Capitol Hill Real Estate – 2016 in Review

Capitol Hill HomesCapitol 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.

November Real Estate Report!

Like the rest of Seattle, Capitol Hill real estate market continues to be very strong. This past month (November), Capitol Hill had 37 sales. While not a lot of sales, the details are interesting. Last month, the traditional Seattle home was listed for $849,880 and sold above asking price: $1,136,000. Another home was listed for $1,375,000 and sold for $1,510,000. With limited inventory, buyers are competing and raising the prices even higher than asking.  The median average sale price has gone from $447,500 (November 2015) to $567,500 (November 2016). The average highest price has jumped by $204,000 and lowest going up by $55,000. A couple sales can change the average quite a bit, for example Capitol Hill had several small condos sell in, what a difference a year makes!

 

O’Dea Principal Quits After Being Accused of Abuse

Photo Courtesy of O’Dea High School

Brother Karl Walczak has resigned as principal at O’Dea High School, after being accused of sexually abusing a minor in the 1970s.  According to the Seattle Times, the accusations against Walczak relate to his time teaching at another diocese in the early 70’s, and he has denied all accusations.

The operation of the high school will continue under the Acting Principal James Walker. The School Board did not learn of the accusations until Wednesday afternoon.  According to the Times, John Shuster, Seattle co-director of the Survivors Network of Those Abused by Priests (SNAP) has accused O’Dea School and Archdiocese of Seattle of a cover up, and knowing of Walczak’s accusations back in August, and not acting on the issue. For further coverage on the story, visit the Seattle Times.

Seattle Gets Approval to Design First Hill Street Car Extension

Yesterday afternoon, Seattle Major Mike McGinn said that the City of Seattle has gathered enough funds to begin the design and planning process for the First Hill Streetcar line’s Broadway extension. According to the City of Seattle, $850,000 of federal funding have already been secured, and another $900,000 are pending final approval, in which case the City will have enough funding to design a half mile line extension, requested by the Capitol Hill neighborhood. The line would then extend into Broadway’s Retail District, and be able to support residents by moving the terminus from Denny Way to Roy Street.

The Seattle Department of Transportation is currently constructing the First Hill street car line, and ever since the project’s first stages of planning, the Capitol Hill community has been very vocal about obtaining an extension to the North End of Broadway, instead of it’s currently final stop at the Capitol Hill Link light rail station. The extension project would continue the double track street car installation, with two or three additional stops, and the total extension project is estimated to be around $25 million. For more information on the project, visit the Seattle Streetcar’s website.

Recess Monkey Performs at Cal Anderson This Weekend

If you’re looking for something fun to do with the kids this weekend, treat them to a fun filled performance at Cal Anderson Park, where the local trio of Seattle elementary school teachers turned rock stars Recess Monkey will be playing live, starting at 2:45pm. Recess Monkey is the nationally acclaimed trio who have made 8 albums of funky music for kids and the whole family.

Photo Courtesy of Recessmonkeytown.com

Their last album In Tents has been reviewed as high energy, and really pin points what gets kids excited, and that ability to nail that has been a huge factor in their success. Time Out New York recently named them the #3 “Kindie” band in America, and their performance at Cal Anderson marks a very pivotal point in their career, as the drummer is bidding the band farewell after the concert to pursue other opportunities. Bring your kids to the Park, and enjoy an afternoon of music this Sunday.

It’s Halloween; Don a Scary Costume, Save at These Local Restaurants/Bars

With Halloween right around the corner, Seattle restaurants are taking advantage of the festive scary scenery, and rewarding  cladly dressed Seattleites with specials on food and drink around town, from now until October 31st. Check out the list of establishments who actually prefer if you’re dining in Zombie attire than suit and tie this week.

Boka will be offering happy hour prices on all food and drink items to all diners dressed in Zombie attire this Saturday October 27th! Zombie diners are also encouraged to head over to the Thrill the World dance off in Occidental Park to break the record for biggest “Thriller” performance.

Belltown Pub will be hosting a Dracula PJ party with Halloween food and drink available, and no cover charge from 9-close on October 27th.

