The median sale price for an equestrian home in Pierce, King, Kitsap and Thurston counties in the third quarter of this year was $952,000 – 15% higher than it was 12 months ago. We’re not seeing this sort of price appreciation in the broader market, where median home prices are essentially the same as they were last year.
Median sale prices for equestrian properties are up year over year in all counties except Thurston, where the median price for an equestrian property is about 9% lower than it was 12 months ago.
Only 124 equestrian properties were sold in the third quarter of 2023 in Pierce, King, Kitsap and Thurston counties. That’s a 33% drop in sales activity when compared to the third quarter of 2022. Sales activity is unlikely to increase until mortgage interest rates drop, at which point more home owners may consider selling.
The pace of the equestrian home market is still quite a bit slower than it was 12 months ago. On average, equestrian homes in Pierce, King, Kitsap and Thurston counties have been taking 1-2 months to move from “active” to “pending.”
The number of horse properties available for sale in Pierce, King, Kitsap and Thurston counties has been holding steady, with about 2-3 months of inventory available. A balanced market in which buyers and sellers are on equal footing requires 4-6 months of inventory – so it’s still a seller’s market.
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.