Cheapest Homes: September 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
9633 59th Ave S $162,500 2 1 690 4,176 sqft Rainier Valley $236 bank owned
7926 44th Place S $189,888 3 1 1,540 5,508 sqft Rainier Valley $123
4806 S Rose St $180,000 2 2 850 4,750 sqft Rainier Valley $212 bank owned

The number one and number two homes from last month have since gone pending, pushing the number three home up to number one this month.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 10
Average number of beds: 2.1
Average number of baths: 1.2
Average square footage: 1,259
Average days on market: 67

Inventory of non-short sale homes under $200,000 in Seattle dipped slightly in September, but remained just barely in double digits. Beds and baths are mostly unchanged, square footage bumped up again, and days on market spiked.

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
8319 42nd Ave S $140,000 2 1 900 6,400 sqft Beacon Hill $156 08/14/2014
10765 59th Ave S $141,750 3 1.75 1,350 6,630 sqft Rainier Valley $105 08/11/2014
5352 S Bangor St $164,808 3 1.5 1,250 5,411 sqft Rainier Valley $132 08/11/2014
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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.

3 comments:

  1. 1

    A Flipper Thinks 20% Down Crimps Investment Cash

    A bank thinks 20% down gets a “pre-approved” status.

    In my neighborhood the $400K HOA loan for property improvements still in limbo [more likely disapproved]….the HOA thinks the units it manages have equity it can demand to use for another bank’s loan collateral….appears a very bad assumption and/or financial advice to date now.

  2. 2
    mmmarvel says:

    NEVER fails to amaze me that people are actually getting these prices for these houses. The cheapest one listed is pending – really? $140K for an OLD less than 1,000 square foot house and some one thinks it’s a DEAL???? Oh My Goodness.

  3. 3
    Kary L. Krismer says:

    RE: mmmarvel @ 2 – It’s location. Sometimes it’s just the value of the lot–the lot might be more valuable if the house was gone. It wouldn’t surprise me that any flat unimproved 4000 square foot lot inside the city limits of Seattle would be worth at least $200,00, particularly if it had already been connected to sewer for a prior house. (I’m assuming the King County Capacity charge only gets charged once per lot.).

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