The Long & Foster Market Minute

Focus On: Cape May County Housing Market May 2019

Units Sold
430
Active Inventory
2,108
Median Sale Price
$369,000
Days On Market
131
Up 4%
Vs. Year Ago
No Change
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -4%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 430 sold this month in Cape May County Real Estate versus 375 last month, an increase of 15%. This month's total units sold was higher than at this time last year, an increase of 4% versus May 2018.

Active Inventory
The total number of homes available this month is 2,108 units, which is similar compared to a year ago. This month's total of 2,108 is lower than the previous month's total supply of available inventory of 2,157, a decrease of 2%.

Median Sale Price
Last May, the median sale price for Cape May County Homes was $354,900. This May, the median sale price was $369,000, an increase of 4% or $14,100 compared to last year. The current median sold price is 1% lower than in April.

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


New Listings
482
Current Contracts
342
Sold Vs. List Price
96.0%
Months of Supply
4.9
Down -16%
Vs. Year Ago
Down -10%
Vs. Year Ago
No Change
Vs. Year Ago
Down -4%
Vs. Year Ago

Months of Supply
In May, there was 4.9 months of supply available in Cape May County, compared to 5.1 in May 2018. That is a decrease of 4% 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 482 homes newly listed for sale in Cape May County compared to 577 in May 2018, a decrease of 16%. There were 342 current contracts pending sale this May compared to 378 a year ago. The number of current contracts is 10% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Cape May County was 96.0% of the average list price, which is similar compared to a year ago.

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.