The answer: most of the region has enjoyed near-normal or above-normal precipitation.
As a result, our region is going into the new year in pretty good shape regarding water.
Starting with snowpack, Oregon is crazy above normal and Washington is modestly above normal overall (see percentages as of today, below). California is in good shape as well.
Meteorologists and water resource managers pay close attention to the precipitation starting October 1, the beginning of the "water year" and our wet season. The figure below shows the difference from normal from October 1 through December 31. Northern California, Oregon, and eastern Washington are all well above normal. Most of western Washington is nearly normal, with a slightly below-normal area over the South Sound.
With such healthy precipitation totals, it is not surprising that river streamflow is in good shape (see below). Most of Washington is near normal (light green), with several above-normal reports (blue dots). Far more above-normal streamflow sites in Oregon.
It is interesting to look at some individual sites, plotting the cumulative precipitation against normal from October 1 to today. (from line shows the normal values)
Quillayute, along the north coast, ended up well above normal.
Bellingham was a bit wetter than normal.
Seattle, rainshadowed by the Olympics this fall, was modestly drier than normal.
Olympia was nearly normal
And Portland was above normal.
Eastern Washington was very much wetter than normal this fall.
Spokane ended up several inches above normal.
And the Tri-Cities and Ellensburg were quite wet as well.
Considering all this, it is surprising that the U.S. Drought Monitor graphics shows dry condition to moderate drought east of the Cascades (see below). I am concerned about the Drought Monitor, which is popular with many media outlets.
Finally, Seattle's water supply looks to be in excellent shape with reservoir levels slightly above normal. You can drink to that.