Equestrian home sales activity in the Puget Sound region was about 15% lower this spring than it was in the second quarter of 2019, largely due to COVID-19. Despite the market slowdown, year over year home values have continued to rise in all counties.
Equestrian homes are selling relatively quickly – typically in just one to two months of the list date – and inventory levels remain limited. Buyer demand seems to be outpacing seller supply.
Buyer interest in suburban and rural listings is on the rise – up by about 15% from last year according to Realtor.com – and buyers working from home are increasingly interested in more space and more privacy. Danielle Hale, chief economist for Realtor.com, also reports increased interest in the luxury and second home market, particularly second homes in driving distance of primary residences. All of this bodes well for equestrian home values.
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.