Cheapest Homes: June 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
815 SW Cloverdale St $168,000 2 1 1,210 1,675 sqft Delridge $139
4614 S Warsaw St $174,900 3 1 1,600 4,920 sqft Rainier Valley $109 bank owned
1022 SW Portland St $175,000 2 1 1,070 5,150 sqft Delridge $164

Only one of last month’s homes has gone pending. The third-cheapest home from last month is still on the market but has been pushed off the list. It was priced the same as #3 this month, but was quite a bit more expensive per square foot, which was the tie-breaker.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 20
Average number of beds: 2.3
Average number of baths: 1.2
Average square footage: 1,179
Average days on market: 54

Mirroring the increases we’ve seen in overall inventory over the last couple of months, the number of homes under $200,000 increased for the second month in a row. Days on market dropped from its huge level last month, while size, beds, and baths were all relatively stable.

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
3961 S Thistle $114,000 2 1 920 9,454 sqft Beacon Hill $124 05/24/2013
4518 Delridge Wy SW $120,000 2 1 670 6,136 sqft Delridge $179 05/24/2013
9243 12th Ave SW $122,000 2 1 710 4,305 sqft Delridge $172 05/22/2013
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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.