The median sale price for equestrian properties in the Puget Sound region continues to trend upwards, albeit at a relatively modest pace. We saw year over year price gains in Pierce and Thurston counties in the first quarter of 2020 and a slight drop in prices in King.
Despite a significant uptick in sales activity in the first quarter of 2020, inventory levels are on the rise. If buyer demand for equestrian properties cools in response to the COVID-19 pandemic, inventory levels could continue to rise, putting buyers and sellers on a more even footing than they have been in recent years.
Because the housing market was strong when the COVID-19 pandemic began and because the federal government has implemented measures to keep the housing market strong as we head into a recession, we’re guardedly optimistic that home values will remain stable. If we do see a drop in home prices, that drop should be modest.
Given the uncertainty associated with the current health crisis, it’s critical for buyers and sellers to seek expert advice. 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.