Q3 2024 Abaco Real Estate Market Report
After the success of our comprehensive report of The Bahamas Real Estate Market, we decided to give you a deeper look into the different markets within our 700 islands. This analysis dives into key metrics and trends shaping the Abaco real estate market, aimed at empowering real estate investors, local homebuyers, and international buyers with actionable insights.
Active Data in this report was pulled from the Bahamas MLS on October 1st, 2024. The Sold Data was pulled from the Bahamas MLS on October 2nd, 2024. Some property sales may have been updated since.
Homes Sold
The third quarter of 2024 showed a slight decrease in the number of residential properties sold across Abaco and it’s cays. A total of 20 transactions were completed, which is up from the 18 that were completed in Q2 2024. Interestingly, there were also 20 completed transactions in Q3 2023. This shows a consistent market.
Property Values
The median value of properties sold this quarter increased slightly to $685,000 compared to $680,000 in the previous quarter. This value is significantly more than the $516,000 median sales value recorded in Q3 2023. Over a longer-term view, the market has been extremely consistent with median sales value of $586,000 in the same period in 2019.
Active Listings
At the end of Q3 2024, there were 153 active listings, reflecting a stable inventory supply within the market. This steadiness aligns with the trend observed throughout the past year, maintaining around 140 active listings each quarter. Such consistency is beneficial for investors analyzing market dynamics and planning their strategies accordingly.
Average Days on Market
Properties in the Bahamas took an average of 222 days to secure a contract in Q3 2024. This is an increase from the average of 204 days in Q2 2024, indicative of market adjustments following the high-speed transactions during the pandemic era. The longer times signify a shift towards a more balanced and sustainable market pace.
Days to Closing
The average time to close on properties was 136 days for this quarter, this is increased from 105 days in the second quarter where we saw improvement. It is slightly longer than the 26-day average for the third quarter of 2023. While closing times in the Bahamas tend to be longer than in many other global markets, our team of qualified and fully licensed agents can assist in guiding clients through a seamless closing process.
Conclusion
The Abaco real estate market remains incredibly steady and has maintained popularity. The quantity of sales this quarter remained roughly the same as the previous 5 quarters. Property values have remailed steady, and there has consistently been a good supply of properties on the market. For real estate investors, local homebuyers, and international buyers, the Bahamas continues to offer lucrative opportunities with its stable supply of properties and increasing value trends.
For personalized guidance and to explore opportunities in this vibrant market, connect with our expert agents today. We are committed to helping you make informed decisions that align with your investment goals.
Abaco Cays
The Abaco Cays have shown steady demand, just like the rest of Abaco. The median sales price this quarter was down from previous quarters. This simply means that of the 10 properties that sold this quarter, there were more lower value properties that sold compared to the previous quarter. The average days to close this quarter was very positive at 59 days. This is more efficient than other islands in the Bahamas. For reference, the average days to close in all islands of The Bahamas was 105 days in Q3 2024. New Providence averaged 102 days to close during the same period.
Treasure Cay
Treasure Cay has shown to be very steady over the past 6 quarters. There has been a steady supply of properties both being actively listed and going through the sales process. This indicates that the localized market has been very consistent.
According to an article published by the Tribune on September 12th, 2024, "GreenPointe Holdings, led by Edward Burr, aims to revamp Treasure Cay into an exclusive luxury resort and residential area with top-notch facilities and services that stand out globally. This $177m development, starting with phase one, will restore infrastructure, including the marina and harbour." The Treasure Cay real estate market is expected to grow on the heels of the announcement of this development.
