Cheapest Homes: November 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
1023 S Sullivan St $169,500 3 1 910 3,960 sqft South Park $186 bank owned
8852 13th Ave SW $170,000 2 1 640 4,452 sqft Delridge $266 bank owned

Only one home from last month (#2) has since gone pending.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 15
Average number of beds: 2.3
Average number of baths: 1.3
Average square footage: 1,154
Average days on market: 82

Inventory of non-short sale homes under $200,000 in Seattle dipped slightly from October to November, following the same trend as overall inventory in the county. Beds and baths both inched up, square footage was basically flat, and days on market shot up.

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
4414 S Bateman St $162,500 1 1 760 6,141 sqft Rainier Valley $214 10/30/2014
7926 44th Place S $167,000 3 1 1,540 5,508 sqft Rainier Valley $108 10/24/2014
2201 S Eddy St $180,000 2 1 860 7,215 sqft Beacon Hill $209 10/31/2014
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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.

4 comments:

  1. 1
    No Name Guy says:

    Hmmm….all of them are sold already per the Redfin listings. All mention “elbow grease” or “TLC” or “build sweat equity”, but in looking at the photos, they qualify as they don’t appear to be in “extreme disrepair”.

  2. 2
    The Tim says:

    RE: No Name Guy @ 1 – I think you are looking at the second list, which is sold homes regardless of condition. The first list is for-sale homes.

  3. 3
    ChrisM says:

    The agent for the third listing (13th ave) has really done a fantastic job on the photos. Clearly the bank is getting their money’s worth. But if bank-owned, why no entry in the listing history of the bank taking the property over? King County says Deutche Bank took it over 8/15/2014 $125,883.00, but why doesn’t this show up in the Redfin property history?

    Meanwhile, the first property (Rose) should get an award for delusional seller (in this case NATIONSTAR MORTGAGE), only 102 DOM! At least whoever buys it will see a nice drop in their property taxes.

  4. 4

    One Thing is For Certain

    If you’re looking for a good deal on a house in the Seattle area, don’t search the low listing areas….go to the foreclosure listing websites….far more choices and sweet deals too.

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