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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Contact: data@mbaks.com

King County is now joining nearby counties, such as Snohomish and Pierce, that have seen home prices dropping for months. Reflective in the latest data from The Northwest Multiple Listing Service showing cooling prices, it is now apparent that homebuying and listing for homes and condos has decreased. The median price of single-family homes and condos was $760,000 in King County and $680,000 in Snohomish County.

Read the full April Builders Bulletin:

The Puget Sound region is a great place to live and work, as reflected in the fast pace of growth over the past decade. More people coming to the region means we need more people working in skilled trades—to build housing, commercial space, infrastructure, and transportation projects.

Recently, the Master Builders Association of King and Snohomish Counties (MBAKS) partnered with Redfin to conduct a survey of homebuilders. The survey showed 82% have had difficulty finding qualified workers in the past year. In the same survey, the greatest skilled labor needs reflected in the housing industry are framing, carpentry, superintendents, and program management.

Workforce development continues to be a top priority for the residential building community in our growing regional economy. MBAKS works with schools and communities to provide background and shine light on the opportunities available in the homebuilding industry.