Cheapest Homes: May 2013 Edition

Cheapest Homes: May 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
3007 SW Elmgrove St $169,000 1 0.75 430 4,200 sqft Delridge $393 -
1022 SW Portland St $175,000 2 1 1,070 5,150 sqft Delridge $164 -
751 S Cloverdale St $175,000 2 1.75 700 2,700 sqft South Park $250 -

Only one of last month’s homes has gone pending. The third-cheapest home from last month is still on the market but has been pushed off the list.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 15
Average number of beds: 2.3
Average number of baths: 1.2
Average square footage: 1,282
Average days on market: 120

Couple more homes on the market than last month, and a huge spike in days on market. Apparently most of what’s left on the market after the big drop in inventory over the last few months is the stale homes that buyers just aren’t interested in even at rock-bottom prices.

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
9434 37th Ave S $79,000 1 1 430 4,000 sqft Beacon Hill $184 04/30/2013
10710 56th Ave S $121,900 1 1 820 21,825 sqft Rainier Valley $149 04/15/2013
9411 15th Ave SW $126,000 1 1.75 960 5,772 sqft Delridge $131 04/18/2013
  

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.

2 comments:

  1. 1

    Good Term: Stale Homes

    That stale smell of mildew comes to mind….its what happens when inventory isn’t listed or sits priced too high too long for what ya get.

    As the Baby Boomers in groves retire on poverty incomes due to shrinking 401Ks, layoffs and TERMINATED pensions….they may likely make more “stale homes” lacking proper routine maintenance in the near future, as they wait for the elusive recovery.

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  2. 2
    Mike says:

    Are you sure the Elmgrove one should really make the list? I think you can buy a pre-fab shed a Home Depot bigger than that house. The (limitted) value of which must be in the land. Look at that price/sqft, there are tricked out million dollar homes that can’t match that level.

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