Monroe Market Review 2022

What was the average appreciation for homes in Monroe in 2021?

From January 1st, 2021, to Dec 31st, 2021, homes in the Monroe area have appreciated by 25.1% throughout the entire year of 2021

 

The trend continues in Monroe. In December 2021, the average appreciation for Monroe homes was 25.1%. March update: average appreciation in Monroe is 26.6%. That, is a 1.5% increase within the past 3 months

 

 

 

 

 

 

How did your neighborhood appreciate in particular?

In Old Owen, Woods Creek, Foothills, Fryelands, Chain Lake and Trombley Hill

In Old Owen Median Price Sold in 2020 was $687,500 from Jan1st 2020 to Dec 31st, 2020. However Median Price Sold in 2021 was $805,965. That is a 17% increase from 2020-2021  

In Woods Creek, Median Price Sold in 2020 was $457,500 from Jan 1st, 2020, to Dec 31st, 2020. However Median Price sold in 2021 was $709,000. That is a 54% increase from 2020-2021

In Foothills, Median Price Sold in 2020 was $$448,250 from Jan 1st, 2020, to Dec 31st, 2020. However Median Price sold in 2021 was $542,200. That is a 20% increase from 2020 -2021

In Fryelands, Median Price Sold in 2020 was $451,000 from Jan 1st, 2020, to Dec 31st, 2020. However Median Price sold in 2021 was $567,500. That is a 25% increase from 2020 -2021

In Chain Lake, Median Price Sold in 2020 was $623,750 from Jan 1st, 2020, to Dec 31st, 2020. However Median Price sold in 2021 was $826,000. That is a 32% increase from 2020 -2021

In Trombley Hill, Median Price Sold in 2020 was $500,000 from Jan 1st, 2020, to Dec 31st, 2020. However Median Price sold in 2021 was $662,500. That is a 32% increase from 2020 -2021

What was the highest selling home in your neighborhood for 2021 and what was the lowest selling home in your neighborhood in 2021?

Old Owen

  • There were 37 homes sold in Old Owen for 2021
  • Average Price per Sq Ft was $316.56
  • Highest selling house in 2021 was 21468 Calhoun Rd Monroe at $1,225,000 ($Sq Ft $421.25)
  • Lowest Selling in 2021 was 21727 Old Owen Rd Monroe at $500,000 ($Sq Ft $425.89)

 

Woods Creek  

  •  There were 36 homes sold in Woods Creek for 2021 (including both in Monroe as well as Snohomish)
  • Average Price per Sq Ft was $341.66
  • Highest selling home in 2021 was 6101 Woods Creek Rd Monroe at$1,500,000 ($Sq Ft $445.10)
  • Highest Selling home in Snohomish was 7627 213th Ave SE at $1,120,000 (Sq Ft $272.77)
  • Lowest Selling in 2021 was 25325 120TH STREET SE Monroe at $240,000 ($Sq Ft $344.83)
  • Lowest Selling Home in Snohomish 22023 99th St SE at $1,040,000 ($Sq ft $241.02)

 

Foothills

  • There were 5 homes sold in Foothills for 2021
  • Average Price per Sq Ft was $341.83
  • Highest selling home in 2021 was 16955 Lookout Mountain Rd SE Monroe at$625,000 ($Sq Ft $332.09)
  • Lowest Selling in 2021 was 16948 Lookout Mountain Rd SE Monroe at $ $505,500 ($Sq Ft $296.13)

 

Fryelands 

  • There were 70 homes sold in the Fryelands for 2021
  • Average Price per Sq Ft was $355.46
  • Highest selling home in 2021 was 16261 166th Dr SE at Monroe$746,000 ($Sq Ft $317.45)
  • Lowest Selling Home is 16409 Currie Rd Monroe at $337,000 (Sq Ft $306.36)

 

Chain Lake

  • There were 34 homes sold in Chain Lake for 2021 (including both in Monroe as well as Snohomish)
  • Average Price per Sq Ft was$335.85
  • Highest selling home in 2021 was 18824 104th St SE Snohomish at$1,160,000 ($478.94 Sq Ft )
  • Highest selling home in 2021 for Monroe was 13554 196th Ave SE at $1,060,000 (Sq Ft $341.83)
  • Lowest Selling in 2021 was 19726 118th St SE Snohomish at $445,000 ($474.41Sq Ft)
  • Lowest Selling in 2021 in Monroe 14332 High Meadows Rd SE at $450,000 ($Sq Ft $223.10)

 

Trombley Hill 

  • There were 12 homes sold in Trombley Hill for 2021 (including both in Monroe as well as Snohomish)
  • Average Price per Sq Ft was $358.64
  • Highest Selling Home in Monroe was 18346 Rainier View Rd SE at $675,000 (Sq Ft $375.21)
  • Lowest Selling Home in Monroe was 13759 Hemlock Dr SE at $567,000 ($Sq Ft $227.80)
  • Highest Selling Home in Snohomish was 11428 171st Ave SE at $1,200,000 ($Sq Ft $394.09)
  • Lowest Selling Home in Snohomish was 17903 117th St SE at $545,000 ($Sq Ft $405.51)

 

What was the greatest amount over asking price sold last year in Monroe?

  • From January 1st, 2021, to Dec 31st, 2021, there are 604 homes in the Monroe that have been sold. (551 Residential and 53 Condos)
  • Condo 14234 Deerfield Dr SE Monroe #125B asking price $475,000 Sold at $580,000 (22%)
  • Residential 16869 Ladd St SE Monroe asking price $599,950 sold at $800,000 (33%)

 

What is the outlook of 2022 in Monroe?

Judging by 2021, we saw an appreciation in specific locations across Monroe from 17% to as high as 54%. So overall, it’s shaping up to look like Monroe could be within the 18% to 20% appreciation range in 2022. Much of this could come early in the year before Interest rates start to bite into things in the second half.

 

When is the best time to list/Sell your home in 2022?

While there will always be variables such as quality of upgrades, location, and market conditions such as lack of inventory we are facing a unique situation in 2022.

1)   Interest rates are predicted to increase to 3.7% possible by as early as June.

2)   Conforming loans also received a huge increase from the 2021 cap of $776,250 up to $891,250. That’s an increase of $115,000 and adds much more buying power early before the interest rate increases.

3)   We are also faced with historically low inventory. In fact, inventory has dropped 90% in the past 10 years, and we currently only have a little over 4,000 homes for sale in all of Western Washington with a population of 5.5 million people. Additionally, we are projected to add upwards of 200,000 more people per year for the next 10 years.

All of this creates a perfect storm for listing early in 2022.

  • Frustrated buyers with pent up demand seeing projections of homes increasing another 18 to 20% for 2022.
  • Increased buying power of $115,000 for conforming loan limits.
  • Pressure to buy NOW while rates remain closer to 3%.

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