Cheapest Homes: February 2014 Edition #SeattleRealEstate

Posted by Jared Tadique on Wednesday, February 19th, 2014 at 11:07am

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 toRedfin):

AddressPriceBedsBathsSqFtLot SizeNeighborhood$ / SqFtNotes
8411 48th Ave S $140,000 3 1 1,170 5,450 sqft Rainier Valley $120 bank owned
751 S Cloverdale St $175,000 2 1.75 700 2,700 sqft South Park $216 -
8843 3rd Ave S $199,000 3 1 980 5,100 sqft South Park $203 -

All three of last month’s homes are now off-market. One has sold, one is pending, and one was just pulled off the market without selling. 751 S Cloverdale St was bumped off the list last month, but it’s back, even without a price change.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 12
Average number of beds: 2.3
Average number of baths: 1.2
Average square footage: 1,041
Average days on market: 49

Inventory of cheap homes didn’t budge between January and February, staying at the new low set last month. Other stats were basically flat during the month except for average days on market, which dipped.

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).

AddressPriceBedsBathsSqFtLot SizeNeighborhood$ / SqFtSold On
11457 70th Place S $121,400 3 1 880 6,600 sqft Rainier Valley $138 01/16/2014
4443 S Eddy St $137,000 1 1.5 960 5,842 sqft Rainier Valley $143 01/31/2014
10447 56th Ave S $145,799 2 1 1,260 10,080 sqft Rainier Valley $116 01/29/2014
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