Homing in on Our Region's Housing Statistics

By MBAKS Senior Policy Analyst Allison Butcher

Snohomish County’s median home price for single family homes and condos combined reached a new high of $800,000 in April. Meanwhile, the median price of a single family home in Seattle surpassed $1 million, with King County not far behind. According to data from the Northwest Multiple Listing Service, King County’s median single family home price rose to $995,000 in April, a 20% increase from a year ago.

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Months' Supply of Housing Inventory

As of April 2022

	King County had 0.69 months' supply of inventory (up from 0.65 months' of inventory a year ago).
	Snohomish County had 0.64 months' supply of inventory (up 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

April 2022

	The median price of single-family homes and condos was $880,000 in King County and $800,000 in Snohomish County.
	For single-family homes only, the median price in King County rose 19.88%, from $830,000 a year ago to $995,000. The median price in Snohomish County rose 24.34%, from $675,000 to $839,298.
	In Seattle, the median price of single-family homes and condos was $888,000. The median price for single-family homes only was $1,019,950, a 16.57% increase from $875,000 in April 2021.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for April 2022 is 4.1%; for Seattle/Bellevue/Everett, it is 2.9%.
	Construction employment in Washington increased by 200 between March 2022 and April 2022. Total construction employment is 231,000 statewide and 108,100 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), April 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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Media Contact:
Nona Raybern, PR & Media Manager
Master Builders Association of King and Snohomish Counties
p 425.457.7067
m 425.208.6308

COVID-19 Safety Toolkit Released for Construction Restart

Master Builders Association of King and Snohomish Counties develops a safety packet with templates for builders to resume work during COVID-19 crisis

BELLEVUE, Wash—April 24, 2020—Today, Governor Jay Inslee announced a plan to immediately restart some residential construction that can be done safely. The plan is based on recommendations unanimously agreed to by a workgroup formed by the Governor, consisting of construction industry and labor leaders. Based on the Governor’s announcement and this framework, MBAKS has created a safety toolkit designed to create and maintain a safe working environment upon return to construction projects.

“We have an obligation to help our workforce and our community stay safe as residential construction restarts,” said MBAKS Executive Director Kat Sims. “We are providing this toolkit simply because the safety of everyone who returns to work in this climate carries the highest importance.”

The Phase 1 toolkit includes safety plans for job sites—including policies regarding control measures related to safe distancing, hygiene, sanitation, etc.—and plans for jobsite cleaning and disinfecting, OSHA recordkeeping, and other safety information.

The toolkit also includes English- and Spanish-language signage and posters to be posted at job sites, and identifies specific duties given to onsite supervisors or managers who will oversee the compliance of safety protocols. Guidance on weekly meetings for procedures and expectations is included in the toolkit, along with daily checklists and safety data sheets.

MBAKS has created this toolkit alongside our existing COVID-19-dedicated website, which provides resources on where businesses can find safety equipment—PPE, handwashing stations, etc.—and resources pertaining to jurisdictions and utilities.

More information on this release: mbakscovid19.org/phase-1-toolkit

Founded in 1909 and headquartered in Bellevue, Washington, the Master Builders Association of King and Snohomish Counties (MBAKS) is the nation’s oldest and largest local homebuilders association. Like our founders, our members continue to take a leading role in all facets of homebuilding and support the planning for a growing region. From new technology to advances in sustainability and from collaborative public policy efforts to investing in our communities, our commitment to a thriving, inclusive, and well-planned region never wavers. We are the professional homebuilders, architects, remodelers, tradespeople (carpenters, framers, roofers, plumbers, electricians), planners and engineers, suppliers, manufacturers, and sales and marketing professionals in your community who believe everyone deserves access to a healthy and productive place to call home.

By MBAKS Senior Policy Analyst Allison Butcher

Low Inventory Driving Home Prices Up

The latest Builder's Bulletin for February 2017 shows a continued decline in the inventory of homes for sale in King and Snohomish counties and prices still on the rise. According to the Northwest Multiple Listing Service, in December 2016, both counties had less than a months' supply of inventory, far below the four to six month level considered by many industry analysts as an indicator of a healthy market. Meanwhile, the December median home price for single-family homes and condos was up 12.2 percent year-over-year in King County and 12.4 percent in Snohomish County.

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, U.S. Census Bureau, Office of Financial Management and the Washington State Employment Security Department.

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