Third Quarter Equestrian Home Market Update
112 equestrian properties were sold in Pierce, King, Kitsap and Thurston counties in the third quarter of 2020 – a modest 5% increase in sales activity when compared to the third quarter of last year. Sales activity was particularly strong in Thurston County, which remains attractively priced compared to King and Pierce.
Year over year equestrian home prices are up 12-19% in Pierce, King and Thurston counties – in spite of COVID-19. Not surprisingly, buyer desire to live in suburban and rural settings has increased in response to the pandemic and is likely fueling some of the increase in equestrian home values.
Current Market Conditions
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- National pending home sales in August were 24% higher than they were in August of 2019, and home purchase mortgage applications were up 25% - signs of an accelerating real estate market.
- Buyers seem particularly interested in larger houses that allow them to work from home, a preference that is predicted to outlast the pandemic.
- WalletHub compared 300 U.S. cities of varying sizes across 24 indicators of housing market attractiveness and economic strength. Seattle ranked #2 and Tacoma ranked #13 on their list of Best Places to Buy a House, though affordability was a notable concern.
- Permits for single family home construction jumped in August to its highest level since 2007, reflecting an increase in builder confidence. Rising costs for materials and labor could dampen that enthusiasm.
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 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
Contact Jeff Williams
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