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Builders Bulletin: Housing Supply Still Far From Healthy in Puget Sound Region

Posted on Apr 28, 2022 in:
  • Builders Bulletin

Homing in on Our Region's Housing Statistics

By MBAKS Senior Policy Analyst Allison Butcher

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. Meanwhile, single-family permits for King, Snohomish, and Pierce counties combined stood at 1,259 through February, with 3,039 multifamily units permitted in the three counties during the same two-month period.

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Months' Supply of Housing Inventory

As of March 2022

icon showing a house for sale King County had 0.49 months' supply of inventory (down from 0.60 months' of inventory a year ago).
icon showing a house for sale Snohomish County had 0.42 months' supply of inventory (up from 0.28 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

March 2022

icon showing a price tag The median price of single-family homes and condos was $838,753 in King County and $758,707 in Snohomish County.
icon showing a price tag For single-family homes only, the median price in King County rose 12.73%, from $824,997 a year ago to $930,000. The median price in Snohomish County rose 25.00%, from $640,000 to $800,000.
icon showing a price tag In Seattle, the median price of single-family homes and condos was $865,000. The median price for single-family homes only was $970,000, a 17.58% increase from $825,000 in March 2021.

Source: Northwest Multiple Listing Service

 

Building Permit Activity

 

Jobs

icon showing a hand holding a hammer The seasonally adjusted Washington unemployment rate for March 2022 is 4.2%; for Seattle/Bellevue/Everett, it is 3.1%.
icon showing a hand holding a hammer Construction employment in Washington increased by 1,300 between February 2022 and March 2022. Total construction employment is 231,200 statewide and 106,900 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), March 2022 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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