Cape May County Housing Market Data

There was an increase in total units sold in September, with 317 sold this month in Cape May County Real Estate versus 284 last month, an increase of 12%. This month's total units sold was lower than at this time last year, a decrease of 6% versus September 2017.

Versus last year, the total number of homes available this month is lower by 197 units or 9%. The total number of active inventory this September was 2102 compared to 2,299 in September 2017. This month's supply remained stable as compared to last month.

Last September, the median sale price for Cape May County Homes was $362,500. This September, the median sale price was $465,000, an increase of $102,500 compared to last year. The current median sold price is higher than in August.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

In September, there was 6.6 months of supply available in Cape May County, compared to 6.8 in September 2017. That is a decrease of 3% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

This month there were 517 homes newly listed for sale in Cape May County compared to 628 in September 2017, a decrease of 18%. There were 343 current contracts pending sale this September compared to 357 a year ago. The number of current contracts is 4% lower than last September.

In September, the average sale price in Cape May County was 95.9% of the average list price, which is 0.8% higher than at this time last year.

This month, the average number of days on market was 122, lower than the average last year, which was 164, a decrease of 26%.





Focus On: Cape May County Housing Market			September 2018

Units Sold 317	Active Inventory 2,102	Median Sale Price $465,000	Days On Market 122

Down -6% Vs. Year Ago	Down -9% Vs. Year Ago	Up 28% Vs. Year Ago	Down -26% Vs. Year Ago


		Units Sold There was an increase in total units sold in September, with 317 sold this month in Cape May County Real Estate versus 284 last month, an increase of 12%. This month's total units sold was lower than at this time last year, a decrease of 6% versus September 2017.
Active Inventory Versus last year, the total number of homes available this month is lower by 197 units or 9%. The total number of active inventory this September was 2102 compared to 2,299 in September 2017. This month's supply remained stable as compared to last month.
		Median Sale Price Last September, the median sale price for Cape May County Homes was $362,500. This September, the median sale price was $465,000, an increase of $102,500 compared to last year. The current median sold price is higher than in August. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 517	Current Contracts 343	Sold Vs. List Price 95.9%	Months of Supply 6.6

Down -18% Vs. Year Ago	Down -4% Vs. Year Ago	Up 0.8% Vs. Year Ago	Down -3% Vs. Year Ago


		Months of Supply In September, there was 6.6 months of supply available in Cape May County, compared to 6.8 in September 2017. That is a decrease of 3% versus a year ago. Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.
New Listings & Current Contracts This month there were 517 homes newly listed for sale in Cape May County compared to 628 in September 2017, a decrease of 18%. There were 343 current contracts pending sale this September compared to 357 a year ago. The number of current contracts is 4% lower than last September.
		Sale Price to List Price Ratio In September, the average sale price in Cape May County was 95.9% of the average list price, which is 0.8% higher than at this time last year. Days on Market This month, the average number of days on market was 122, lower than the average last year, which was 164, a decrease of 26%.



	*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
	Information included in this report is based on data supplied by SJSMLS/CMCAOR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of SJSMLS/CMCAOR or Long & Foster Real Estate, Inc.