Homing in on Our Region's Housing Statistics

Housing inventory remains low and housing prices continue to rise, with a 19.73% and 21.74% increase in median single-family home prices in King County and Snohomish County, respectively. In more optimistic news, construction employment in the Seattle-Bellevue-Everett metro area has hit a record high.

Please contact data@mbaks.com with questions or feedback. 

Months' Supply of Housing Inventory

As of July 2021

	King County had 0.66 months' supply of inventory (down from 1.13 months' of inventory a year ago).
	Snohomish County had 0.53 months' supply of inventory (down from .73 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

July 2021

	The median price of single-family homes and condos was $789,000 in King County and $675,000 in Snohomish County.
	For single-family homes only, the median price in King County rose 19.73%, from $727,500 a year ago to $871,000. The median price in Snohomish County rose 21.74%, from $575,000 to $700,000.
	In Seattle, the median single-family home price for July was $896,500, an 11.37% increase from July 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The Washington unemployment rate for July 2021 is 5.1%; for Seattle/Bellevue/Everett, it is also 5.1%.
	Construction employment in Washington increased by 1,900 between June 2021 and July 2021. Total construction employment is 226,700 statewide and 110,800 for Seattle/Bellevue/Everett specifically.

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

Month’s supply of housing inventory for both King County and Snohomish County is still below a 2-month inventory, indicating that the market has not yet made the switch into a buyer’s market. Industry analysts consider a 4–6-month supply to be an indication of a healthy market. Snohomish County continues to be the most competitive within the Puget Sound region.

Download this month's report:

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

Bellevue, Wash.—November 14, 2016—Seattle was recently named the “crane capital of America” by a Seattle Times article, with 58 cranes currently in operation, an increase of 38 percent in the past year. And these numbers don’t even include cranes located in Bellevue and elsewhere in the Puget Sound area. With more cranes, more possibilities exist for accidents. That is why, beginning in February 2017, the Master Builders Association of King and Snohomish Counties (MBA) and Buildsafe Solutions will be offering free two-day Qualified Signal Person Certification for Mobile Cranes classes. The classes are made available in thanks to a $127,688 grant from State of Washington Department of Labor and Industries’ Safe and Health Investment Projects (SHIP) program.

“We are excited about receiving this grant,” said Shannon Affholter, executive director of the MBA. “Construction site accidents have a huge impact on the construction industry, families, and for anyone affected. We want to prevent accidents. These safety classes teach us how to run equipment properly and keep everyone safe.”

The trainings are free to employers and employees in the construction industry and provide 16 clock hours as well as crane certification. Topics will include crane management, high risks, crane foundations, load charts, range diagrams, crane dynamics, rigging oversight, and signaling, and will provide for a mobile crane signaling protocol and certifications required by the Washington State Department of Labor and Industries.

About the MBA

Founded in 1909, the Master Builders Association of King and Snohomish Counties (MBA) has grown to become the largest residential home builders association in the United States. With 2,800 member companies, the MBA 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 the MBA for industry professional referrals and practical information to get the job done. mbaks.com

ABOUT THE SHIP PROGRAM

The goal of the SHIP program is to identify, fund, and assist with the implementation of safety and health projects designed to eliminate workplace injuries, illnesses, and fatalities, because one injury, one illness, one fatality, is one too many.

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