PI:

Police were called to the scene of a shooting in the 800 block of 32nd Avenue South about 8:30 p.m. and found the victim with a gunshot wound. He was treated at the scene and no other details were available on his condition. The suspect fled to a house, which was surrounded by police.

UPDATE: Central District News is all over it:

[T]he victim had been shot in the head by another man armed with an AK-47... There's a huge police response, including heavily armed SWAT teams. Traffic and pedestrian access has been shut down for several blocks around the crime scene and the site of the standoff.

The suspect is described as an 18 year old white male, 6' tall, muscular build, blonde hair, wearing a black tank top and shorts. He's possibly associated with two other older black males, whose whereabouts are currently unknown...

UPDATE 2: According to two teenagers (acquaintances of the victim) at the scene at Harborview, the victim's family came out and told everyone that the victim was dead. This is unconfirmed information. Employees of Harborview emergency room deny the presence of any shooting victim this evening. No deaths have been reported to the King County Morgue as of a few minutes ago. The East Precinct of the Seattle Police Department has no information, according to someone reached just now on the after-hours line.

UPDATE 3: According to Central District News: The "victim, a man in his early 20s, died at the scene." According to the father of a friend of the victim, the victim is not in his 20s but an 18-year-old.

UPDATE 4: Seattle Times confirms the death, as does the PI.

UPDATE 5: Again, Central District News:

12:12AM - Dispatch says: The suspect is still outstanding, but it's unknown if he's actually in the house or not. He is considered armed and dangerous.