Cheapest Homes: January 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
9211 39th Ave S $125,000 2 1 990 4,000 sqft Beacon Hill $126
4213 S Kenny St $129,900 4 2.5 1,540 3,150 sqft Rainier Valley $84 bank owned
8719 10th Ave S $150,900 2 1 680 4,410 sqft South Park $221 bank owned

One of the homes from last month sold, another is pending, and the third carried over to this month.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 28
Average number of beds: 2.4
Average number of baths: 1.4
Average square footage: 1,238
Average days on market: 98

Inventory fell, but beds, baths, and square footage all rose. Days on market shot up over 20 days.

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
12503 14th Ave NE $70,000 3 2 1,690 5,111 sqft Pinehurst $41 11/30/2012
1801 17th Ave S $75,000 3 2 1,920 8,881 sqft Beacon Hill $39 12/04/2012
99009 3rd Ave S $78,499 3 1 950 3,774 sqft South Park $83 12/28/2012

All three of these look like they are probably extreme fixers. I wouldn’t be surprised to see them all end up back on the market in a few months, listed for at least twice the December price.

0.00 avg. rating (0% score) - 0 votes

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.

6 comments:

  1. 1
    Mike says:

    That is interesting that the “cheapest” listing in South Park is in fact a flip priced nearly 3 times what it sold for in June 2012. How the market has changed!

  2. 2
    ChrisM says:

    Tim – did you read the redfin comment for 4213? “Lower level is mostly torn out and will need complete redo” doesn’t that exclude it from your filtering?

  3. 3
    The Tim says:

    RE: ChrisM @ 2 – It’s the basement. You can see what they’re talking about in photo #15. I don’t think it makes sense to exclude a listing due to an unfinished basement with moisture issues. Plenty of homes have those. The actual living space on the main floor looks to be in good condition, so I decided not to exclude it.

  4. 4

    Since Home Prices Average About $190K in America

    It would be interesting to see an average home buyers’ household income in America for Dec 2012, vs comparing the average here in the Seattle area for Dec 2012.

    My guess is they are about the same, or if Seattle’s is much higher….it explains the inventory plummet to the match the comparable miniscule Seattle available buyer pool [there aren’t that many higher incomes available to buy real estate anywhere in America now]….if they are about the same, Lord help the Seattle families buying homes afford food, utilities, transporation and uninsured dental too.

  5. 5
    ChrisM says:

    RE: The Tim @ 3 – Interesting that the listing says “Fully Finished Basement” – I wonder it is counted in the square footage?

  6. 6
    ARDELL says:

    RE: ChrisM @ 5

    1,540 sf with 1,180 of that on the main floor plus 360 of the 1,180 on the basement level. So partially. 2,360 sf “as built” with 1,540 of it considered to be finished per County Records.

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=""> <s> <strike> <strong>

Please read the rules before posting a comment.