Prospective home buyers advised to monitor market trends

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NASSAU, BAHAMAS — A 60 percent decrease in Real Estate transactions from last year up to the first quarter of 2024 might mark the beginning of a shift in the real estate market that will favor buyers.This is according to Bahamas Real Estate Association President, Carla Sweeting who shared some of the recent Real Estate statistics with Eyewitness News on Wednesday.

Sweeting noted that there has only been a 1 percent increase in new properties to the BREA’s Multiple Listing Services (MLS), which indicates that properties at their current price point are difficult to sell.

The average house sale price is down 31 percent to $575,000 when comparing 2023 to the first quarter of 2024.

These numbers come amid concerns regarding real estate renting and purchasing.

She advised that anyone considering the purchase of a home should begin saving and building relationships with their main bank to take advantage of mortgage campaigns and other offerings to assist in the home buying process.

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