With mortgage interest rates hovering around 6%, potential home buyers aren’t as eager to purchase as they were just a few months ago. Multiple offer situations are less common, and year over year price gains are tapering off in Pierce (5% gain from 2021 to 2022), Kitsap (10% gain) and Thurston (15% gain) counties.
103 equestrian properties were sold in the second quarter of 2022 in Pierce, King, Kitsap and Thurston counties – a 9% decrease in sales activity compared to the second quarter of 2021. The bulk of that decline was in King County, where housing prices are historically highest. It’s possible that increasing mortgage rates are pushing some potential buyers into more affordable Pierce County.
Though equestrian home sales activity has dropped off in the Puget Sound region, the horse properties that have been selling have been selling quickly – in a month or less on average, depending on location.
In the current real estate marketplace, it remains critical for buyers and sellers to seek expert advice. If you’re thinking about buying or selling a home in the area, please contact us to discuss how we can put our knowledge and experience to work for you.