The Long & Foster Market Minute

Focus On: Cape May County Housing Market February 2020

Units Sold
175
Active Inventory
1,765
Median Sale Price
$407,245
Days On Market
116
Down -16%
Vs. Year Ago
Down -20%
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -15%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 175 sold this month in Cape May County Real Estate versus 253 last month, a decrease of 31%. This month's total units sold was lower than at this time last year, a decrease of 16% versus February 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 430 units or 20%. The total number of active inventory this February was 1,765 compared to 2,195 in February 2019. This month's total of 1,765 is lower than the previous month's total supply of available inventory of 1,798, a decrease of 2%.

Median Sale Price
Last February, the median sale price for Cape May County Homes was $347,500. This February, the median sale price was $407,245, an increase of 17% or $59,745 compared to last year. The current median sold price is 4% higher than in January.

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


New Listings
480
Current Contracts
391
Sold Vs. List Price
95.3%
Months of Supply
10.1
Down -16%
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -0.9%
Vs. Year Ago
Down -4%
Vs. Year Ago

Months of Supply
In February, there was 10.1 months of supply available in Cape May County, compared to 10.6 in February 2019. 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 480 homes newly listed for sale in Cape May County compared to 571 in February 2019, a decrease of 16%. There were 391 current contracts pending sale this February compared to 334 a year ago. The number of current contracts is 17% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Cape May County was 95.3% of the average list price, which is 0.9% lower than at this time last year.

Days on Market
This month, the average number of days on market was 116, lower than the average last year, which was 136, a decrease of 15%.

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.