Cheapest Homes: January 2014 Edition

Cheapest Homes: January 2014 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
7739 13th Ave SW $158,400 2 1 880 4,000 sqft Delridge $180 bank owned
10447 56th Ave S $150,000 2 1 1,260 10,080 sqft Rainier Valley $119 bank owned
4624 S Mead St $164,900 3 1.75 1,530 3,605 sqft Rainier Valley $108 bank owned

One of last month’s homes has gone pending, while the other two are still on the market but were edged off the list this month. This is the first month in quite a while that all three of the cheapest homes in Seattle area bank-owned.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 12
Average number of beds: 2.3
Average number of baths: 1.2
Average square footage: 1,023
Average days on market: 81

Inventory of cheap homes fell to a new low in January. Other stats were basically flat during the month except for average days on market, which shot up.

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
1041 S Sullivan St $113,000 3 1 960 8,040 sqft South Park $118 12/31/2013
3948 S Warsaw St $123,000 4 2 1,010 3,700 sqft Rainier Valley $122 12/30/2013
9110 1st Ave NE $135,000 2 1.5 1,280 6,600 sqft Maple Leaf $105 12/13/2013
  

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.

3 comments:

  1. 1
    James says:

    Mead St looks well-located and in decent shape. I wouldn’t be surprised to see the closing price over 200K

    Rate this comment: Thumb up 0

  2. 2
    ChrisM says:

    RE: James @ 1 – Agreed. Interesting that the property wasn’t picked up at auction, as the listing price is pretty close to the auction price. I wonder if the bank did any repairs…

    Rate this comment: Thumb up 0

  3. 3
    James says:

    RE: ChrisM @ 2 – It actually went for 175K. golly.

    Rate this comment: Thumb up 0

Leave a Reply

Use your email address to sign up with Gravatar for a custom avatar.
Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Please read the rules before posting a comment.