Bahamas Real Estate Market Report - August 2023

Market Report 

August 2023

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 our August 2023 analysis of the New Providence market. We also encourage you to review our quarterly market reports that include Abaco, Eleuthera, Exuma, Grand Bahama and New Providence.

Our market reports provide 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 August has again remained fairly consistent since February and remains higher than the 2022 monthly average. The median sales price increased over July and was slightly higher than June. The average sales price for August was the lowest for all of 2023 and continued to decline since June. The volume of closed home sales continues to be fairly consistent in the past 6 months but shows a slight decline in each of the past 3 months. The number of new home listings for August (74) is the highest monthly volume in all of 2022 and 2023. For the past 7 months, the number of new home listings has far exceeded the number of contracted sales each month, thereby continuing to increase the inventory of New Providence homes currently on the market. The "Days on the Market" for August shows a slight increase over June and July.

The volume of contracted land sales for August (6) is the lowest for 2023 and showed a continued decline since June. The median sales price was lower than July but remains higher than most of 2023. The average sales price for August shows a continued slight increase since June. The volume of closed land sales for August was the same as July and remains fairly consistent with the 2023 monthly levels. The number of new land listings for August (56) is the highest monthly amount for 2023. Since the start of 2023, new land listings have exceeded the contracted sales volume each month, increasing the inventory of New Providence land listings. There was a decrease in the "Days on the Market" for August from July but the same at found in June. 

We're able to explain what these numbers mean for you and your home's or property's current market value. 

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