The total value of New Providence real estate sales on the Bahamas Multiple Listing System (BMLS) dropped 45 per cent quarter-over-quarter in the three months to end-September, the industry unveiling its initiative to boost “market transparency” and real time data access.
With 80-90 per cent of Bahamian real estate brokers, and about one-third of total members, now using the BMLS, Bahamas Real Estate Association (BREA) executives said activity had reached the point where it felt confident to launch its Quarterly Real Estate Activity Report.
Gino Maycock, the Colonial Realty broker who chair’s BREA’s BMLS committee, told Tribune Business that by producing the data every three months, the Association hoped to provide all participants with up-to-date, accurate information on the market’s performance.
He said buyers and sellers, and their realtors, could then use the date to determine strategies and property prices, the ultimate goal being to drive Bahamian real estate sales.
Data provided to Tribune Business for the 2012 second and third quarters shows that on New Providence, the total value of home and condo sales through the BMLS dropped 45 per cent quarter-over-quarter, falling from around $24 million to below $15 million.
