Cheapest Homes: April 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
13337 25th Ave NE $136,000 0 0.75 360 2,918 sqft Lake City $378
751 S Cloverdale St $175,000 2 1.75 700 2,700 sqft South Park $250
4614 S Warsaw St $189,000 3 1 1,600 4,920 sqft Rainier Valley $118 bank owned

Number two this month was number one last month. The other two homes from last month are both currently pending. This month’s number one cracks me up. Just 360 square feet. Zero bedrooms. From the listing description:

well i may be tres petite but i am very cute The Littlest Cottage in Seattle, promise you absolute peace & quiet, 100% privacy, blissful views of nothing.

Nice.

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: 1.1
Average square footage: 1,083
Average days on market: 54

Huge drop in inventory, nearly cut in half. Beds, baths, and square footage all dropped as well. Days on market cut by nearly a month. The market for cheap homes in Seattle has suddenly gotten very tight.

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
5339 21st Ave SW $90,000 1 1 470 4,000 sqft Delridge $191 03/25/2013
850 S Trenton St $101,000 3 1.5 940 4,424 sqft South Park $107 03/19/2013
8610 Renton Ave S $105,000 2 1 1,190 5,733 sqft Rainier Valley $88 03/14/2013
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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.