In response to the positive reception of our Q3 comprehensive market report for The Bahamas, we are excited to announce that we will also be localizing our data to better serve real estate buyers interested in specific islands. This tailored approach will allow us to provide more detailed insights on market trends, property values, and investment opportunities across various locations, ultimately empowering buyers to make informed decisions that suit their unique preferences and requirements.
This week we will be taking a closer look at the third quarter data for New Providence, highlighting some key neighborhoods in the market that are of specific interest to buyers and sellers including; Cable Beach, West Bay St, East Bay Street and Palm Cay & Port New Providence.
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.
Q3 New Providence Overview
New Providence Homes Sold
The third quarter of 2024 showed a slight decrease in the number of residential properties sold across New Providence. A total of 61 transactions were completed, which is down from the 78 that were completed in Q2 2024. This is a decrease from the 92 properties sold in Q3 2023. This continues to show that the market has demonstrated robust growth over the past five years, indicating a resilient demand for Bahamian real estate.
New Providence Property Values
The median value of properties sold this quarter increased to $575,000, compared to $467,500 in the previous quarter. This value is significantly more than the $394,500 median sales value recorded in Q3 2023. Over a longer-term view, the market has seen sustained growth from a median sales value of $452,000 in the same period in 2019. This trend highlights the steady appreciation in property values, underscoring the Bahamas as an attractive investment destination.
New Providence Active Listings
At the end of Q3 2024, there were 363 active listings, reflecting a stable inventory supply within the market. The active supply on the market has been going down each quarter over the past year. This indicates strong demand and as we can see over the past few quarters, it also indicates an increase in prices.
New Providence Average Days on Market
Properties in the Bahamas took an average of 225 days to secure a contract in Q3 2024. This is an increase from the average of 125 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.
New Providence Days to Closing
The average time to close on properties was 102 days for this quarter, improving from 122 days in the second quarter and significantly improving from the 163-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.
New Providence | In Conclusion
The Q3 2024 New Providence real estate market remains robust with very positive growth indicators. While the quantity of sales slowed slightly this quarter, property values continue to rise, and sales are outpacing the market re-supply. 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.
Q3 New Providence Neighborhood Snapshots
Please keep in mind, the short paragraphs that accompany that data for each neighbourhood are just a brief summary of the Q3 trends and are not intended to be a comprehensive analysis.
Cable Beach
Cable Beach has been very steady over recent quarters, representing a stable market presence in New Providence. While sales are down from last quarter, the area continues to attract interest. Notably, the median price for properties in Cable Beach has increased over the previous quarter, reflecting sustained value and interest from potential buyers. Furthermore, the average days to close on properties have decreased compared to previous quarters, a positive trend that we hope to see continue.
West Bay Street
West Bay Street, which includes Love Beach, has demonstrated remarkable steadiness in both supply and sales throughout Q3 2024. The area is experiencing a trend where properties are taking slightly longer to sell compared to previous quarters. Nevertheless, the median sales price in this desirable neighborhood continues to climb, highlighting the ongoing demand among buyers. The stability in inventory, paired with rising property values, emphasizes West Bay Street's appeal as a sought-after location in New Providence.
Eastern Rd
Eastern Road has shown steady sales over the past six quarters, maintaining a consistent presence in the New Providence real estate market. The active inventory in this area has been decreasing and is currently a little less than half of what it was this time last year. Due to the reduction in available inventory, the median sales price has increased, which aligns with market expectations.
Port New Providence & Palm Cay
Both Port New Providence and Palm Cay have seen an increase in supply to the market. This uptick is largely attributed to the introduction of several new build properties that have recently become available. Despite the rise in inventory, median sales prices in these areas have continued to ascend, reflecting strong value and sustained buyer interest.
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. Whether you are considering purchasing a home for personal use or as an investment, our team is here to provide the insights and assistance you need to navigate the dynamics of the New Providence market successfully.
