The Long & Foster Market Minute

Focus On: Cape May County Housing Market August 2020

Units Sold
414
Active Inventory
1,236
Median Sale Price
$465,000
Days On Market
131
Up 23%
Vs. Year Ago
Down -38%
Vs. Year Ago
Up 24%
Vs. Year Ago
Down -4%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 414 sold this month in Cape May County Real Estate versus 457 last month, a decrease of 9%. This month's total units sold was higher than at this time last year, an increase of 23% versus August 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 773 units or 38%. The total number of active inventory this August was 1,236 compared to 2,009 in August 2019. This month's total of 1,236 is lower than the previous month's total supply of available inventory of 1,299, a decrease of 5%.

Median Sale Price
Last August, the median sale price for Cape May County Homes was $375,000. This August, the median sale price was $465,000, an increase of 24% or $90,000 compared to last year. The current median sold price is 9% higher than in July.

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


New Listings
612
Current Contracts
575
Sold Vs. List Price
96.5%
Months of Supply
3.0
Up 20%
Vs. Year Ago
Up 54%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -50%
Vs. Year Ago

Months of Supply
In August, there was 3.0 months of supply available in Cape May County, compared to 6.0 in August 2019. That is a decrease of 50% 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 612 homes newly listed for sale in Cape May County compared to 511 in August 2019, an increase of 20%. There were 575 current contracts pending sale this August compared to 374 a year ago. The number of current contracts is 54% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Cape May County was 96.5% of the average list price, which is 0.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 131, lower than the average last year, which was 136, a decrease of 4%.

The Long & Foster Market Minute
*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.
REALTOR, Equal Opportunity HousingInformation 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.