It’s been two years since we last took a look at the local housing oversupply. This week the Washington State Office of Financial Management released their 2012 population and housing supply estimates, so let’s update those charts.
Here’s an updated chart of housing supply (total housing units) and demand (total households) for the 3-county Puget Sound region, indexed to 2000:
2011 to 2012 was the first year since 2006 that more households were added to the three-county region than new housing units. King County saw 2,104 more new households than housing units, Snohomish had 65 more, and Pierce had 504 more, for a total of 2,673 more households added to the area than new housing units.
Here’s a look at the total number of households and housing units added in each county since 2000:
Across King, Snohomish, and Pierce counties, a total of 186,949 new households have been added since 2000. During the same time, 226,211 new housing units have been built, amounting to an oversupply of 39,262 housing units. This is down from a peak oversupply of 41,935 last year.
Here’s a look at the raw number of housing units and households added to the region each year:
2006 slightly beat out 2012, eating into the oversupply to the tune of 2,708 more households than housing units.
Here’s another look at the numbers, in terms of housing occupancy.
All three counties have seen occupancy rates increase off their bottoms in 2012, but are still quite a bit below where they were in 2000.
Of course, all counties are not created equal. Hit the jump for the individual supply and demand breakdowns for King, Snohomish, and Pierce Counties.
Here’s the year-by-year breakdown for King:
King County has added 98,941 households and 119,726 housing units over the past tweleve years, for a total oversupply of 20,785 housing units. The peak last year was an oversupply of 22,889 housing units.
Here’s the year-by-year for Snohomish:
Snohomish has added 43,079 households and 54,387 housing units since 2000, adding up to an excess of 11,308. The peak in Snohomish last year was slightly higher at 11,373.
And here’s Pierce:
Meanwhile, down in Pierce County, 39,881 households and 48,315 housing units have been added since 2000, bringing the oversupply there to 8,434. The peak in Pierce actually came in 2010 at 8,434.