Cheapest Homes: October 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
4806 S Rose St $160,000 2 2 850 4,750 sqft Rainier Valley $188 bank owned
9633 59th Ave S $162,500 2 1 690 4,176 sqft Rainier Valley $236 bank owned
1023 S Sullivan St $169,500 3 1 910 3,960 sqft South Park $186 bank owned

Only one home from last month has since gone pending. This is the first month in quite a while that all three homes are bank owned.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 18
Average number of beds: 2.2
Average number of baths: 1.2
Average square footage: 1,157
Average days on market: 60

Inventory of non-short sale homes under $200,000 in Seattle actually increased quite a bit from September as overall inventory in the county dropped slightly. Beds and baths are mostly unchanged, square footage dipped slightly, and days on market shrank.

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
8643 Delridge Wy SW $154,550 1 0.5 1,140 2,406 sqft Delridge $136 09/19/2014
4221 S Kenyon St $155,000 2 1 810 4,755 sqft Rainier Valley $191 09/19/2014
8306 49th Ave S $185,000 3 2 1,440 5,000 sqft Rainier Valley $128 09/09/2014
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.

2 comments:

  1. 1

    The Inventory of Cheap Seattle Homes

    Peaked at 113 in late 2010 and its about 20 today….hmmmmm…

    Here’s about 300 more in the Kent area alone:

    http://www.homes.com/for-sale/kent-wa/foreclosures/?orderby=price asc

    Happy home hunting…

  2. 2
    Erik says:

    Crazy! All these homes priced under $200k! Interesting how these homes were searched for using the search filter and posted on his site.

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.