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.
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Months' Supply of Housing Inventory
As of November 2021
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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
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The median price of single-family homes and condos was $740,000 in King County and $658,505 in Snohomish County. |
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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. |
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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
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The seasonally adjusted Washington unemployment rate for November 2021 is 4.7%; for Seattle/Bellevue/Everett, it is 4.4%. |
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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
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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:
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Source: Office of Financial Management
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