Puget Sound equestrian home sales activity was up in the third quarter of this year, but median sale prices were down year over year – similar to what we saw in the second quarter of this year.
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Market Update
The median sale price for an equestrian home in the Puget Sound region is $840,500 – about 11% lower than it was 12 months ago. Conversely, sales activity is up 17% year over year. That means more equestrian properties have been selling but for less money. That isn’t something that I’m seeing in the broader non-equestrian home market, where sales activity and home values have been fairly flat for the past few months.
144 equestrian homes were sold in Pierce, King, Kitsap and Thurston counties in the third quarter of this year – a 17% increase in sales activity when compared to the third quarter of 2023. Activity in Pierce County fueled the bulk of that increase in sales.
The median sale price for an equestrian home in the Puget Sound region is about 11% lower than it was 12 months ago but it’s essentially unchanged from the second quarter of this year. That means that prices may be stabilizing.
Equestrian homes in Pierce, King, Kitsap and Thurston counties haven’t been selling as quickly as they once did. Time from “active” to “pending” is 6-8 weeks on average.
Inventory levels are holding steady in King and Kitsap counties but have been more variable from quarter to quarter in Pierce and Thurston.
Current Market Conditions
- The Federal Reserve responded to improving economic indicators by cutting their borrowing rate by half a percent in September. Fed officials expect another full percentage point of cuts in 2025.
- The average 30-year-fixed mortgage rate dropped to 6% at the end of September but has ticked up since then. Current rates are still more attractive than the 7½ to 8% rates on offer 12 months ago.
- Despite improvements in mortgage interest rates, the number of existing home sales nationally has dropped to its lowest level since the start of the pandemic, according to data from Redfin.
- An August report from the Commerce Department noted that home buying intentions had fallen to their lowest levels in 10 years, due in large part to high mortgage interest rates and high home prices.
Given 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 has been riding and showing American Quarter Horses since childhood and is a top-producing Realtor with Engel & Völkers Chambers Bay, specializing in equestrian property sales in King, Pierce, Kitsap and Thurston counties.
Jeff Williams
(253) 303-1135
[email protected]