Cheapest Homes: July 2013 Edition

Cheapest Homes: July 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
815 SW Cloverdale St $168,000 2 1 1,210 1,675 sqft Delridge $139
751 S Cloverdale St $175,000 2 1.75 700 2,700 sqft South Park $250
144 NW 103rd St $199,950 1 0.75 510 5,100 sqft Greenwood $392

Number one is a carry-over from last month. Last month’s number two home has since gone pending, while last month’s number three was taken off market without selling. The second-cheapest home this month is actually a carry-over from May that was pushed off the list in June by cheaper homes.

The third-cheapest home this month was featured a few weeks ago on Looney Listing. It’s is pretty incredible. Check out how many electronics the current owner has managed to pack into just 510 square feet.

144 NW 103rd St., Seattle, WA 98177

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 17
Average number of beds: 2.4
Average number of baths: 1.4
Average square footage: 1,181
Average days on market: 84

After two months of increasing inventory of cheap homes, stock retreated slightly this month. Meanwhile, average beds, baths, and square footage all increased slightly.

Here are our usual 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
3518 1st Ave NW $83,738 1 1 350 1,320 sqft Fremont $239 06/19/2013
8614 22nd Ave SW $126,000 1 1 730 7,740 sqft Delridge $173 06/07/2013
13337 25th Ave NE $126,000 0 0.75 360 2,918 sqft Lake City $350 06/12/2013

Oh hey, look at that. Number three on this month’s sold list was the popular “Littlest Cottage in Seattle,” the number one cheapest home in April. Sold for $10,000 under its original $136,000 asking price (93% sale-to-list ratio).

  

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

    Tim, is That a Picture of Your Seattle Bubble Control Room?

  2. 2
    ChrisM says:

    What is a grey water well, and why would one have one? Is it to pull water for dishwasher & toilets?

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