It’s a great time to be selling a horse property in the Puget Sound region. Median sale prices for equestrian properties in King, Pierce, Kitsap and Thurston counties are higher now than they were last year, homes are selling quickly and inventory levels are low. As always though, realistic pricing remains critical.

Third Quarter
Equestrian
Home Market Update

The median list price for equestrian properties currently on the market in King County is 52% higher than the median sale price, which means that a lot of those sellers are going to have trouble getting their houses sold. I predict an increase in equestrian property inventory levels in King County as we head into winter.

31608-SE-40th-St

Median sale prices for equestrian homes are up in all counties when compared to this time last year.

107 equestrian properties were sold in Pierce, King, Kitsap and Thurston counties in the third quarter of 2019 – a modest 5% increase in sales activity when compared to the third quarter of last year.

Equestrian homes are selling fairly quickly – just 4-6 weeks on average from “active” to “pending”.

Active inventory levels for equestrian properties are down throughout the region, particularly in Pierce County, favoring sellers. A balanced market requires 5-6 months of active inventory.

Current Market Conditions

  • Seattle is the only major American city where homes prices were lower this summer than they were last summer – 3-4% lower. This period of adjustment in the Seattle housing market comes as no surprise, given how dramatically home prices increased in the preceding 4-5 years.
  • While home values in King County have flattened, home prices have continued to rise in surrounding counties. Year over year home prices are up 6% in Pierce County, 10% in Thurston County and 15% in Kitsap County.
  • Moody’s Investor Services has upgraded Washington State’s credit rating to AAA (the highest rating possible), a first for the Evergreen State. Moody’s predicts a stable outlook for the next 12-24 months, which bodes well for the housing market.
  • Despite price declines in major housing markets through much of 2019, real estate data firm CoreLogic predicts an annual housing price increase of 5.4% by July of 2020 thanks to rising family incomes, low mortgage rates and older millennial buyers.

Because of the unique considerations involved in buying or selling a horse property, relying on a Realtor with real world equestrian experience makes good sense. If you’re thinking about buying or selling a horse property in the Puget Sound area, please give me a call to discuss how I can put my knowledge and experience to work for you.

Jeff Williams

Jeff Williams is a top-producing Realtor with Windermere Chambers Bay, specializing in equestrian properties in King, Pierce, Kitsap and Thurston counties.

Jeff Williams: (253) 303-1135
JeffWilliams@windermere.com

Contact
South Sound Property Group

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