Bahamas Real Estate Market Report - January 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 thinking about selling your property or buying property in The Bahamas, it's important to have a good understanding of what's going on in The Bahamas' real estate markets. We are happy to share our analysis of the New Providence, Abaco, Eleuthera, Exuma and Grand Bahama markets.
Knowing the most important data such as the median sales price, the number of properties sold, and days on market will better prepare you for selling or buying.
Our January market report shares Morley's interpretation of the data from the Bahamas Real Estate Association MLS. Even though the MLS data 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 median price is selected over the average price, specifically to avoid the overstatement or understatement of the price that can occur from a one-off high-end and/or low-end sale in the month.
New Providence
Market Summary
For January, the demand for home sales continued to show a positive overall trend over both December and November, supported by both the number of sales and the median price. The demand for land sales appears to remain consistent, supported by the consistent number of sales in January and the median price in comparison to recent months. FYI - the spike in the median price of land sales in November was a result of the sale of several high-end properties that month. The "days on market" data indicate that the homes sold in January had been on the market for a slightly longer period of time than in prior months (approximately 66 days) and land sold in January had also been on the market for a slightly longer period of time than in prior months (approximately 104 days). The number of new listings exceeded the number of sales for both homes and land in January.
Abaco
Market Summary
For January, the demand for home sales continued to show a positive overall trend over both December and November, supported by both the number of sales and the median price. The demand for land sales continued to show a slight decline over both December and November, supported by the number of sales and median price. FYI - the spike in the median price of land sales in December was as a result of the sale of several high-end properties that month. The "days on market" data indicate that the homes sold in January had been on the market for a slightly shorter period of time than in prior months (approximately 58 days) and land sold in January had also been on the market for a shorter period of time than in prior months (approximately 168 days). The number of new listings exceeded the number of sales for both homes and land in January.
Eleuthera
Market Summary
For January, the demand for home sales continued to be relatively consistent in both December and November, supported by both the number of sales and the median price. The demand for land sales also continued to prove consistent in both December and November, supported by the number of sales and median price. FYI - the spike in the median price of home sales in August '22 was a result of the sale of several high-end homes that month. The "days on market" data indicate that the homes sold in January had been on the market for a shorter period of time than in prior months (approximately 228 days) and land sold in January had also been on the market for a shorter period of time than in prior months (approximately 73 days). The number of new listings exceeded the number of sales for both homes and land in January.
Exuma
Market Summary
For January, the demand for home sales continued to increase, trending positive from both December and November, supported by both the number of sales and the median price. The demand for land sales continued to prove relatively consistent in both December and November, supported by the number of sales and median price. FYI - the spike in the median price of home sales in January was a result of the sale of several high-end homes that month. The "days on market" data indicate that the homes sold in January had been on the market for about the same period of time in comparison to prior months (approximately 100 days). There were no land sales in January and so no data for days on the market. The number of new listings of land exceeded the number of sales but the number of new listings of homes was less than the number of sales.
Grand Bahama
Market Summary
For January, the demand for home sales showed a slight increase over December but was still less than in November, supported by both the number of sales and the median price. There were no land sales completed in January but the continued decline in land sales since August '22 seem to indicate a decline in demand over that period too. FYI - the slight spike in the median price of home sales in November was a result of the sale of several higher-priced homes that month. The "days on market" data indicate that the homes sold in January had been on the market for a longer period of time than in prior months (approximately 183 days). There were no land sales in January and so no data for days on the market. The number of new listings exceeded the number of sales for both homes and land in January.
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.