By MBAKS Senior Policy Analyst Allison Butcher

The number of single family permits issued in 2018 in the Seattle metro area (King, Snohomish, and Pierce counties) fell 9 percent last year compared to 2017, while multifamily permits increased by 9 percent. These year-end numbers for the three-county region were driven by a decline in single family permits in Snohomish and Pierce counties, which saw 18 percent and 17 percent drops respectively. Likewise, Snohomish and Pierce counties’ multifamily permit numbers rose significantly in 2018 – by 71 percent in Snohomish County and 51 percent in Pierce County. Meanwhile, King County experienced a modest 2 percent increase in single family and a 2 percent drop in multifamily permits in 2018.

The Builder's Bulletin is intended to provide a convenient way to track housing in our market and includes information from the Northwest Multiple Listing Service, State of the Cities Data Systems, Office of Financial Management and the Washington State Employment Security Department.

Download this month's report:

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!

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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

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Contact: data@mbaks.com

The housing market in Washington experienced growth, with 24 out of 26 counties reporting a year-over-year increase in available homes. Overall, active property listings in Washington counties covered by NWMLS rose by 41%. The month's supply of housing inventory as of May 2024 is at 1.5 in King County and 1.2 in Snohomish county.

Read the full June Builders Bulletin: