COVID-19 has had an undeniable impact on the local housing market and home buyer preferences.

 

Second Quarter Equestrian Home
Market Update

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.

Current Market Conditions

  • Showing activity dropped off significantly during the first few weeks of the COVID-19 shutdown, but buyer interest has surged since then. Showing activity at the end of June was 50% HIGHER than it was at the end of June 2019.

  • Mortgage applications for home purchases are up 20% when compared to last year and rates remain incredibly low, approaching 3% for a 30-year loan.

  • Though buyer interest is strong, sellers have been slower to acclimate to the pandemic. The number of new listings hitting the market in June was 25% lower than it was in June of last year.

  • The housing market is outperforming other sectors of the economy in spite of high and persistent unemployment numbers, and home values are expected to hold steady into 2021 according to data from the National Association of Realtors, CoreLogic and Freddie Mac.
Spacious patio off the great room overlooking the horse facilities

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 has been riding and showing American Quarter Horses since childhood and is a top-producing Realtor with Windermere Chambers Bay, specializing in equestrian property sales in King, Pierce, Kitsap and Thurston counties.

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

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