Bahamas Real Estate Market Report - June 2023
Our monthly Bahamas Real Estate Market Report provides meaningful and valuable information to empower buyers and sellers who are considering a real estate transaction in New Providence (Nassau).
If you're considering selling your property or buying property in The Bahamas, it's essential to understand what's happening in The Bahamas' real estate market. Knowing the most important data, such as median and average prices, the number of properties sold, the number of new listings, and the days on the market will better prepare you for selling or buying.
We are happy to share this June 2023 analysis of the New Providence market. We also encourage you to review our quarterly market reports on Abaco, Eleuthera, Exuma and Grand Bahama.
Our market reports provides Morley's interpretation of the data from the Bahamas Real Estate Association MLS. Even though the MLS does not include all real estate sales and related real estate data, we believe the MLS data is reasonable and consistent to be reliable to use to estimate local real estate trends.
The volume of contracted home sales for June has remained reasonably consistent since February. The median sales price is the lowest it has been since January but appears to now be near the average median price for 2022. The volume of closed home sales continues to climb higher than in prior months but is still slightly lower than experienced throughout 2022. The number of new home listings for June (60) remains very high and fairly consistent since February 2023. In fact, since February 2023, the number of new home listings has exceeded the number of contracted sales each month, thereby continuing to increase the inventory of New Providence homes. The decrease in the "Days on the Market" for June is most likely a result of the increased volume of completed sales since 2023. The Central Bank of The Bahamas reported that new mortgages for Q1 2023 have increased for property purchases and new construction, supporting the higher-than-average number of contracted monthly sales since January 2023 and proving the strong demand for home sales.
Home Market Indicators
New Listings, Contracted Sales & Completed Sales
Average & Median Price
The volume of contracted land sales for June (7) has remained reasonably consistent since January. While the median sales price decreased from January through May and in June it increased. The median price remains more or less equal to the 2022 average median price. The volume of closed land sales for June was the lowest for 2023 and lower than experienced throughout 2022. The number of new land listings for June (52) is the highest volume so far in 2023, and the YTD comparison to 2022 shows a 2288% increase. For the past year, the number of new land listings has exceeded the number of contracted sales each month, increasing the inventory of New Providence land listings. The slight decrease in the "Days on the Market" for June is most likely a result of the increased number of contracted sales in 2023. The Central Bank of The Bahamas reported that new mortgages for Q1 2023 have increased for property purchases and new construction, supporting the higher-than-average number of contracted monthly sales since January 2023 and proving the increased demand for land sales.