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 |
|---|---|---|---|---|---|---|---|---|
| 522 S Concord St | $94,500 | 1 | 1 | 420 | 6,000 sqft | South Park | $225 | – |
| 4812 S Othello St | $109,900 | 4 | 3 | 2,080 | 4,000 sqft | Brighton | $53 | bank owned |
| 10628 57th Ave S | $117,500 | 3 | 1 | 1,350 | 7,200 sqft | Rainier View | $87 | bank owned |
522 S Concord still in the top three with another price drop. Of course, at $225 per square foot, it isn’t exactly a screaming bargain…
Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 92
Average number of beds: 2.7
Average number of baths: 1.4
Average square footage: 1,303
Average days on market: 76
A bump up in inventory, but a bit of a dip in the rest of the stats.
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:
Here are cheapest homes in Seattle that actually sold in the last month in arms-length transactions, 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 |
|---|---|---|---|---|---|---|---|---|
| 9438 5th Ave SW | $60,000 | 2 | 1.0 | 750 | 9,000 sqft | Delridge | $80 | 09/14/2011 |
| 8854 10th Ave SW | $82,813 | 3 | 1 | 1,200 | 4,760 sqft | Delridge | $69 | 09/28/2011 |
| 4243 S Findlay St | $95,000 | 2 | 1.0 | 960 | 4,120 sqft | Columbia City | $99 | 09/06/2011 |
The #1 home in the above list was our #1 cheapest for sale in the August edition, and it sold for nearly 20% cheaper than list price. Whoa.