amphitheater and Seattle Center.”
3. LDC’s third area of work is in public works, specifically design and construction for large municipal projects.

Mark has several roles at LDC. As the director of engineering, he manages the day-to-day operations of the firm from a technical and financial aspect. He is also the de facto CFO and manages the company’s benefit and health insurance packages.

LDC HAS ENJOYED 13 YEARS OF MBA HEALTH TRUST BENEFITS

“We’ve been using the MBA Health Trust since the inception of our company. And over the past five or six years, as we’ve really been growing, we’ve shopped MBA’s pricing several times. Every single time, the competitor packages were not nearly as strong. They may have been cheaper, but the MBA always provided the best overall value.” Last year, Mark says, the MBA plan was “almost 9 percent less expensive and provided 20 percent lower deductible costs for individuals and 40 percent lower for a family.”

AFFORDABLE PLAN FOR THE COMPANY, ITS EMPLOYEES, AND THEIR FAMILIES

Mark says that the MBA has evolved with market conditions. LDC was able to transition from a PPO plan to an HSA plan four years ago to ensure more affordable health insurance for the company, employees, and dependents. Mark says, “95 percent of our employees are now on an HSA plan. It was a seamless transition. The MBA team walked us through the entire process and taught us to communicate it to our employees. The plan is working really well. There are no complaints from our employees and all the doctors who were previously available still are.”

REDUCING FINANCIAL STRESS

Mark adds that the HSA plan has saved his company enough money to increase its coverage for dependents. “Our goal,” he says, “was to reduce the financial stress on our staff’s families and the MBA Health Trust helped us do that. Overall, we get much better coverage for a much better cost. And we are now able to provide 50% of dependent coverage.”

Mark’s firm works closely with EPK, the administrator of the Health Trust plans. “They’re great to work with,” he says. “Every year they give a lunchtime presentation about what to expect for the coming year. They have continuously stepped up to the plate and provided the service we’ve needed for the plans we adopt.”

MBA MEMBER BENEFITS ALSO INCLUDE THE GRIP PROGRAM

LDC takes advantage of additional benefits provided by the MBA, including the GRIP program, which helps improve safety and reduces the overall cost of workers’ compensation for MBA members. “That service has been a huge asset in getting our safety procedures up to speed to make sure we are compliant,” Mark says.

Thirty Master Builders Association of King and Snohomish Counites (MBAKS) members and government affairs staff traveled to the State Capitol on Wednesday, January 24 to advocate for housing on our annual Hill Day.

This was MBAKS’ first in-person Hill Day in Olympia since 2020, having gone virtual the past three years. MBAKS met with 31 legislators whose districts include parts of King and Snohomish counties.

“Hill Day is an excellent opportunity engage in direct dialogue with state lawmakers on our issues and build meaningful connections,” said Dylan Sluder, MBAKS’ state government affairs manager.

Members highlighted our association’s support for several pro-housing bills under consideration in the Washington State Legislature, including lot-splitting, parking flexibility, the Washington Housing Accountability Act, co-living housing, rural accessory dwelling units, Wildland Urban Interface (WUI) reform, and more.

Read MBAKS’ Core Issues to learn more about the bills members highlighted in conversations with legislators.

MBAKS also expressed our strong concerns with a bill that would ban natural gas. The bill, HB 1589, passed the House earlier in the week in a 52-44-2 vote and is now pending before the Senate.

Sluder added, “Thanks to everyone who participated and helped make the day a success! Having legislators hear from our members about why these issues matter really does make a difference.”