Cheapest Homes: July 2012 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
1010 S Trenton St $95,000 2 1 820 12,197 sqft South Park $116
9632 54th Ave S $139,900 2 1 780 6,000 sqft Rainier Beach $179 bank owned
539 S Donovan St $149,900 3 2 1,480 6,000 sqft South Park $101

Number 1 carried on from last month, while last month’s #2 and #3 homes are now pending.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 30
Average number of beds: 2.4
Average number of baths: 1.4
Average square footage: 1,267
Average days on market: 98

Another big hit to inventory, falling 37.5% in a single month. Beds, baths, and square footage were more or less flat.

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
8719 10th Ave S $65,000 2 1 680 4,410 sqft South Park $96 06/07/2012
7702 Delridge Wy SW $99,000 3 1 880 6,300 sqft Delridge $113 06/05/2012
4832 S Chicago St $100,000 4 1.5 1,560 5,007 sqft Rainier Valley $64 06/22/2012
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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. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

5 comments:

  1. 1
    Lo Ball Jones says:

    Seems like expectations of buyers and sellers are more askew than ever.

  2. 2

    Good List Addition Tim

    Its not pending or “what if” buyers on bank owned properties.

    Happy Seattle buyers actually buying bargains too….good for them.

  3. 3
    whatsmyname says:

    By Lo Ball Jones @ 1:

    Seems like expectations of buyers and sellers are more askew than ever.

    With sales at the highest level in years, this statement makes no sense. Clearly expectations of buyers and sellers are more congruent than they have been in years. That’s how you get more sales.

    Think of the relative few survivors in the realty business; they must be doing great splitting more sales among fewer agents.

  4. 4

    RE: whatsmyname @ 3 – I too had no idea what Lo Ball was talking about. Maybe he/she can explain?

    Great may be over-stating it, but it’s not bad at all. The real losers are the firms. Those have not declined to the same extent as agents.

  5. 5

    […] three homes from last month are either pending or sold. This month’s homes are some of the most expensive “cheapest […]

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