The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A Bahamian realtor says “one of the biggest and most consistent market changes” in the 2023 third quarter was an increase in contracted sales for both homes and land in the five major islands.

Morley Realty, in its just published assessment of the three months to end-September, said: “In the Abaco, Eleuthera and New Providence markets, the contracted sales volume for home and land increased quarter-over-quarter and year-over-year.

“In the Exuma market, the volume of contracted home sales increased quarter-over-quarter and year-over-year, while the volume of contracted land sales increased year-over-year but decreased from the 2023 second quarter. Year-over-year, the Grand Bahama market showed an increase in the volume of both contracted sales of homes and land but also a decrease in volume in both quarter-over-quarter.”

The analysis employs data obtained from the Bahamas Real Estate Association’s (BREA) Multiple Listing System (MLS). While the MLS does not cover all real estate sales and market activity, since BREA has not made membership mandatory, all the large and major firms - along with all their agents - are both members and participants.

As a result, it is felt sufficient data is captured by the system to make it a more than reasonable gauge of Bahamian real estate market activity and trends.

For New Providence, contracted home sales were up 239 percent year-over year for the 2023 third quarter, standing at 78, which was also 32 percent ahead of this year’s second quarter. Contracted land sales were up 107 percent year-over-year for the same period and 15 percent ahead of the three months to end-June.

On Abaco, contracted home sales were ahead year-over-year by 300 percent, and some 233 percent up on 2023’s second quarter. Contracted vacant land sales were ahead of prior year comparatives by 138 percent.

“Days on the market for home sales during the 2023 third quarter decreased in the Exuma and Grand Bahama markets from the 2023 second quarter and year-over-year,” Morley Realty said. “Days on the market for home sales in the Abaco market increased quarter-over-quarter and year-over-year, while days on the market in the Eleuthera and New Providence markets increased quarter-over-quarter.

“Days on the market for land sales during the 2023 third quarter increased in the Abaco, Eleuthera and Exuma markets both quarter-over-quarter and year-over-year, while days on the market for land sales in both the Grand Bahama and New Providence markets decreased quarter-over-quarter and year-over-year.”

As for other market indicators based on MLS data, Morley Realty said: “The listing-to-sale price ratio has remained consistent across all island markets quarter-on-quarter and year-on-year. The median price of home sales in the Abaco and Grand Bahama markets decreased both quarter-on-quarter and year-over-year, whereas the Eleuthera and Exuma markets showed an increase in both quarter-on-quarter and year-over-year.

“The median price of home sales in the New Providence market showed an increase year-over-year, but a decrease from the 2023 second quarter. The median price of land sales in both the Abaco and Grand Bahama markets showed a decrease in both quarter-on-quarter and year-over-year, while in the Exuma, Eleuthera and New Providence markets there was an increase both in the quarter-on-quarter and year-over-year.

“When comparing prices (average and median), the median price is usually the preferred gauge over the average price as it measures the middle of the market and is not usually influenced or impacted by any one-off high-end and low-end sales during the period in comparison to the impact that such one-off sales have on determining the average price.”