Homing in on Our Region's Housing Statistics

Despite headlines about a housing market cooldown and home prices dipping slightly compared to last month, median housing prices continue to rise year over year, with an 8.03% rise and a 22.29% rise in King and Snohomish counties, respectively, for combined single family and condo sales. Likewise, for-sale housing supply continues to drop, with both King and Snohomish counties—and much of the state—more accurately described as having weeks of supply, not months. Year over year, months of supply dropped 59% in King County and 37% in Snohomish County. There is at least some relief on the horizon, however, as year to date residential building permit activity is up 30% in our two-county region.

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 November 2021

	King County had 0.38 months' supply of inventory (down from 0.93 months' of inventory a year ago).
	Snohomish County had 0.24 months' supply of inventory (down from 0.38 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

November 2021

	The median price of single-family homes and condos was $740,000 in King County and $658,505 in Snohomish County.
	For single-family homes only, the median price in King County rose 12.25%, from $730,500 a year ago to $820,000. The median price in Snohomish County rose 22.79%, from $566,000 to $695,000.
	In Seattle, the median price of single-family homes and condos was $765,000. The median price for single-family homes only was $850,000, a 3.66% increase from $820,000 in November 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for November 2021 is 4.7%; for Seattle/Bellevue/Everett, it is 4.4%.
	Construction employment in Washington increased by 1,800 between October 2021 and November 2021. Total construction employment is 229,400 statewide and 110,200 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), November 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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FOR IMMEDIATE RELEASE
Media Contact:
Sharon Couts
Master Builders Association of King and Snohomish Counties
425.499.1723

Local Remodeling Companies Win Big at Master Builders Association’s Biggest REX/T-REX Awards

BELLEVUE, Wash.—May 7, 2018—On Saturday, local remodeling companies gathered at the Seattle Design Center to celebrate their craftsmanship and talents at the annual Remodeling/Trade Remodeling Excellence (REX/T-REX) Awards, produced by the Remodelers Council of Master Builders Association of King and Snohomish Counties. Overall, 87 entries were submitted, the highest number in the 32-year history of the event. Entries were judged by independent remodeling professionals who chose winners based on the following six criteria:

1. Aesthetics—Is the project visually appealing?
2. Special or unique design solutions—Does the project reflect optimal space planning and livability?
3. Quality workmanship—Does the project exhibit special crafting or exceptional features?
4. Use of appropriate building material—Does the project complement existing structure and design?
5. Budgetary consideration—How did the remodeler successfully utilize solutions to budgetary constraints?
6. Challenges and obstacles—Did the remodeler overcome unique challenges in completing the project?

Here are the 2018 winners (Additional photos available upon request):

About the Master Builders Association of King and Snohomish Counties

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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Five Key Things to Know About Washington’s New Sick Leave Law

By Larry Dickinson, PrimePay

In 2006, the City of San Francisco passed the first mandatory sick leave law in the country. Since then, many other states and municipalities have adopted similar statutes. In fact, 47 states and the District of Columbia have considered establishing such ordinances to help protect the wages of employees affected by illness, injury, or domestic violence.

1. Washington law—the basics

   In November 2016, voters in Washington state voted to establish a mandatory sick leave law for workers in their state. Starting in January of 2018, all employees covered under the Washington State Minimum Wage law must accrue one hour of paid sick leave for every 40 hours worked.

   This law applies to all employers, even if they only have one employee. The problem is that many large cities in Washington such as Seattle and Tacoma have also adopted their own sick leave measures, and these measures are not always in sync with the state law.

   What is the employer to do? We will attempt to highlight some of the differences between state law and those of the municipalities. Note that we are using Washington state as the example here; the same scenarios are playing out in other states around the nation.

2. Allowable uses of sick leave

   According to the Washington State Department of Labor & Industries, employees will be allowed to use sick leave for themselves or a family member for these reasons:

• To care for themselves or family members.
• When the employees’ workplace or their child’s school (or place of care) has been closed by a public official for health-related reasons.
• Absences that qualify under the Domestic Violence Leave Act.

Note that employers may allow employees to use paid sick leave for additional purposes.

Unlike the laws adopted in Tacoma and Spokane, the Washington state regulation does not cover bereavement due to the death of family members.

3. Family member definition

Washington allows the usage of paid sick leave for personal illness or injury as well as for family members defined below:

• Child
• Parent
• Spouse
• Grandparent
• Grandchild
• Sibling
• Registered domestic partner

The big difference here is that Washington state allows that the child relationship is enforced regardless of the age of the child, while the city regulations only cover children up to the age of 18.

4. Accrual of sick time

   In general, employees must earn a minimum of one hour of paid sick leave for every 40 hours worked. This covers all non-exempt employees covered by the Washington State Minimum Wage Law. There is currently no coverage for exempt workers, including white collar workers, outside salespeople or other professionals.

   In many of the local regulations, white collar workers are covered with the assumption of a flat 40-hour work week. Seattle law, as an example, covers all workers who work in the City of Seattle. While the new state law applies to all employers with even one employee, local laws can be applied differently depending on the size of the company. There is currently no cap on the number of hours earned each year by an employee. There is a cap on the number of hours that can carry over into the next year.

   Read a full list of FAQs.

5. What should your business do?

   In today’s business climate, employers are often confronted with conflicting city and state ordinances regarding sick leave accrual and usage. These laws and their differences can provide today’s small business owner with a nightmare.

   How do you apply different laws to different groups of employees with different job descriptions, working in different jurisdictions? An automated time and attendance system is a great option.

   PrimePay offers a variety of systems to meet any employer’s needs. These programs can define almost any type of accrual policy imaginable and apply those policies to different groups of employees based on geography, employee type, or job description. Let the professionals at PrimePay build a system that will keep you in compliance for years to come.

Learn more at primepay.com.

This article originally appeared on primepay.com.