Cape May County Housing Market Data

Focus On: Cape May County Housing Market

April 2018

Units Sold
314

Active Inventory
2,072

Median Sale Price
$409,950

Days On Market
143

Down -17%
Vs. Year Ago

Down -15%
Vs. Year Ago

Up 9%
Vs. Year Ago

Down -5%
Vs. Year Ago

Units Sold

There was a decrease in total units sold in April, with 314 sold this month in Cape May County Real Estate versus 335 last month, a decrease of 6%. This month's total units sold was lower than at this time last year, a decrease of 17% versus April 2017.

Active Inventory

Versus last year, the total number of homes available this month is lower by 353 units or 15%. The total number of active inventory this April was 2,072 compared to 2,425 in April 2017. This month's total of 2,072 is lower than the previous month's total supply of available inventory of 2,105, a decrease of 2%.

Median Sale Price

Last April, the median sale price for Cape May County Homes was $375,000. This April, the median sale price was $409,950, an increase of 9% or $34,950 compared to last year. The current median sold price is 2% higher than in March.

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

New Listings
494

Current Contracts
341

Sold Vs. List Price
95.5%

Months of Supply
6.6

Down -1%
Vs. Year Ago

Up 0.8%
Vs. Year Ago

Up 3%
Vs. Year Ago

Months of Supply

In April, there was 6.6 months of supply available in Cape May County, compared to 6.4 in April 2017. That is an increase of 3% 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 494 homes newly listed for sale in Cape May County compared to 501 in April 2017, a decrease of 1%. There were 341 current contracts pending sale this April compared to 346 a year ago. The number of current contracts is 1% lower than last April.

Sale Price to List Price Ratio

In April, the average sale price in Cape May County was 95.5% of the average list price, which is 0.8% higher than at this time last year.

Days on Market

This month, the average number of days on market was 143, lower than the average last year, which was 150, a decrease of 5%.

*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.