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Builders Bulletin: Months of Supply Remains Low

Posted on Nov 19, 2021 in:
  • Builders Bulletin

Homing in on Our Region's Housing Statistics

Though not quite a record low, housing supply is still far from healthy in the Puget Sound region. Year over year, months of supply dropped 42% to 0.57 and 27% to 0.36 in King and Snohomish counties, respectively.

The East of Lake Sammamish MLS map area had the lowest months of inventory for King County, at 0.16; Belltown/Downtown had the highest, at 2.41. King County condo supply was higher, at 0.94 months of supply, than single-family housing supply, at 0.47.

The Southwest Snohomish County MLS map area had the lowest months of inventory for Snohomish County, at 0.25, and Northeast Snohomish County had the highest, at 0.49. Snohomish County condo supply was lower, at 0.24 months of supply, than single-family housing supply, at 0.39. 

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Months' Supply of Housing Inventory

As of October 2021

icon showing a house for sale King County had 0.57 months' supply of inventory (down from 0.99 months' of inventory a year ago).
icon showing a house for sale Snohomish County had 0.36 months' supply of inventory (down 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

October 2021

icon showing a price tag The median price of single-family homes and condos was $750,000 in King County and $664,950 in Snohomish County.
icon showing a price tag For single-family homes only, the median price in King County rose 10.64%, from $745,000 a year ago to $824,270. The median price in Snohomish County rose 19.83%, from $579,972 to $695,000.
icon showing a price tag In Seattle, the median price of single-family homes and condos was $790,000. The median price for single-family homes only was $850,000, a 6.25% increase from $800,000 in October 2020.

Source: Northwest Multiple Listing Service

 

Building Permit Activity

 

Jobs

icon showing a hand holding a hammer The seasonally adjusted Washington unemployment rate for October 2021 is 5.0%; for Seattle/Bellevue/Everett, it is 4.9%.
icon showing a hand holding a hammer Construction employment in Washington decreased by 800 between September 2021 and October 2021. Total construction employment is 228,100 statewide and 109,600 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), July 2021 and Bureau of Labor Statistics.

 

Population

icon showing a group of people 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:
 

King County

+32,500

Kitsap County

+3,400

Pierce County

+16,400

Snohomish County

+13,900

Source: Office of Financial Management

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