Housing Occupancy
For many, home ownership represents the American Dream.
Property ownership is often used as a proxy to represent
permanence and community stability. The below tables
represent Claritas based 2008 projections. At this time it
is too early to parse out the effects of the current economic
downturn when it comes to determining the rate of home ownership
trends. We are
starting to see declines in construction volume as well and
existing real estate home values.
With 767,249 housing units recorded in 2008 - 456,393 (59.5%)
units were occupied by home owners.
Download Data |Source:
Claritas 2008 Update (Census Tract Level)
North King County
- Owners: 40,097
(72.1%)
- Renters: 15,499
(27.9%)
- Represents the
highest owner occupied region
East King County
- Owners: 128,700
(69.5%)
- Renters: 56,587
(30.5%)
South King County
- Owners: 158,730
(62.8%)
- Renters: 93,830
(37.2%)
Seattle
- Owners: 128,866
(47.1%)
- Renters: 144,940
(52.9%)
- Represents the
lowest owner occupied region
Number of People in a
Household
Accounting for 64.3%, one and two person households represent
the majority of King County housing accommodations.
- 1 Person households 31.2% of King County
- 2 Person households 33.3%
- 3 Person households 15.1%
- 4 Person households 12.3%
- 5 Person households 5.0%
- 6 Person households 1.8%
- 7+ Person households 1.1%
Download Data |Source:
Claritas 2008 Update (Census Tract Level)
Median Home Value
"The Northwest MLS reported earlier that the median sales
price of a single family home in King County fell 7.24 percent
compared to the previous December, to $403,500. The median sales
price of a condo in King County came in at $288,895, down 0.38
percent compared to the previous December."[1] The median depicts the
point where ½ of the units are at a higher value and ½ are at a
lower value.
It is often telling to see the distribution of housing prices
within the regions. On the accompanying chart, South King County
stands out as having a steep concentration of housing with few
extremely low or extremely high end homes. In contrast, East
King County ramps up steeply at a higher rate than other regions
then shows two spikes in the concentration of housing values and
tapers off with more homes valued over $1,000,000 than the other
subregions. The following specific patterns stand out:
- North King County peaks in the $300,000-$399,999 range
with 26.9% of the housing stock in this range
- East King County's largest volume is in the
$500,000-$599,999 range with 24.7% in this range. Just
over 10% of the housing stock in this region was estimated
to be greater than $1,000,000
- South King County has the smallest range in values.
The peak volume is in the $200,000-$299,999 at 36.4%.
The $300,000-$399,999 range accounts for an additional 24%
of the housing stock indicating that greater than 60% of the
market is priced within these two ranges.
- Seattle shows a bi-modal pattern with a peak volume of
21.6% in both the $300,000-$399,999 range then dipping down
to 19.5% before reaching 21.6% once again in the
$500,000-$599,999 range
Download Data | Source: Claritas 2008 Update (Census
Tract Level)
The website Zillow -includes several charts and
market analysis tools that may provide real-time projections on
the local market. Data for
the Seattle-Tacoma-Bellevue, WA MSA can be found at:
(http://www.zillow.com/reports/RealEstateMarketChartsAndMaps.htm?msa=Seattle+Tacoma+Bellevue+WA)
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Residential Building
Permits
Building Permit data tracked by Puget Sound Regional Council
does not currently include 2007 or 2008 data. Anecdotal
sources including construction employment and bank financing
would appear to indicate a sharp decline in projects. The
below data is valid through 2006
East King County and South King County are expanding their urban
footprint to previously undeveloped land. New, and often larger,
single family home building permits are high with multi-family
units going up but on a much smaller scale. North King County is
deceptive on the graphics because the number appear small but is
growing just slightly under the county average. In contrast to
the other subregions, Seattle is experiencing an explosion of
multi-family building growth as the City expands upward rather
than outward.
Source: WA Office of Management and
Budget as quoted by Puget Sound Regional Council, 2006
Source: WA Office of Management and
Budget as quoted by Puget Sound Regional Council, 2006
Source: WA Office of Management and
Budget as quoted by Puget Sound Regional Council, 2006
Source: WA Office of Management and
Budget as quoted by Puget Sound Regional Council, 2006
Download Data
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[1]
Zibel, Alan, Median home process fell nationwide
in fourth quarter: NAR Report, Associated. Press.
Seattletimes.newsource.com. February 12, 2009.
http://seattletimes.nwsource.com/html/businesstechnology/2008736622_webhomeprices.html |
