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Nona Raybern, PR & Media Manager
Master Builders Association of King and Snohomish Counties
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Master Builders Association Inducts Todd Levitt as President

BELLEVUE, Wash—January 11, 2021—The Master Builders Association of King and Snohomish Counties (MBAKS) inducted Todd Levitt as its 2021 president of the board of directors during a virtual passing of the gavel ceremony in December 2020.

Levitt brings an extensive background in homebuilding to his role as MBAKS president. He has worked for more than 19 years across four western states on the land side of homebuilding—13 years as vice president of land at Pulte Homes and six years at Murray Franklyn as director of entitlements and government affairs. Levitt received his bachelor's in marine engineering from the United States Merchant Marine Academy and his master's in finance from California State University, Los Angeles.

Levitt set the 2021 MBAKS agenda as one of service: to the communities that homebuilders work in, to the jurisdictions that make housing policy possible, and to the association’s members and staff.

“Service is something I am very passionate about that is engrained within me,” says Levitt. “If we can serve our jurisdictions in a way that helps them be more successful with their councils, staff, and residents, this should only help us in accomplishing our goals in delivering more housing that is desperately needed in our very fast-growing region.”

Over the last four years, Levitt has performed as the service chair for his son’s Boy Scout troop, where he has organized community events like canned food drives, trail clean-ups, and Santa Scouts, a program that generates food, clothing, and games for underserved children. He also has dedicated time and resources to Habitat for Humanity and helped Doxa Housing build homes in Mexico, as well as participating in MBAKS’ Rampathon, where accessibility ramps are built for those in critical need.

The newly inducted 2021 board of directors is rounded out with First Vice President Cameron McKinnon (Gamut360 Holdings), Second Vice President Traci Tenhulzen (Tenhulzen Residential), Secretary Luellen Smith (Rhino Wine Cellars & Cooling Systems), and Immediate Past President Brian Holtzclaw (Village Life).

 

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About MBAKS

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, thriving, and inclusive region.

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.

Please contact data@mbaks.com with questions or feedback. We want to know what data would be useful to you!

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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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Number of the Day: 12.4

As in, Seattle metro area median home prices are up 12.4 percent from last year, topping Zillow's list of fastest appreciating U.S. markets.

In the everlasting battle between West Coast cities boasting the most eye-popping home prices, Seattle seems to have landed a surprise left uppercut to its sister (cousin?) to the south, the n-o-t-o-r-i-o-u-s San Francisco.

San Fran (they hate being called that) still holds the edge in median home values, with the average Bay Area home running just over $865,000, compared to $455,000 in the Seattle metro area, which includes Everett, Bellevue, and Tacoma.

Despite the still rather large gap in median prices, our region's $455,000 is up 12.4 percent from last year, which is good enough to top Zillow's list of fastest-appreciating markets. U.S. home values rose 6.9 percent during the same period, while San Francisco has thus far seen a 6 percent increase, or half of what Seattle is experiencing.

Still, don't expect the median price gap to close anytime soon. San Francisco had hit our current median home value way back in July 2002 and they haven't looked back since.

Is this a sign of where we're headed? MBAKS and friends recently addressed this issue at our annual Housing Summit, held October 17. At the Summit, the association announced our 2018 legislative agenda, including a 10-Point Plan for Housing Attainability.

Curious about the rental market? Seattle tops that list too, with a 5.5 percent increase year over year, which comes out to a median monthly rent of $2,189. U.S. rents are up 2.1 percent (at $1,430 a month), and San Francisco again limbos under the trend at a scant 0.4 percent increase, though don't start putting flowers in your hair just yet—their median rent is still a bloated $3,376 per month.

I guess that's one thing to be thankful for this Northwest Thanksgiving—at least we're not San Francisco… yet.