We’ve noticed a slowdown in the local housing market in the past few weeks. Showing activity and pending sales are down, and we’re starting to see some price reductions. This shift could be temporary, as potential homebuyers turn their attention to summertime fun, or it could be a much needed market rebalance.
With the first wave of COVID-related mortgage forbearance programs set to end in September, homeowners unable to make catch up mortgage payments may be forced to sell this fall. This increase in available inventory would put buyers and sellers on more even footing.
112 equestrian properties were sold in the second quarter of 2021 in Pierce, King, Kitsap and Thurston counties – a year over year increase of 38%. COVID-fueled interest in rural properties is partially responsible for this uptick in sales activity, for the rapid pace of the market and for the steep increase in equestrian home prices.
Thurston County still feels like a good value, particularly compared to King County (where the median equestrian home price has reached $1 million).
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.