Cheapest Homes: April 2014 Edition

Cheapest Homes: April 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
8218 8th Ave S $161,200 2 1 1,250 6,250 sqft South Park $129 bank owned
3038 S Holden St $169,000 2 1 660 5,000 sqft Beacon Hill $256 bank owned
751 S Cloverdale St $175,000 2 1.75 700 2,700 sqft South Park $216 -

The #1 home from last month has sold, while the #2 and #3 homes are reruns. 3038 S Holden St did move up one space thanks to a price drop.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 13
Average number of beds: 2.2
Average number of baths: 1.2
Average square footage: 1,074
Average days on market: 99

Inventory of cheap homes slipped back down in April after starting to climb in March. The average number of beds and baths both dropped, while the square footage and days on market increased in the month.

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
9330 52nd Ave S $120,000 1 2 846 2,650 sqft Rainier Valley $142 03/07/2014
7739 13th Ave SW $130,500 2 1 880 4,000 sqft Delridge $148 03/20/2014
8411 48th Ave S $145,000 3 1 1,170 5,450 sqft Rainier Valley $124 03/14/2014
  

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

    And the Best Location is Where You Bought One [or want to Buy One]

    IOWs, location is subjective….TOTALLY in the eye of the beholder.

    Hades, I think Tim’s Everett location beats packed central Seattle’s $300-800K condos or equivalent high rent apts [with extravagent HOA fees any day]…..at least Tim can park a car at his house….LOL

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  2. 2
    Scotsman says:

    I drive past the Cloverdale house when coming home from our boat. Trust me- its never looked better than it does in those pics. Pragmatism pretty much rules my life- not status, ego, or pride. And I would never consider living there. If that’s the third cheapest house in Seattle and it’s still priced at almost three times the median family income, then we have bigger problems. When half the families in a city can barely afford to purchase its worst housing, what does that say? Financialization, high taxes, stagnant incomes, cloaked inflation numbers, duplicitous government, etc. Interesting times ahead.

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  3. 3
    mike says:

    Anyone else here slightly mystified or offended by this years prices? $565K. sold year ago at $435K. I can’t imagine paying that much, but I’m not looking to buy either.

    http://www.redfin.com/WA/Seattle/8035-30th-Ave-NW-98117/home/163656

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  4. 4
    Blurtman says:

    RE: mike @ 3 – it’s darling and warm. Must have hired an ace stager for this flipper.

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  5. 5

    RE: mike @ 3

    Yes, “Mystified” is a Good Term to Describe Seattle Real Estate Since 1980

    Back then, home mortgage rates were like 12% and it took 100% of a good professional income just to buy the shack [you needed another income, so you could eat]….and that was $100K type prices. Just years before the Baby Boomers had no affordable homes in the Seattle area in 1980, the older Baby Boomers grabbed up the last of the $40K homes they could afford on one income, with like 8% mortgage interest. When the price doubled to like $80K and 12%, the grim reaper hit affordability. It really hasn’t gotten much better since.

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  6. 6
    wreckingbull says:

    RE: mike @ 3 – Ever since “Being John Malcovich” was released, these places are white-hot.

    http://filmesegames.com.br/wp-content/uploads/2013/11/being_john_malkovich-1.jpg

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  7. 7
    whatsmyname says:

    RE: Scotsman @ 2
    It’s a duplex.

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  8. 8
    Scotsman says:

    RE: whatsmyname @ 7 – I know, but a contrived one at that. Look at the parking situation. Just to the right of the picture is a steep bank up to the freeway. The skate park across the street is the best place to buy drugs. Sorry, I’ve looked at it. Duplex or not, just run away. There’s a reason it hasn’t sold. ‘Nuff said.

    Ok, maybe I’m too harsh. Or it’s the perspective I come from. I want to level and reseed my front lawn and hence was calculating the possible cost this morning. My front lawn for a not very fancy country house is about 17,000 square feet. That’s seven times the size of this lot. For $170K? Even if it generates $1400/mo in gross revenue-( less taxes, maintenance, lost rent, legal fees, and more headaches than a handful of Percocet will ever cure)- that’s not a deal.

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  9. 9
    goblue72 says:

    RE: mike @ 3 – That’s one heck of a flip. I bought a year ago in Ravenna when rates were bottomed out (and even then had to stretch to do it) and if I was home shopping today I couldn’t afford the same neighborhood.

    The people with money these days (Amazonians, Microsofties, Fred Finchers, and others) want to live close to work – which these days is in the city.

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