Cheapest Homes: October 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
7766 10th Ave SW $88,000 1 1 600 4,200 sqft Delridge $147 bank owned
9211 39th Ave S $125,000 2 1 990 4,000 sqft Beacon Hill $126 -
502 S Donovan St $139,800 3 1 1,130 9,000 sqft South Park $124 -

One of the homes from last month is now pending, another has sold.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 38
Average number of beds: 2.2
Average number of baths: 1.2
Average square footage: 1,205
Average days on market: 93

Very slight increase in inventory, but drops in beds, baths, and square footage. Days on market increased.

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
4825 S Orchard St $61,900 2 1 830 3,680 sqft Rainier Valley $75 09/24/2012
3836 23rd Ave SW $80,000 2 1 850 5,000 sqft Delridge $94 09/26/2012
3720 37th Ave S $110,000 3 2 1,750 11,362 sqft Rainier Valley $63 09/19/2012

The MLS says that first one is still pending, but public records show it having sold on the 24th.

  

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.

3 comments:

  1. 1
    Lo Ball Jones says:

    For comparison’s sake, to the “cheapest Seattle house”:

    $58,900
    1986 Oak Hill Cir
    Dallas, TX 75217
    BEDS: 3
    BATHS: 1.5
    SQ. FT.: 1,542
    $/SQ. FT.: $38
    LOT SIZE: 7,840 Sq. Ft.
    PROPERTY TYPE: Residential, Single Family, Single Detached

    http://www.redfin.com/TX/Dallas/1986-Oak-Hill-Cir-75217/home/30922328

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  2. 2
    David Losh says:

    RE: Lo Ball Jones @ 1

    Did you happen to notice the bars on all the windows, and doors?

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  3. 3
    Keith Eneix says:

    So, is this a significant increase in the cheapest homes from previous years past? We’ve been in the Seattle area for years and I was not sure if the housing market today is much different then 2009 2010?

    [business link removed by admin – read the rules]

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