Cheapest Homes: April 2012 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
7528 16th Ave SW $99,900 2 1 1,320 6,000 sqft Delridge $76 bank owned
1010 S Trenton St $106,000 2 1 820 12,197 sqft South Park $129 -
4412 S Kenyon $124,000 2 1 1,640 2,925 sqft Rainier Valley $76 bank owned

Two of last month’s homes stayed on the list to this month, while the third has gone pending.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 64
Average number of beds: 2.6
Average number of baths: 1.4
Average square footage: 1,255
Average days on market: 74

Big drop in inventory, as well as a decrease in the average square footage.

Here are our monthly “cheapest homes” charts:

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 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
8805 16th Ave SW $50,469 2 1 740 5,120 sqft Delridge $68 03/12/2012
4429 Rainier Ave S $80,000 2 1 1,250 3,000 sqft Rainier Valley $64 03/20/2012
4716 26th Ave SW $82,500 2 1 1,030 4,800 sqft Delridge $80 03/29/2012
  

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.

4 comments:

  1. 1
    Erik Muller says:

    What does “DOM” stand for?

    Rate this comment: Thumb up 0

  2. 2
    The Tim says:

    RE: Erik Muller @ 1 – Days On Market.

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  3. 3
    Scotsman says:

    The South Park/Trenton one- that’s a real house? Dreams of glory. Value must be in the land, as they say.

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  4. 4

    The Ones That Paid Like $300-500,000 for Their’s Recently

    Lament these are all junk in prison yard neighborhoods.

    Don’t throw the babies out with the bath water, there’s cheap Seattle GEMs hiding everywhere like Easter eggs.

    Expensive neighborhoods usually have little or no kids near by too, so if that’s your desire to raise a family there in the retired folk and DINK neighborhoods, go for it.

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