Bahamas Real Estate Market Report - April 2023
Morley
We're Morley, a real estate company owned and operated by Bahamians with experience spanning four generations...
We're Morley, a real estate company owned and operated by Bahamians with experience spanning four generations...
If you're considering selling your property or buying property in The Bahamas, it's important to understand what's happening in The Bahamas' real estate markets.
Our past monthly market reports have provided details of the New Providence, Abaco, Eleuthera, Exuma and Grand Bahama markets. However, our further research and analysis of the Bahamas Real Estate Association MLS data has revealed that there is not always sufficient monthly data to accurately and fairly assess each market. So starting with this report, we will only feature the New Providence market details monthly. Our market reports on the Abaco, Eleuthera, Exuma and Grand Bahama markets will now be produced quarterly and include additional insight and information.
Our goal and objective remain to produce market reports that empower buyers and sellers considering a real estate transaction by providing meaningful and valuable information to make an informed decision.
Here For Good!
New Providence
Market Summary
The volume of completed home sales continues to slow since the end of 2022, to now only 4 in April. The median price decreased slightly from a high in March but is still higher than in the fall months of 2022. For the third consecutive month, the volume of new listings of homes (72) remains higher than those in Q4 2022. Compared to the number of completed sales each month, the overall inventory of homes continues to grow as the number of sales remains less than new listings each month. The "days on the market" for home sales in April remained fairly consistent in the past three months, most likely due to more inventory being added to the New Providence market.
The volume of completed land sales in April remained fairly consistent since December 2022, while the median price dropped since December. For the third consecutive month, the volume of new land listings far outpaced that of actual completed land sales. This reflects a continued increase in the land inventory available in New Providence. The "days on the market" for the land sales in April show a decrease.
Curious about how your property's value has changed?
We will gladly prepare a Comparative Market Analysis for you so that you are armed with the most current information.