Cheapest Seattle Homes: June Edition

Let’s check in again on the cheapest homes around Seattle proper. Ideally this should be a monthly series, but somehow it was overlooked last month. For methodology and a brief explanation of the reasoning behind this series, hit the April post.

Please note: These posts should not be construed to be an advertisement or endorsement of any specific home for sale. We are merely taking a brief snapshot of the market at a given time. Also, just because a home makes it onto the “cheapest” list, does not indicate that it is a good value.

Here are this month’s three cheapest single-family homes in the city limits of Seattle (according to Redfin):

Address Price Beds Baths SqFt Lot Size Neighborhood $ / SqFt Notes
10044 10th Ave SW $144,950 1 1 520 7,620 sqft White Center $279 -
8523 Dallas Ave S $151,200 2 1 900 3,480 sqft South Park $168 Bank-Owned
7525 14th Ave SW $155,000 3 1 1,580 6,000 sqft Delridge $98 -

There were a few houseboats that showed up in my SFH search that were cheaper than these three, as well as a couple “fixer-uppers” of the more extreme variety. All three of April’s featured cheapest homes are no longer on the market, but according to Redfin, none of them actually sold, either.

Stats for Seattle Single-Family Homes Under $200,000
Total on market: 42
Average number of beds: 2.0
Average number of baths: 1.2
Average square footage: 979
Average days on market: 72

As an added bonus, here are the three cheapest homes in terms of dollars per square foot:

Address $ / SqFt Price Beds Baths SqFt Lot Size Neighborhood Notes
5316 S Wallace St $81 $250,000 6 3 3,090 9,627 sqft Rainier View -
3332 S Holly St $94 $325,000 5 2.75 3,440 10,630 sqft Mid-Beacon Hill -
7525 14th Ave SW $98 $155,000 3 1 1,580 6,000 sqft Delridge -
  

About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

17 comments:

  1. 1

    THERE ARE NO BARGAINS OUT THERE YET

    To me, a house purchase bargain not only beats rent [let’s be honest too: include after purchase money pit maintenance on decripit used homes, property tax, mortgage insurance if needed, closing costs, realitor fees, HOA fees as needed, water/sewer fees that sometimes come free with rent, on-going wear and tear maintenance, and insurance].

    If you buy a home and its not a pristine one; make sure you got lots of spare cash in the bank….you’ll need it.

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  2. 2

    I love this thread!

    The house at 10044 10th Ave SW is south of the city limits, I’m pretty sure, which I think is Roxbury Street. But no matter, maybe calling it the cheapest house within a few blocks of the city limits would be more apt. On that note, one about two blocks from the city limits:

    http://www.redfin.com/WA/Tukwila/5005-S-114th-St-98178/home/175158

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  3. 3
    Kary L. Krismer says:

    RE: Ira Sacharoff @ 2 – If they’re just going by “Seattle” in the address, I’m showing 4 stick built that are cheaper than the cheapest here, and I’m pretty sure at least one of them is in Seattle proper. I’m wondering why they aren’t showing up on Redfin?

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  4. 4
    The Tim says:

    RE: Ira Sacharoff @ 2 – Curses. You’re right, again. After April’s post I even tried to make sure I checked any home addresses on a city map if they looked like they were near the city limits on Redfin’s map. I actually eliminated the one you linked to for that very reason. Guess the White Center one didn’t catch my attention. Oh well. That’s why I included the “according to Redfin” qualifier after my statement about the city limits.

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  5. 5
    Kary L. Krismer says:

    I always wonder how accurate the NWMLS’s reporting of Seattle medians is, because I don’t think there’s a good way to only include Seattle sales. Area 360, for example, includes areas inside and outside of Seattle, but some (all?) of the ones outside of Seattle have Seattle addresses. I guess it doesn’t really matter that much as long as they’re consistent.

