S.F. versus Seattle: For people mulling a California exodus, what home does $1.2 million get you?

Last week, a Chronicle analysis looked at another region in-state that has become popular for Bay Area residents looking to move out and buy elsewhere: Sacramento. In our look at homes under $1 million in San Francisco and Sacramento, a theme emerged: not a lot of inventory, lots of interested buyers and a highly competitive market.

In Seattle, real estate angents say they see a similar trend, though perhaps not as extreme. With droves of people moving into the Emerald City and a reduced inventory as homeowners in the region stay put, homes are flying off the shelves. Zillow data shows January home prices were up 13% from the previous year, and inventory down 25.5%.

Here are two homes, one in San Francisco and one in Seattle, with similar prices. Both have been popular listings, and their differences demonstrate why Seattle might look so appealing to those Californians looking to move on.

A quirky Victorian with a huge lot — but on a busy street

908 Potrero Ave.

List price: $1,187,500

Size: 2,192 square feet

Price per square foot: $542

Amenities: Spacious yard, legal one-bedroom in-law with solid tenant, triple parlor

Just steps away from the bustling 24th Street corridor, this Potrero/Mission home is a quirky Victorian single-family home with many historical details still intact: pocket doors, 10-foot ceilings, and a triple parlor on top of its three full bedrooms.

At the $1.2 million price point, it’s “affordable” for San Francisco, said Vanguard Properties listing agent Kilby Stenkamp, and the owner spent a lot of money to revamp the home.

“We actually at one point were going to do an e-blast to East Bay buyers priced out of the San Francisco market, saying ‘This home is for you,’” Stenkamp said.

But the home, built in 1907, has also been priced with a few things in mind. For one, the home is on a busy street, Potrero Avenue. It’s across the street from San Francisco General Hospital, which means the street can get noisy. And although the house is a single-family home — which are not common at this price point — it doesn’t have a garage. Another detail is important: it comes with a legal one-bedroom “in-law” unit that is occupied with a tenant paying $1,800 a month.

Stenkamp said that while the presence of a tenant and opportunity for rental income was attractive to some buyers, it was a deal breaker for some who wanted a property delivered vacant. But they’ve already had quite a few viewings and have received two offers.

Most other properties at the $1.2 million price point are getting bid up over the asking price, said Stenkamp. Even though there is significantly more inventory at this price point than under $1 million, the competition in San Francisco is still steep, especially for a house with as much space as this one.

But there’s San Francisco space … and then there’s Seattle space.

Five-bedroom Craftsman called the Castle, with skylights galore

2740 38th Ave. S.W.

List price: $1,095,000

Size: 3,510 square feet

Price per square foot: $312

Amenities: Driveway parking, detached garage, unfinished basement, yard

This house — on a quiet street in West Seattle — was originally priced higher. Homesmart listing agent Monica Tracey said she lowered the list price to $1.095 million to get it under the $1.1 million mark, which led to a “flurry of activity,” adding that she got an offer the same day she made the price reduction.

The five-bedroom, two-bathroom Craftsman is a bit of a famous one in the neighborhood, nicknamed “The Castle” for its noticeable exterior stonework in the front. It’s older by Seattle standards, having been built in 1911, which gives it an original feel.

Many of its details — like the molding, lighting, and doorknobs — are part of its traditional charm, she said. The house is also on a very quiet street, and the neighborhood is known for good schools and a community feel.

“This particular street has second and third generations living on it,” said Tracey. “Sometimes the grandkids will come and buy the house back.”

Though the home would need some work, its upside is that it has a lot of space, complete with a large yard, an unfinished basement space and even a recreational room that has two basketball hoops.

And much of the house has been redone. That includes the kitchen, which was made into an open “hosting” space, and one of the bathrooms, where a hall closet was refitted, quite creatively, into a unique shower.

“You could probably find a smaller house (at the same price point) … that’s fully updated with a view,” said Tracey. “But the interest in this house is that big unfinished basement, which adds another thousand square footage of potential.”

Annie Vainshtein is a San Francisco Chronicle staff writer. Email: avainshtein@sfchronicle.com Twitter: @annievain