The Long & Foster Market Minute

Focus On: Cape May County Housing Market December 2020

Units Sold
424
Active Inventory
990
Median Sale Price
$499,950
Days On Market
90
Up
Vs. Year Ago
Down -45%
Vs. Year Ago
Up 21%
Vs. Year Ago
Down -24%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in December, with 424 sold this month in Cape May County Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 815 units or 45%. The total number of active inventory this December was 990 compared to 1,805 in December 2019. This month's total of 990 is lower than the previous month's total supply of available inventory of 1,122, a decrease of 12%.

Median Sale Price
Last December, the median sale price for Cape May County Homes was $412,500. This December, the median sale price was $499,950, an increase of 21% or $87,450 compared to last year. The current median sold price is 5% higher 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.


New Listings
218
Current Contracts
281
Sold Vs. List Price
97.2%
Months of Supply
2.3
Up 17%
Vs. Year Ago
Up 68%
Vs. Year Ago
Up 2.5%
Vs. Year Ago
Down -66%
Vs. Year Ago

Months of Supply
In December, there was 2.3 months of supply available in Cape May County, compared to 6.8 in December 2019. That is a decrease of 65% 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 218 homes newly listed for sale in Cape May County compared to 187 in December 2019, an increase of 17%. There were 281 current contracts pending sale this December compared to 167 a year ago. The number of current contracts is 68% higher than last December.

Sale Price to List Price Ratio
In December, the average sale price in Cape May County was 97.2% of the average list price, which is 2.4% higher than at this time last year.

Days on Market
This month, the average number of days on market was 90, lower than the average last year, which was 119, a decrease of 24%.

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.