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  6. 6
    D. says:

    You said April’s homes were not on the market anymore. I noticed this about Redfin. Now they only show Active listings. I can’t seem to get any sort of Pending up on Redfin. Try SeattleListings.com and do a search by address and you can see the homes with Pending. April’s 10225 Evanston is on seattlelistings and says Pending.

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  7. 7
    Groundhogday says:

    Dang, those are some pretty expensive “cheap” houses. $168/sq ft on a 3.5k sqft lot?

    We have a long way to go in this correction.

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  8. 8
    Esol Esek says:

    I agree that it would seem that things are not as cheap as they should be, but what about in-migration from the sweltering disaster areas of the US? Anybody got the newest migration figures?

    Rate this comment: Thumb up 0

  9. 9
    Roger says:

    “Disaster migrants” are homebuyers? We are special up here, aren’t we?

    Rate this comment: Thumb up 0

  10. 10
    deejayoh says:

    RE: Esol Esek @ 8 – they are here
    http://www.dol.wa.gov/about/reports/Apr2009WDLReport.pdf

    flat vs. last year – although if you look at the underlying data, I suspect there is an error in that I am relatively certain that zero is not the number of people that emigrated to california last month as shown on the report

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  11. 11
    b says:

    Do they come with bars pre-installed or do you have to use your $8k for that?

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  12. 12
    David Losh says:

    There are 42 homes under $200K with an average market time of 72 days.

    It wasn’t that long ago there was very little under $300K.

    Prices are coming down, but to me there is very little activity for such a perfect set of investor circumstances. Low interest rates and low prices. At 5% or 6% mortgage interest some of these homes could be rentals.

    Here’s the problem: there are very few good tenants moving around. The ones that are moving are shopping price and location.

    Another thought that keeps coming back to me is that the investor pool must be tapped out. If there was a pool of cash investors it seems they would be snapping. It just seems like a mom dad and the kids market to me.

    In my opinion the next stop for some of these properties will be below $100K, the way it was, and should be.

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  13. 13
    David says:

    Hello,

    Please take a look at Case-Shiller housing declines in the bubble areas. It amazes me that Seattle is now higher than San Diego.

    I think we have a lot further to fall. I honestly don’t think this state is any more “special” than other states (and I have lived just about everywhere West of the Mississippi).

    http://4.bp.blogspot.com/_nSTO-vZpSgc/SiYsu7tsxuI/AAAAAAAAGNo/uXSw7XJARbU/s1600-h/case-shiller-2009-05-TC.png

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  14. 14
    Racket says:

    San Diego is $8k more than Seattle.

    But Seattle did peak 2 years later, which is interesting.

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  15. 15
    Lake Hills Landlord says:

    Ha ha! I just realized that “7525 14th Ave SW” is across the street from where my girlfriend used to live. It was the worst kept house on the block and “mysterious” cars with “mysterious” people used to pull up at all hours. I always assumed it was a prostitution or drug den. Most of the houses on the block and in the neighborhood are well kept up, so if you bought this and refurbished it you would be doing the neighborhood a great benefit.

    It still seems a bit expensive to me. I’m thinking it should be sub $100k. The only other downside is the church up the street tends to fill the street up with cars on Sunday, plus they play loud music which floods all the neighbors.

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  16. 16
    Curtis says:

    RE: Ira Sacharoff @ 2 – That is Correct. Roxbury is the city limits dividing line in that area so the house is 2 1/2 blocks past the city limits. It should also be noted that the area between that house and Roxbury is a public housing development (Greenbridge). They are currently rebuilding the public housing development with 3x the density that it had previously. I believe that it was going to be 1/3rd market rate housing, 1/3rd public housing, and 1/3 some form of subsidized housing. With the housing crash, I wonder what is going to happen with the 1/3rd market rake housing part of the project…

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  17. 17
    tpn says:

    The house in South Park is actually in pretty sad shape, and the floor design is kinda wierd. But I seem to remember it being on the market 3 years ago for about 230k.

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