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| Focus On: Cape May County Housing Market | September 2019 | ||
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| Units Sold 337 |
Active Inventory 2,020 |
Median Sale Price $390,500 |
Days On Market 141 |
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| Down -4% Vs. Year Ago |
Down -6% Vs. Year Ago |
Down -13% Vs. Year Ago |
Up 17% Vs. Year Ago |
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Units Sold
There was an increase in total units sold in September, with 337 sold this month in Cape May County Real Estate versus 327 last month, an increase of 3%. This month's total units sold was lower than at this time last year, a decrease of 4% versus September 2018. |
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Active Inventory
Versus last year, the total number of homes available this month is lower by 120 units or 6%. The total number of active inventory this September was 2,020 compared to 2,140 in September 2018. This month's total of 2,020 is higher than the previous month's total supply of available inventory of 1,973, an increase of 2%. |
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Median Sale Price
Last September, the median sale price for Cape May County Homes was $450,000. This September, the median sale price was $390,500, a decrease of 13% or $59,500 compared to last year. The current median sold price is 6% 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. |
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| New Listings 546 |
Current Contracts 339 |
Sold Vs. List Price 95.8% |
Months of Supply 6.0 |
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| Up 3% Vs. Year Ago |
Down -5% Vs. Year Ago |
No Change Vs. Year Ago |
Down -2% Vs. Year Ago |
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Months of Supply
In September, there was 6.0 months of supply available in Cape May County, compared to 6.1 in September 2018. That is a decrease of 2% 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. |
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New Listings & Current Contracts
This month there were 546 homes newly listed for sale in Cape May County compared to 532 in September 2018, an increase of 3%. There were 339 current contracts pending sale this September compared to 355 a year ago. The number of current contracts is 5% lower than last September. |
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Sale Price to List Price Ratio
In September, the average sale price in Cape May County was 95.8% 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 141, higher than the average last year, which was 121, an increase of 17%. | |||
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| *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. |
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