Newsroom

Data from the Northwest Multiple Listing Service show King and Snohomish counties had less than two weeks of supply of homes for sale in March, while home prices continued to escalate.

What happens when inclusionary zoning works against affordability? Just ask Seattle.

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.

The Seattle metropolitan area saw a significant increase in multifamily permit activity in 2021 compared to the previous year, led by King and Pierce counties—up 71% and 31% respectively. More than 22,000 multifamily permits were issued in the three-county metro area last year, surpassing pre-pandemic levels of fewer than 19,000 multifamily homes in 2018 and 2019. Single family permits were also up 24% in Pierce County year-over-year. Meanwhile, Snohomish County had a modest decrease in permits last year compared to 2020. King County ended the year down 8% for single family permits.

Washington state and the Puget Sound region are experiencing a significant housing supply shortage. The latest numbers from the Northwest Multiple Listing Service show that we have less than a two-week supply of homes for sale in King and Snohomish counties. And the Puget Sound Regional Council has determined that we need 800,000 new homes by 2050 to meet the future need.

BELLEVUE, Wash., Feb. 3, 2022—The Master Builders Association of King and Snohomish Counties (MBAKS) inducted Cameron McKinnon as its 2022 President of the Board of Directors during the annual holiday gala in December 2021.

Severe shortages of housing inventory for sale continued in December, with only 0.27 months’ supply (about one week) in King County and 0.20 months’ supply (less than a week) in Snohomish County. This represents a decline from the previous month and year-over-year. The snow and cold temperatures also impacted home sales in December, according to the Northwest Multiple Listing Service.

Despite headlines about a housing market cooldown and home prices dipping slightly compared to last month, median housing prices continue to rise year over year, with an 8.03% rise and a 22.29% rise in King and Snohomish counties, respectively, for combined single family and condo sales. Likewise, for-sale housing supply continues to drop, with both King and Snohomish counties—and much of the state—more accurately described as having weeks of supply, not months. Year over year, months of supply dropped 59% in King County and 37% in Snohomish County. There is at least some relief on the horizon, however, as year to date residential building permit activity is up 30% in our two-county region.