Homing in on Our Region's Housing Statistics

By MBAKS Senior Policy Analyst Allison Butcher

Median home prices continued their upward trend in February, rising to $759,735 in King County and $700,250 in Snohomish County. The median price of a single family home meanwhile was $857,750 and $745,725 respectively.

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Months' Supply of Housing Inventory

As of February 2022

	King County had 0.55 months' supply of inventory (down from 0.85 months' of inventory a year ago).
	Snohomish County had 0.41 months' supply of inventory (down from 0.42 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

February 2022

	The median price of single-family homes and condos was $759,735 in King County and $700,250 in Snohomish County.
	For single-family homes only, the median price in King County rose 14.37%, from $750,000 a year ago to $857,750. The median price in Snohomish County rose 19.49%, from $624,075 to $745,725.
	In Seattle, the median price of single-family homes and condos was $760,000. The median price for single-family homes only was $925,000, a 15.91% increase from $798,000 in February 2021.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for February 2022 is 4.3%; for Seattle/Bellevue/Everett, it is 3.4%.
	Construction employment in Washington increased by 2,500 between January 2022 and February 2022. Total construction employment is 230,600 statewide and 105,200 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), February 2022 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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Kimberley Martin is the owner of Cyneburg Scapes. The company creates woodscapes to attain the homeowner’s vision and allow them to enjoy the outdoors at home. Kimberley is actively involved on our PWB Executive Council.

I, Luellen Smith, own Rhino Wine Cellars & Cooling Systems with my husband. Our company designs and installs custom wine cellars and cooling systems for clients around the world. We strive to be the market leader in custom wine cellar design and enjoy turning our clients' wine cellar dreams into a reality. I am honored to be the PWB Council chair this year.

Please join with us in celebrating all PWB tradeswomen this week! We encourage you to share your story with us.

Learn more about PWB at mbaks.com/pwb. Share your story and get involved at facebook.com/groups/MBAKSPWB.

By MBAKS Senior Policy Analyst Allison Butcher

Single family permits are down 10 percent in the Seattle metro area the first 9 months of the year, compared to the same period last year. The single family permit decline is led by Snohomish County, which is down 25 percent, followed by Pierce County, which is down 14 percent. Within the three-county metro area, the only county to see a slight increase in single family permits through September 2018 was King County, where permits were up four percent.

Meanwhile, multifamily permits are up three percent throughout the metro area. While King County saw a nine percent decline in multifamily permits during the first three quarters of 2018, Snohomish County has experienced an 80 percent increase in multifamily permit activity, and Pierce County is up 35 percent.

The Builders' 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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