I happened to read about the most expensive zip codes in the Puget Sound area in one of the recent issues of the Puget Sound Business Journal. The survey looked all over the sound at the average cost of housing, the average income of the residents, and the average net worth in each zip code. The data used to determine the wealthiest zips is measured by these statistics, not just the real estate values. However, I did a bit of a reality check on some of the real estate numbers. I reviewed Multiple Listing statistics to see how they compared to the data in the Journal.
No big surprise, Medina is the wealthiest community in the area. The median price for homes is well over $1,000,000. Mercer Island ranked as the second wealthiest community, with the median pricing falling in the $800,000+ range.
What other zips on the Eastside made the top ten, according to the Business Journal?
- 3-98075-Sammamish
- 4-98053-Redmond
- 5-98074-Sammamish
- 6-98077-Woodinville ( the county areas)
- 7-98006-Bellevue (South of I-90)
- 8-98004-West Bellevue, Hunts Point, Clyde Hill
- 9-98110-Bainbridge Island
- 10-98177-Seattle, including The Highlands
This article sees the wealth of the region moving east, east even of Lake Sammamish, to the city of Sammamish, with its two zip codes, then to 98053, the county areas of Redmond, and to Woodinville. Ironically, only one Seattle zip made the top 10.
One of the big surprises is the ranking of the city of Sammamish. In the past two years, Sammamish has surpassed many of the Eastside's other communities and has achieved a top ten ranking. The city's two zip codes rank in the top five. There is a home listed as selling for $28 million. It does not show up in MLS stats and could have been a private sale. This huge sale would raise the median pricing for the area by quite a bit.
The 98053 zip code encompasses more outlying areas of Redmond and is in the county, not in the city. I attribute the wealth of this area to such established neighborhoods as Gun Shy Ridge, Westchester, Hunter's Glen, and Hunter's Wood. These are all large neighborhoods on acre lots.
The King County portion of Woodinville, 98072, also boasts estate properties and large neighborhoods with homes on acre plus lots.
Very surprising to me was the rating of 98004 at number 8, down from number 4, the Clyde Hill, Hunts Point, and downtown Bellevue areas. Hunts Point is one of the wealthiest cities in the nation. The majority of the homes fall on large lots of several acres facing waterfront either to the west or east. A tear down home is in the multi-million dollar range. Clyde Hill also ranks up at the top of the list in home prices. I checked the Multiple Listing stats for home and condo sales, and the Business Journal's numbers were pretty accurate.
However, if you take out the condominium sales, it would bring the median price range up from about $700,000 to $1,005,000. The lowest sale of $160,000, as reported in the Journal, was for a condo, the least expensive home sale was $377,000. I do believe that as far as real estate values go, the single family homes in 98004 rank far higher in value than at number 8.
The addition of condo sales brings the median pricing down. The condo market is changing quite rapidly because of all the high end condo complexes currently under construction in downtown Bellevue.
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