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The median price of single-family homes and condos rose to $679,075 in King County and $576,050 in Snohomish County in February, data from the Northwest Multiple Listing Service show. Home prices are rising amid continued strong demand and low supply of homes for sale. King County had less than a months’ supply of homes for sale in February, while Snohomish County had less than two weeks’ supply.

The January jobs report was just released on March 16 and showed improvement from the prior month. Washington’s unemployment rate fell from 7.1% in December 2020 to 6.0% in January 2021. The January unemployment rate in the Seattle metropolitan area was 5.8%. The March Builders Bulletin also includes year-end permit totals for 2020, which were relatively flat for single-family. In contrast, multifamily permits fell 17% in King, Snohomish, and Pierce counties in 2020 compared to 2019.

King and Snohomish counties ended 2020 with higher year-over-year median home prices amid continued tight supply of housing inventory for sale. The December 2020 median home price for single-family homes and condos was $676,000 in King County and $535,000 in Snohomish County, an increase of 9.92% and 8.08% respectively, compared to December 2019.

Administrative design review processes implemented due to COVID-19 are permitting housing faster. We should consider making them permanent.

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.

Data show the supply of housing for sale continuing to decline in King and Snohomish counties. King County had 0.93 months’ supply of inventory, down from 1.39 months’ of inventory a year ago. Snohomish County had just 0.49 months’ supply of inventory in November, down from 1.27 a year ago.

BELLEVUE, Wash.—December 18, 2020—The Master Builders Association of King and Snohomish Counties (MBAKS) announced its 2020 winners at their annual end of year awards gala on Thursday, December 17. This year’s gala was held virtually due to the COVID-19 pandemic, featuring skits, year-end retrospectives, and an awards show.

Recent building permit data for the Seattle metro area shows single-family and multifamily permits fell in King County by 8% and 26%, respectively, in September year-to-date compared to the same period last year. Meanwhile, permits are up in Snohomish and Pierce counties during the same period.