Third Quarter Equestrian Home
Market Update
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.
Current Market Conditions
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- Mortgage interest rates remain high, hovering between 7.5% and 8% - the highest we’ve seen in almost 25 years.
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- Expert opinions about when the Fed will start cutting interest rates vary widely - from later this year to the end of next. In a recent Reuters poll of 97 economists, the consensus prediction for rate cuts was late spring or early summer of 2024. The housing market is likely to remain sluggish until then.
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- Though not the most common reason for moving, approximately 10% of U.S. home sellers have been motivated by return-to-office mandates according to a recent report by Redfin. Amazon, Google and Meta are among the major corporations that have asked their employees to come back to the office, at least part time.
- Comparing 300 cities of varying size across 17 key indicators of housing market attractiveness and economic strength, a recent WalletHub report ranked Seattle at #13 on its list of the best places to buy a house in 2023.
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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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