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| Focus On: Cape May County Housing Market | December 2018 | ||
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| Units Sold 240 |
Active Inventory 2,032 |
Median Sale Price $362,500 |
Days On Market 123 |
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| Down -21% Vs. Year Ago |
Down -3% Vs. Year Ago |
Down -6% Vs. Year Ago |
Down -15% Vs. Year Ago |
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Units Sold
There was a decrease in total units sold in December, with 240 sold this month in Cape May County Real Estate versus 324 last month, a decrease of 26%. This month's total units sold was lower than at this time last year, a decrease of 21% versus December 2017. |
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Active Inventory
Versus last year, the total number of homes available this month is lower by 62 units or 3%. The total number of active inventory this December was 2,032 compared to 2,094 in December 2017. This month's total of 2,032 is lower than the previous month's total supply of available inventory of 2,147, a decrease of 5%. |
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Median Sale Price
Last December, the median sale price for Cape May County Homes was $385,000. This December, the median sale price was $362,500, a decrease of 6% or $22,500 compared to last year. The current median sold price is 6% lower than in November. 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 231 |
Current Contracts 163 |
Sold Vs. List Price 95.3% |
Months of Supply 8.5 |
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| Down -9% Vs. Year Ago |
Down -2% Vs. Year Ago |
No Change Vs. Year Ago |
Up 23% Vs. Year Ago |
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Months of Supply
In December, there was 8.5 months of supply available in Cape May County, compared to 6.9 in December 2017. That is an increase of 23% 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 231 homes newly listed for sale in Cape May County compared to 255 in December 2017, a decrease of 9%. There were 163 current contracts pending sale this December compared to 167 a year ago. The number of current contracts is 2% lower than last December. |
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Sale Price to List Price Ratio
In December, the average sale price in Cape May County was 95.3% 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 123, lower than the average last year, which was 144, a decrease of 15%. | |||
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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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