Cheapest Homes: February 2015 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
8852 13th Ave SW $143,100 2 1 640 4,452 sqft Delridge $224 bank owned
1024 S Director St $164,900 3 1 620 6,000 sqft South Park $266 bank owned
7782 Highland Park Wy SW $178,900 1 1 720 5,040 sqft Delridge $248

Last month’s #1 and #2 homes both went pending. Last month’s #3 is still on the market, but got pushed off the list.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 10
Average number of beds: 2.5
Average number of baths: 1.2
Average square footage: 1,093
Average days on market: 72

Inventory of non-short sale homes under $200,000 in Seattle dipped again from January to February, following the same trend as overall inventory in the county. Beds, baths, and square footage also all fell, as did average days on market.

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 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
9759 57th Ave S $109,000 2 1 580 6,900 sqft Rainier Valley $188 01/16/2015
10512 55th Ave S $127,500 2 1 670 4,000 sqft Rainier Valley $190 01/23/2015
1023 S Sullivan St $152,500 3 1 910 3,960 sqft South Park $168 01/20/2015

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

    Love the construction of the front awning shown in the main picture of the 55th property that sold. The 57th also has some interesting handiwork.

  2. 2

    One Good Thing About a Fixer Upper Versus a Perfect Looking Staged Unit

    The white wash paint over the plastic sealer isn’t covering up possible major structural flaws that a home inspection misses [they don’t use x-rays].

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