Market update in Monroe

Posted by Liza Alley on Thursday, March 24th, 2022 at 7:51am

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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%.

 

Ready to get started?

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I can help you sell your home and/or find your next home

I make my home in Monroe and love all the things that Snohomish County has to offer. I’m dedicated to giving my friends, neighbors, and the local Snohomish County community simply outrageous service. Please give me a call and I’d be happy to share how I can market and sell your home for top dollar! 

Or, if you are in the market to buy, I can help with that as well. Being a local real estate agent with intimate knowledge about the Snohomish County and broader eastside market allows me to serve our community's personal real estate needs. My goal is to not just meet, but always exceed your expectations.

 

Please provide a valid email address.

 

 

The Cascade Team provides a full-service experience that is a step above; by executing a marketing plan that is unique to your home, rich in technology and high in service. We leverage the most innovative technological tools to provide the most exposure possible for your home to increase the communication and service to you, our client.

 

 

 

Use your real estate agent as a resource

Thinking about selling your home and wondering how much your home has appreciated? Contact me, and I'll update you about how much your home is worth and how much your neighborhood, in particular, has appreciated. The earlier you bring a local real estate agent into the fold, the better. A good real estate agent will tour properties regularly and know their market inside and out. They can likely explain the seemingly inexplicable and offer tips to help make your home more valuable.

A good real estate agent has the inside knowledge on pending homes sales and their finger on the pulse of the market 24/7.

Amazing real estate marketing & 1% listing commission for home sellers* 

The Cascade Team real estate is a company like no other because of the marketing, service, and home seller savings we provide. We understand that in today’s real estate & home selling environment, we need to provide a high level of real estate service and widespread marketing of the home for sale, utilize technology to keep our home seller clients in the communication loop and provide added value to both home buyers and home sellers in the real estate transaction. The effective use of technology tools allows our real estate agents to focus more of their time on servicing our clients and finding home buyers for your home, all the while providing the most comprehensive real estate marketing program available. In the end, you get the perfect combination of online real estate tools and personal service in the home selling process.

You want to make sure you are receiving the most out of your investment. You want a real estate agent who is focused and determined to not only meet but exceed your expectations. And more importantly, market your home the right way to help you get your price that you envisioned for your home. Not only will The Cascade Team marketing plan help set your home up for success, but we will also save you thousands of dollars - $$$ Calculate Your Savings $$$

 

 

 

 *1% Listing Fee + Buyer Agent Commission

 

 

 

 

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