Our condominium market has not enjoyed the success our residential market has experienced so far this year. Condo sales actually decreased 9.4% (with 48 closings this year, compared to 53 in 2014) and the median price has dropped from $374,500
last year to $345,500 this year. These decreases are primarily due to low inventory (there were 14 active condominium listings on July 1 compared to 22 on July 1, 2014), and last year there were a number of “upper end” sales. It’s important to note that these numbers do not include Grow Village, which would help the numbers for this year if they were included.
Land, on the other hand, has had a very successful first half of 2015. Parcel sales are up 43.5% (with 33 closed this year, compared to 23 last year) and median prices are up a whopping 58.6%. With the recovery of existing home prices, builders and owners are once again consider- ing new construction because the cost differential between building and buying an existing home is not as wildly out of whack as it has been in the recent past. It is also an indication of confidence both in our general economic outlook and the strength of the Bainbridge market.

Showing Appreciation
The term “bubble” has been bantered about recently. After 2007, it is difficult to look at an appreciating market without some cynicism. We have little control over global events and their local effect. However, when you look at our regional health, our active market seems appropriate. One only has to drive around Seattle to come to a couple of realizations, both of which speak to the health of the Bainbridge market: First, with the activity and construction in Seattle, a lot of smart people believe the metro market will continue to grow. Second, that growth has created congestion, gridlock and crowds, which help reinforce the idea that Bain- bridge is a pleasant alternative. If you are going to make that monumental step of joining the market, there are few invest- ment options as safe and appealing as our island paradise.