Cheapest Homes: May 2011 Edition

Let’s check in again on the cheapest homes around Seattle proper. Here’s our methodology: I search the listings for the cheapest homes currently on the market, excluding short sales, in the city of Seattle proper. Any properties that are in obvious states of extreme disrepair based on listing photos and descriptions will be excluded. This includes any listing that uses the phrases “fixer,” “rehab loan,” or “value in land.” I post the top (bottom) three, along with some overall stats on the low end of the market.

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, that 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
10715 59TH Ave S $99,900 3 1 1,360 7,683 sqft Rainier Valley $73 bank owned
8415 Dallas Ave S $124,900 3 1.5 1,470 5,335 sqft South Park $85 bank owned
4211 Letitia Ave S $129,000 4 2.5 910 3,000 sqft Columbia City $142 bank owned

Number one up there is the only holdout from March’s update. The other two both sold.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 86
Average number of beds: 2.5
Average number of baths: 1.4
Average square footage: 1,295
Average days on market: 88

Inventory took a big hit from our last update, as did days on market. The rest of the numbers were mostly flat, but square footage did creep up just a bit.

Here are a couple of charts to give you a visual of the trend of these numbers since I adjusted the methodology in April 2010:

Seattle's Cheapest Homes: Stat Trends
Seattle's Cheapest Homes: Stat Trends

Here are cheapest homes in Seattle that actually sold in the last month, regardless of condition (since most off-market homes don’t have much info available on their condition).

Address Price Beds Baths SqFt Lot Size Neighborhood $ / SqFt Sold On
10461 57th Ave S $70,000 2 1 1,810 7,200 sqft Rainier Valley $39 04/26/2011
11748 16th Ave NE $93,000 2 1 870 8,100 sqft Lake City $107 04/27/2011
8137 10th Ave SW $102,200 2 1 550 5,000 sqft Delridge $186 04/28/2011
  

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.

8 comments:

  1. 1
    Scotsman says:

    Bah. The cheapest homes are yet to come- get ready for the next big leg down.

    “Home Prices Double-Dip:

    http://www.cnbc.com/id/42904204

    Actually, the Columbia City one looks interesting, and I hear that’s an up-and-coming neighborhood. That the cost per square foot is almost double the others confirms this. And think how easy it would be to secure that mother- a little razor wire ont op of the cement wall and you’re ready to go to sleep. Maybe.

    Got kevlar?

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  2. 2
    Scotsman says:

    Oh, has anybody mentioned you need to have job to buy a home? That’s not going as expected either- something about “anomalies.”

    http://hotair.com/archives/2011/05/05/jobless-claims-spike-due-to-anomalies/

    Cheap homes, about to get even cheaper.

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  3. 3
    bobthemagicman says:

    By Scotsman @ 1:

    Bah. The cheapest homes are yet to come- get ready for the next big leg down.

    “Home Prices Double-Dip:

    http://www.cnbc.com/id/42904204

    Thanks for the link!

    Rate this comment: Thumb up 0

  4. 4
    David North says:

    By Scotsman @ 2:

    Oh, has anybody mentioned you need to have job to buy a home? That’s not going as expected either- something about “anomalies.”

    Or what about mounting pressure to scale back or do away with the Home Mortgage Interest Deduction, stop subsidizing Fannie & Freddie, etc.? The multiple offer wave is real and it’s far bigger than it has been in several years, but it’s not as big as the underlying economic and political realities that have yet to be honestly faced.

    Rate this comment: Thumb up 0

  5. 5
    ray pepper says:

    Its only 2:15pm on Thursday and I see 238 properties 10k-500k in King County going to Trustee Sale tomorrow and 144 properties 10k-500k in Pierce!!

    Looks like were gonna have a 500 week with 0-500k in just King and Pierce. Thats simply Epic…

    They are all coming back……………..By the time these hit the NWMLS in 4-12 months 500 a week will be common place!

    People will only remain stupid for so long!!

    Bring em on! Its the Spring and time to UNLOAD!

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  6. 6
    ray pepper says:

    Buyers………….. When told your offer has met another offer and the Bank would like your “highest and best” please do like our Buyers and LOWER your offer! Remind the listing agent he/she already had your highest and best but due to “deteriorating market conditions” you were forced to reevaluate!

    Ahhhhhhhhhhhhhhh….fun times……

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  7. 7
    Leanne says:

    One last sold in November 2010 for $190k +. Less than six months to default, foreclose and go back on market with almost 70k drop.

    Rate this comment: Thumb up 0

  8. 8
    MIchael B says:

    RE: Scotsman @ 1

    Thanks for the link! Saw this one, too:

    That’s because the foreclosure pipeline, that is loans 90+ days delinquent or in the foreclosure process, is enormous. Foreclosure inventory is at a new all-time high. There are so many loans still waiting to go into foreclosure…in fact the total number of loans 90+ delinquent is 45 times the size of the current monthly foreclosure sale number. 45 times!

    It would take 4 years, at the current foreclosure sales pace, to process all those troubled loans, and that’s just selling the loans back to the bank, not selling the foreclosed properties onto the housing market; you can add another year for that. And that’s why I’m not exactly ready to call a bottom to home prices. All that foreclosure inventory, for that long period of time, will weigh on prices no question.

    But isn’t it just in those few bad states, like Florida, Arizona, Nevada and California? No.

    Those were the states with the biggest subprime lending problems, which means they have seen the bulk of the foreclosures completed already. Yes, their volumes, their absolute levels, will be the highest, but the greatest increase in REO (bank-owned) activity is yet to come in places like the East Coast, the Rockies and the Pacific Northwest. That’s where the borrowers fell behind because of unemployment and the recession, not because of the quality of their loans. “

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