Fourth Quarter Equestrian Home Market Update
King County’s equestrian home market seems to have rebounded from the slowdown that it experienced in 2018. The median sale price for a horse property in King County is 13% higher today than it was a year ago. Year over year home prices in surrounding counties are relatively flat but, with limited inventory available for sale, equestrian home values are likely to rise in all counties in 2020. As always, accurate pricing will remain critical to a successful sale.
The year over year decrease in sales activity could be the result of limited housing inventory or it could represent the beginning of a slowdown in the equestrian home market. Time will tell.
Equestrian homes sold relatively quickly in King, Pierce and Kitsap counties in the 4th quarter, but the pace of sales was sluggish in Thurston County.
The inventory of equestrian homes available for sale in the Puget Sound area remains surprisingly low.
Current Market Conditions
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- According to Freddie Mac’s chief economist, the U.S. real estate market remains on solid ground in spite of a global economic slowdown. Housing starts, building permits, existing home sales and new home sales are all outperforming the broader economy.
- According to Goldman Sachs, the likelihood of a recession in 2020 is only 20%.
- Experts from the National Association of Realtors, the Mortgage Bankers Association, Fannie Mae and Freddie Mac all predict that mortgage interest rates will remain below 4% throughout 2020.
- Data giant CoreLogic predicts that home values in Washington State will appreciate 5-6% in 2020.
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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