Lifestyle

Mercer Island zip is fourth wealthiest in Puget Sound | Islanders’ median net worth is $1.97 million

Mercer Island is fourth in a ranking of the wealthiest zip codes in the Puget Sound region, having fallen from second place on the 2007 list.

A recent story in the Puget Sound Business Journal listed the wealthiest Puget Sound area zip codes as ranked by average household net worth in 2007. Only one neighborhood in Seattle — that of 98112, which comprises North Capitol Hill, Montlake, Broadmoor and Madison Park — is included in the top 10. Six of the top 10 zip codes are on the Eastside and the remaining four are east and northeast of Lake Sammamish.

The Puget Sound Business Journal prepared this list as part of its “Book of Lists” that is published throughout the year. It was compiled by using information received from ESRI Business Solutions. The net worth is equal to the total amount of household assets, including property and investments less all debt. The computations include data from the Federal Reserve Banks’ publication, “Survey of Consumer Finance.”

Much of homeowners’ net wealth is found in real estate. Figures from the Northwest Multiple Listing Service (NWMLS) indicate that the number of homes for sale throughout the western Washington region remained plentiful during July and selling prices edged up from June in more than half of the counties served, according to a new report.

“Considering the market adjustment because of the sub-prime mess, we’re doing better than expected,” said NWMLS Director Dick Beeson, broker/owner of Windermere/Commencement Associates in Tacoma.

NWMLS brokers added 13,093 new listings to inventory during July. That was nearly 1,800 fewer than the number of residences (14,875) added during the same month a year ago. At this month’s end, buyers could choose from 51,694 total active listings, up about 9.7 percent from last year’s inventory of 47,106 listings.

For the four-county Puget Sound region, the median selling price for single family homes and condominiums, combined, was $340,070 — slightly more than June, when the price was $340,000.

On Mercer Island, the number of homes and condos available for sale remains significantly higher than a year ago. For the month ending on July 31, there were 241 homes and condos for sale, up from 159 a year ago. The number of sales pending was down by more than a third, while sales that were final were down by more than one-half. Median prices for homes that sold were flat, down about three percent, and the median sale price remains around $900,000.

For more information on lists, go to www.bizjournals.com/Seattle and for information on western Washington and Mercer Island real estate activity, go to www.nwmls.com.

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