Capitol hill real estate, like Seattle real estate, continued to be strong in 2016. Capitol Hill home market in 2016 seemed uninterrupted from 2015. Prices were up in total ($983,591 average vs $981,161) and cost per square feet ($460 average vs $439), days on marketed decreased (25 vs 32), and the number of sales increased (221 vs 204).
Capitol Hill condos still attracted Seattle buyers in 2016 like they did in 2015. While the number of condos sold reduced (349 vs 365) nearly all other numbers improved. Median sales price ($399,000 vs $355,000) and average price per square foot ($552 vs $492) went up. The numbers of days on market tightened with condos staying on for only 18 days in 2016 versus 23 days in 2015.
Maybe the most astonish number for the previous two years is both the Capitol Hill homes and Capitol Hill condos on average sells for over list price. In 2016, the average Seattle home on Capitol Hill sold for 103.1% of list price in 2016 and 103.6% in 2015 and the average Seattle condo on Capitol Hill sold for 104.2% of list price in 2016 and in 2015 it was 102.7%.
The Capitol Hill real estate market is similar to Seattle and the surrounding counties. The overall real estate market in the region (area covered by Northwest Multiple Listing Service which serves 23 Washington State counties) saw an 8.1 increase of sales in 2016 when compared to 2015 with inventory at a record low for most of the year. For the 23 counties, the median sales price increased 8.9 percent from $310,000 in 2015 to $337,500 in 2016. Condos, which make up a smaller share of the market, were actually up 12.6% while single-family homes increased 8.7%.
Inventory was tight throughout the year, there was an average of 1.86 months of inventory in 2016, compared to 2.4 months in 2015. King County was the tightest with only 1.1 months of supply. A balanced market is generally considered to be between 4 and 6 months of inventory.
2017 seems to be taking over where 2016 left off. Low inventory remains and prices remain strong. As always, to maneuver the market, reach out to your local real estate agent to navigating the Seattle real estate market.
These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.
Pictured: Capitol Hill Home sold in August 2015 for $2,550,000.