Homing in on Our Region's Housing Statistics

Though not quite a record low, housing supply is still far from healthy in the Puget Sound region. Year over year, months of supply dropped 42% to 0.57 and 27% to 0.36 in King and Snohomish counties, respectively.

The East of Lake Sammamish MLS map area had the lowest months of inventory for King County, at 0.16; Belltown/Downtown had the highest, at 2.41. King County condo supply was higher, at 0.94 months of supply, than single-family housing supply, at 0.47.

The Southwest Snohomish County MLS map area had the lowest months of inventory for Snohomish County, at 0.25, and Northeast Snohomish County had the highest, at 0.49. Snohomish County condo supply was lower, at 0.24 months of supply, than single-family housing supply, at 0.39. 

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Months' Supply of Housing Inventory

As of October 2021

	King County had 0.57 months' supply of inventory (down from 0.99 months' of inventory a year ago).
	Snohomish County had 0.36 months' supply of inventory (down from 0.49 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

October 2021

	The median price of single-family homes and condos was $750,000 in King County and $664,950 in Snohomish County.
	For single-family homes only, the median price in King County rose 10.64%, from $745,000 a year ago to $824,270. The median price in Snohomish County rose 19.83%, from $579,972 to $695,000.
	In Seattle, the median price of single-family homes and condos was $790,000. The median price for single-family homes only was $850,000, a 6.25% increase from $800,000 in October 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for October 2021 is 5.0%; for Seattle/Bellevue/Everett, it is 4.9%.
	Construction employment in Washington decreased by 800 between September 2021 and October 2021. Total construction employment is 228,100 statewide and 109,600 for Seattle/Bellevue/Everett specifically.

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

Single-family permit activity continues to fall, with amounts down 17% compared to this time last year. However, multifamily permits are up 1% when compared to this time last year.

Download this month's report:

FOR IMMEDIATE RELEASE
Media Contact:
Sharon Couts
Master Builders Association of King and Snohomish Counties
425.499.1723

Shannon Affholter Resigns as Executive Director of the Master Builders Association of King and Snohomish Counties

BELLEVUE, Wash—September 6, 2017—The Master Builders Association of King and Snohomish Counties (MBA) has announced the resignation of Shannon Affholter, the executive director since 2013. A recognized and effective regional leader for the MBA, Affholter leaves a successful and flourishing organization in place. Affholter's last day will be October 6.

"During the past four years, Shannon has done a remarkable job for our association," said Mike Walsh, the current MBA president. "Shannon and his staff have developed relationships throughout the region and the MBA is on the forefront and involved in critical community issues involving attainable housing, as well as essential planning for our region's continued growth. We have been fortunate to have a professional and dedicated executive like Shannon. His achievements both external and internal have been extraordinary and will provide a strong foundation for our future initiatives. We can't thank him enough for his work!"

Affholter made his announcement last week after accepting a position as Chief Operating Officer for Oakpointe Communities, one of the Pacific Northwest's premier land and commercial development companies. "While this is an exciting opportunity for my family and myself, I recognize the hard work and commitment required to help lead a company of this stature and size," said Affholter. "While it was a hard decision to leave the MBA, I understand that my success would not have been possible without the support of my staff and the latitude granted to me by the Executive Committee and Board of Directors. I will be forever indebted to both."

Mike Walsh will welcome Erich Armbruster in January as the 2018 MBA president and board leader. "Working closely with Mike, who has been instrumental in elevating the advocacy of our association, we must now focus our immediate attention on the responsibility of finding an executive leader with the right qualities to lead our organization," said Armbruster. "The MBA has a prestigious history, and while Shannon helped transition the association to another level, both Mike and I recognize how important it is for the future of our members and the Puget Sound Region to advance our ongoing presence and influence, while working constructively and jointly with other organizations to maintain the quality of life that we enjoy here in the Pacific Northwest."

About MBAKS

Founded in 1909, the Master Builders Association of King and Snohomish Counties (MBA) has grown to become the largest residential homebuilders association in the United States. With nearly 2,900 member companies, the Association is dedicated to membership value, government advocacy, financial stewardship and promoting the residential building industry in the Puget Sound Region. The Association and its members address many of the concerns and issues affecting the residential housing industry. If you are looking to buy, build, remodel, or maintain your home, trust MBA for industry professional referrals and practical information to get the job done. mbaks.com

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