Cheapest Homes: December 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
1023 S Sullivan St $160,000 3 1 910 3,960 sqft South Park $176 bank owned
9655 54th Ave S $161,600 3 1 1,044 4,810 sqft Rainier Valley $155 bank owned
7807 46th S $175,000 4 1 1,250 4,500 sqft Rainier Valley $140

You might recognize the #3 home this month from our most recent edition of Real Actual Listing Photos. It’s been on the market for 61 days, but was not quite in the top 3 cheapest homes last month. This is the only listing photo:

ralp_7807-46th-Ave-S-98118

One of last month’s homes has gone pending, while another was taken off the market.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 12
Average number of beds: 2.4
Average number of baths: 1.2
Average square footage: 1,136
Average days on market: 78

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
1412 S Cloverdale St $113,500 2 1 1,410 6,000 sqft South Park $80 11/04/2014
11024 Beacon Ave S $135,900 2 1 760 3,800 sqft Rainier Valley $179 11/20/2014
5704 S Leo St $150,000 5 1.5 2,320 7,242 sqft Rainier Valley $65 11/14/2014
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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. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

11 comments:

  1. 1
    Mike says:

    5704 S Leo St is a good example of how house prices vary between neighborhoods. In my neighborhood a home like that would sell in a week for $450K vs $150K in Skyway, maybe even more. I’ve yet to see even the most dilapidated MCM’s with that square footage dip much below $500K.

  2. 2

    RE: Mike @ 1

    Your Neighborhood?

    Where is it? If its Seattle proper somewhere, I seriously doubt you have all that parking for all them cars like in the photo above.

    Gas is going down below $2/gal in Oklahoma City and assuming Seattle get’s rid of its price gouging [$3.40/gal last I heard] and even the possible local 40 cent more gas tax doesn’t explain the extra dollar difference they’re gouging Seattle drivers for either; living farther from work with a commute expense just got a hades of lot cheaper. I hope you didn’t buy one of those ugly look-a-like pea cars before the gas price plummet.

    I hear new trucks are selling like hotcakes lately ;-)

  3. 3

    By softwarengineer @ 2:

    RE: Mike @ 1

    Your Neighborhood?

    Where is it? If its Seattle proper somewhere, I seriously doubt you have all that parking for all them cars like in the photo above.

    Gas is going down below $2/gal in Oklahoma City and assuming Seattle get’s rid of its price gouging [$3.40/gal last I heard] and even the possible local 40 cent more gas tax doesn’t explain the extra dollar difference they’re gouging Seattle drivers for either

    More income here means more demand for gas. If we priced gas at $2.00 a gallon here the refineries couldn’t keep up. California just used more gas than the prior year for the first time in many, many years, and part of that is price.

    You’ll also notice that same effect in various areas locally. Redmond is not typically a good place to buy gas.

  4. 4
    Erik says:

    RE: Kary L. Krismer @ 3
    OPEC controls oil prices. OPEC is the only legal cartel in the world. Supply and prices are set by this legal cartel. Seems unfair and I don’t know why they get by with it.

  5. 5

    RE: Erik @ 4 – Because they are sovereign states. They can do what they want (unless they happen to be Panama, in which case we kidnap their leader).

    But my comment was about gasoline prices. Even if the oil were free we’d still have to have the gasoline priced about where it is now to avoid shortages–at least over the short term. The cost to make something does not necessarily determine the price it is sold at.

  6. 6
    Deerhawke says:

    OPEC is a not a legal monopoly under US law. It is just that they are an international institution with no US presence, so there is no way for the US government to take action.

    If you want to do your part to hurt their cause, buy a Prius. I bought one a few years ago and every time I fill up (about 9.5 gallons every 3 weeks), I envision a Saudi prince shedding a tear.

  7. 7

    RE: Deerhawke @ 6

    Do You Really Like the Prius Pea Car Look?

    The front end is missing, the back window has no visibility and the wheel base is so low even hitting a moderate pot hole could crack your oil pan. And don’t take it on a mountain either, the electric goes dry and the dinky motorcycle engine alone powering a car means 35 mph max up a mountain road with horrifyingly low gas mileage then too.

    The 2014 Prius looks good on defects though, its intelligent computer system does have one safety recall….not bad at all BTW, especially compared to the rest of the 2014 Toyota line….like a 2014 Ford or Nissan, complete piles of junk and inadequate recalls to fix hardly any of the problems.

    http://www.carcomplaints.com/Toyota/Prius/2014/recalls/

  8. 8
    wreckingbull says:

    RE: Deerhawke @ 6 – Not really. Plenty of energy required to produce that shiny new car, and your now feel smug about your car-based lifestyle (i.e. Toyota Pious) and will continue to flout your superiourity while using oil.

    I save my admiration for those that actually give up driving.

  9. 9
    Deerhawke says:

    It is kind of hard to building infill housing in Seattle on a bicycle.

    The trend I have noticed since the recession is that many of my subs have given up their big honking trucks. On the first day of the job, they arrive in a truck to drop off their tools, ladders and a big lock box. After that, they are driving small 4-cylinder cars down from Snohomish County. One crew of siders commutes in a Prius and I have heard of a cleaning crew that uses a Leaf.

    It may not satisfy those looking for perfection but it is progress.

  10. 10
    Mike says:

    RE: softwarengineer @ 2 – Yes, Seattle proper. I’m in 98117. FYI, we have parking for up to 9 cars in our driveway, 5 non-tandem. The city of Seattle only allows 3 cars to be parked outside per SFH.

  11. 11
    Erik says:

    RE: Deerhawke @ 6
    I drive a Nissan Frontier with 300k miles on it. Gas is not that good, but I when I am remodeling, having a pickup is probably a good thing. I don’t like to spend money and I don’t think buying a new vehicle supports my desire to not spend money.

    Last week I backed up and hit a post. It dented my bumper. I didn’t care and you can’t really even notice unless you really look. Not having to be concerned with dents is luxury to me. When someone runs into me, I just accept cash on the side of the road or from their insurance and fix the dent myself. In the last few years, my truck has paid for itself because of insurance claims and people paying me off to stay quite on the side of the road. The post I backed into didn’t pay out, but it didn’t cost me anything either. I have been putting full synthetic oil and never missing an oil change. A few times a year, I dump seafoam into the gas tank to clean her out. Not worth trading her in for a new car and a payment. No way would I use my savings to pay for bad debt such as a car payment.

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