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| Focus On: Cape May County Housing Market | July 2018 | ||
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| Units Sold 267 |
Active Inventory 2,057 |
Median Sale Price $330,000 |
Days On Market 131 |
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| Down -7% Vs. Year Ago |
Down -7% Vs. Year Ago |
Up 9% Vs. Year Ago |
Down -10% Vs. Year Ago |
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Units Sold
There was a decrease in total units sold in July, with 267 sold this month in Cape May County Real Estate versus 366 last month, a decrease of 27%. This month's total units sold was lower than at this time last year, a decrease of 7% versus July 2017. |
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Active Inventory
Versus last year, the total number of homes available this month is lower by 162 units or 7%. The total number of active inventory this July was 2,057 compared to 2,219 in July 2017. This month's total of 2,057 is lower than the previous month's total supply of available inventory of 2,093, a decrease of 2%. |
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Median Sale Price
Last July, the median sale price for Cape May County Homes was $302,500. This July, the median sale price was $330,000, an increase of 9% or $27,500 compared to last year. The current median sold price is 3% higher than in June. 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 506 |
Current Contracts 340 |
Sold Vs. List Price 95.4% |
Months of Supply 7.7 |
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| Up 13% Vs. Year Ago |
No Change Vs. Year Ago |
Down -0.5% Vs. Year Ago |
No Change Vs. Year Ago |
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Months of Supply
In July, there was 7.7 months of supply available in Cape May County. The amount of supply is similar compared to 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 506 homes newly listed for sale in Cape May County compared to 446 in July 2017, an increase of 13%. There were 340 current contracts pending sale this July, consistent with the volume a year ago. The number of current contracts is 12% higher than last month. |
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Sale Price to List Price Ratio
In July, the average sale price in Cape May County was 95.4% of the average list price, which is 0.5% lower 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 145, a decrease of 10%. | |||
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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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