Cheapest Homes: May 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 $119,000 2 1 1,640 2,925 sqft Rainier Valley $73 bank owned

Same exact three homes as last month, with a slight price drop on number three.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 56
Average number of beds: 2.8
Average number of baths: 1.4
Average square footage: 1,364
Average days on market: 85

Inventory continues to fall, but the average number of beds and the average square footage both hit new highs.

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
9445 8th Ave SW $95,000 3 1.75 1,190 7,320 sqft Delridge $80 04/13/2012
3508 S Oregon St $100,000 2 1 1,480 5,510 sqft Rainier Valley $68 04/12/2012
1201 S Henderson $100,500 3 1 1,360 6,000 sqft South Park $74 04/23/2012

That first one has surprisingly nice photos for a sub-$100k house.

  

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.

2 comments:

  1. 1
    Scotsman says:

    So nobody wants a 2/1 even if it’s cheap? The cheap homes that did sell all seem to offer more, proving that the market isn’t completely stupid. Final observation is that the bottom of the Seattle market seems to be hanging in there at right at $100K. Would these been seen as a deal at $85K or does that buyer then look in Covington, Tacoma, Kent, etc for more house for the same money?

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  2. 2

    By Scotsman @ 1:

    So nobody wants a 2/1 even if it’s cheap?

    Not many do. 1.75+ bath homes are now priced where 1 bathroom homes were priced a few years ago, so more people elect to pay more than to compromise.

    Note I just said in another thread that it’s a rookie flipper mistake to buy a 1.5 bath home to flip. It really limits your market and your potential upside, making it harder to profit.

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