By MBAKS Senior Policy Analyst Allison Butcher

The unemployment rate for Seattle, Bellevue, and Everett jumped to 14.5% in April, reflecting major job losses due to COVID-19. Statewide, the construction industry lost 81,000 jobs between March and April, a 32.5% drop. Meanwhile, home prices have been holding steady, with year-over-year median home prices up in King and Snohomish counties amid continued low housing inventory.

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.

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FOR IMMEDIATE RELEASE
Media Contact:
Nancy Grygorowicz-Davis
Master Builders Association of King and Snohomish Counties
425.460.8216

Master Builders Association Names Lowe Director of Government Affairs

BELLEVUE, Wash.—June 26, 2018—The Master Builders Association of King and Snohomish Counties announced that it has named Marco M. Lowe as director of Government Affairs.

Prior to joining MBAKS, Lowe served as vice president of Seattle’s renewable district energy system, Enwave Seattle, where he led the system’s growth, government relations and other operational duties. Earlier, he served as department director in Seattle’s Office of Intergovernmental Relations.

Before his role at Enwave, Lowe worked as chief of staff at New York City’s Department of Small Business Services, as director of community relations for Mayor Greg Nickels and as a member of Gary Locke’s gubernatorial staff.

“I am very excited to be joining the team at MBAKS and am ready to help carry on the critical mission of housing the Puget Sound region,” Lowe says on his new role. “The advocacy work at the association is an integral part of this mission, and I am lucky to be working with such a strong group on the Government Affairs team.”

MBAKS Executive Director Kat Sims says, “In our continued efforts to advocate for the builders and residents of our great region, Marco’s experience with city government will be an asset to our association members as well as the cities and homeowners for which they build market-rate, middle-income and affordable housing options.”

Lowe received a Bachelor of Arts at the University of Washington before earning his master’s degree in public administration from Harvard’s Kennedy School.

Lowe begins his tenure at MBAKS June 27.

About MBAKS

Founded in 1909, the Master Builders Association of King and Snohomish Counties (MBAKS) has grown to become the largest residential home builders association in the United States. With 2,900 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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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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