Cheapest Homes: March 2013 Edition

Cheapest Homes: March 2013 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
751 S Cloverdale St $165,000 2 1.75 700 2,700 sqft South Park $236 -
3007 SW Elmgrove St $169,000 1 0.75 430 4,200 sqft Delridge $393 -
2421 SW Myrtle St $180,000 3 2 1,620 5,004 sqft Delridge $111 -

These are some of the most expensive “cheapest homes” I’ve seen in Seattle since I started this series. Especially the price per square foot on those first two—yikes!

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 23
Average number of beds: 2.4
Average number of baths: 1.3
Average square footage: 1,260
Average days on market: 82

Inventory fell to a new low since I began tracking this data in April 2010. Beds, baths, and square footage are all relatively flat, while days on market was up from February but down from January.

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
4515 S Findlay St $90,000 2 1 750 2,964 sqft Columbia City $120 02/27/2013
9028 18th Ave SW $100,000 2 1 1,180 6,490 sqft Delridge $85 02/05/2013
9304 32nd Ave SW $115,500 2 1 810 5,200 sqft Delridge $143 02/22/2013
  

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.

9 comments:

  1. 1
    David Losh says:

    This is really startling. It is 2006 all over again.

    The Dow just hit a record high, and cracker boxes are selling for around $200K.

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  2. 2
    The Tim says:

    FYI: The NWMLS stats for February are scheduled to come out today, but since I’m traveling all day, I most likely will not be able to post them until later this afternoon or evening.

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  3. 3

    RE: David Losh @ 1

    Yes David

    But IMO the DOW is going up with sequestration destroying middle income jobs, because there’s been no necessary “across the board” cuts announced on foreign/corporate stock companies [includes defense]….that’s gotta end soon, unless they increase the debt limit. The HORRIFYING 20% middle income job furloughs announced only add up to a fraction of the cuts needed….slowing the defense contracts [eliminating the need for today’s payroll at Boeing i.e.] is the missing ingredient if Military and Retirees aren’t included in this charade “across the board” cuts….

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  4. 4
    Blurtman says:

    RE: David Losh @ 1 – I love the smell of bubble in the morning. The smell, you know that bubble smell. Smelled like … recovery.”

    Rate this comment: Thumb up 0

  5. 5

    RE: Blurtman @ 4

    They All Do

    Remember 2006/2007?

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  6. 6
    Blurtman says:

    RE: softwarengineer @ 5 – So if you look at home prices, for example, the bubble has been described as a significant departure from straight line. Sharp rise and sharp fall. Consider it to be a wave. Imagine thousands or millions of such waves strung together. From a distance, it would appear to be a straight line. So one view is that the future will consist of even more periodic bubbles.

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  7. 7

    Most of these homes seem to be in South Park and Delridge. Any sense of where they would be if you excluded those two neighborhoods from consideration?

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  8. 8
    mike says:

    RE: Benjamin Lukoff @ 7

    Rainier Valley towards Skyway and Beacon Hill. 98133 used to have a bunch of serious cheap dumps as well.

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  9. 9

    […] two this month was number one last month. The other two homes from last month are both currently pending. This month’s number one […]

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