Linda’s Tavern is having a 50’s themed Halloween mixer on October 31st, with guest DJ King Dude. Party begins from 8pm-close, with free entry. Costumes strongly suggested.

Cupcake Royale Place your order of 12 or more cupcakes on or before October 30th for your big Halloween party, and receive a free pint of Cupcake Royale ice cream.

Cafe Flora will host a pumpkin decorating event on Saturday from 10am-2pm in Washington Park, perfect for your little ones. Pumpkin bread, pancakes and spiced cider will be on hand to snack on during the festivities. Costumes are welcome!

Elysian 2012 Pumpkin Beer Festival This Weekend

In honor of the upcoming Halloween holiday, the folks over at Capitol Hill’s own Elysian Brewing Company are hosting a Pumpkin Ale Festival this weekend, taps open at 7pm tomorrow evening.

There will be over 60 variations of Pumpkin beers, with 13 from Elysian, and an actual pumpkin will be tapped each day, filled with a secret Elysian brew. There will be food carts on site to fill hungry bellies, pumpkin carving contests, and costumes are certainly encouraged. The event will actually be held at the Elysian Sodo location, so come on down and enjoy the fall drinks. For more information, visit the Elysian Brewery site.

Capitol Hill Youth Center Faces Closure

One of Capitol Hill’s popular homeless youth centers may be facing closure if they aren’t able to raise enough funds by this upcoming Wednesday October 17th. The Peace for the Streets by Kids From the Streets shelter has been around 18 years, and staff, volunteers, and youth who use the shelter are trying desperately to raise enough funds to keep the shelter afloat.

The shelter’s mission is to support homeless and at risk youth and young adults to lead a positive and self sufficient lifestyle. If the shelter can raise enough in donations to last them throughout the end of the month, they may have enough time to apply for grants to help for future funding, according to the Seattle Times. This year the center did not receive some $70,000+ in donations that they usually can count on, possibly due to the economy, and higher numbers in need at the shelter. The PSKS Center is noted for not turning away, when other shelters choose to turn away some youth who are not sober, have mental health issues, or even those who have pets. If you’d like more information on the youth center, or wish to donate, visit the Foundation’s Website.

New Design Plans For Broadway Hill Park Unveiled

This week Broadway Hill Park advocates have two opportunities to come support and view the final design and development of the new park, which will be extended to the corner of Federal and Republican Street. Landscape architects and site developers will be at the park to unveil the final design, and on hand for questioning tonight from 6-7:30pm, and on Sunday October 7th from 1-2:30pm.

If you can make it to the viewing, your attendance could be added as a contribution to the park, and demonstrates community involvement with it’s development, and will coincide with matching the grant funding for this project. If attendees sign in and stay for at least an hour towards helping the project, and funding the operation. According to the Capitol Hill Blog, the design unveiling will be the first time that a plan including a natural play area, and a community garden space will be shared publicly. Curious about the park’s future design now? Here is a sneak preview.

Garbage Piling Up? Waste Management Strike Affects King County

Did you notice your garbage was still in the driveway when you came home from work yesterday afternoon? You weren’t the only one! The Waste Management Team in King and Snohomish counties went on strike yesterday afternoon against the largest refuse service over wage and benefits issues in the Northwest. According to the Seattle Times, the Local 117, which includes 153 recycling-route drivers walked out yesterday, and were joined by the garbage truck drivers of Local 174 shortly after.

Drivers began to pull service trucks into the South Seattle Waste Management yard, stepped out of their vehicles and picked up a picket sign. Their strike affects over 220,000 in King and Snohomish counties, and Waste Management could be issued steep fines should the strike drag out; up to $4,500 dollars a day for failing to make scheduled collections, and $250,000 if the strike drags out longer than a week. Drivers have been without a contract since May 31st, and are disputing the wage gap between recycle drivers who start at $17 an hour vs garbage drivers who’re starting at around $26 an hour. At this time there are no plans for negotiation in place, Waste Management hopes drivers will come back to work. For more information on the strike, visit the Seattle Times.