Dear Real Estate Enthusiasts,
We are excited to introduce the Graham Real Estate Quarterly Market Report. Our goal is for this report to eventually become a comprehensive analysis of the real estate market in The Bahamas, providing valuable insights and information to our customers and clients.
My favorite mantra is progress, not perfection, so this first report we have kept simple, looking at The Bahamas on the whole. Of course, The Bahamas Real Estate market varies significantly based on the island and community. We will be narrowing our focus down to specific communities and growing the number of communities we analyze over time. Email us if there is a community you are interested in hearing about. (Link to email address)
Please bear in mind that the data sets we are pulling from are provided by the Bahamas MLS. We know that not all properties are listed on the MLS but we do feel that nonetheless, the trends we will start to see especially after our first year of reporting will be indicative of the Bahamas Real Estate market in general.
Also, please note that we have chosen to focus on single-family, developed property listings and sales. That includes single-family homes, townhomes, and apartments. We will discuss supply, values, and sold data.
At Graham Real Estate, we are committed to helping, you, our customers, and clients achieve your real estate goals and the most effective way to do this is by understanding the market.
We hope you will come along with us on this journey each quarter.
All the best,
Laura Kimble
Laura Kimble
Managing Broker
2023 Q1 GRE Real Estate Market Report
Homes Sold - to start ‘reporting’ we gathered data from the MLS on sold residential properties (apartments, homes, and condos) since (Jan 1, 2019). In total, there were 1340 properties reported as sold on the MLS in Grand Bahama, Abaco, Eleuthera, New Providence, and Long Island. As you can see from the chart the sales for Q1 of 2023 have declined in comparison to 2021 and 2022. In Q1 of 2023, the MLS reported 52 sales vs 86 sales in Q1 of 2022. We are interested to see what Q2 numbers present. We believe The Bahamas is now experiencing a return to a more ‘normal’ market post covid.
Values - medium values of listed and sold - as you can see in charts 2 and 3 the majority (50%) of properties on our 5 islands of focus are within the $500,000 price range. The median list price for Q1 of 2022 was $459,500 and the median list price for Q1 of 2023 was $496,585. The median sales price for Q1 of 2022 was $437,500 and the median sales price for Q1 of 2023 was $471,884. This shows an 8% appreciation which is positive for our sellers to see. We will continue to watch this as the year progresses.
Supply - The inventory available on our 5 islands of focus on April 1 2023 was 824 properties. The median days that a property is on the market is 137.5 or 4.5 months.
