Cape May County Housing Market Data

There was an increase in total units sold in May, with 430 sold this month in Cape May County Real Estate versus 375 last month, an increase of 15%. This month's total units sold was higher than at this time last year, an increase of 4% versus May 2018.

The total number of homes available this month is 2,108 units, which is similar compared to a year ago. This month's total of 2,108 is lower than the previous month's total supply of available inventory of 2,157, a decrease of 2%.

Last May, the median sale price for Cape May County Homes was $354,900. This May, the median sale price was $369,000, an increase of 4% or $14,100 compared to last year. The current median sold price is 1% lower than in April.

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

In May, there was 4.9 months of supply available in Cape May County, compared to 5.1 in May 2018. 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.

This month there were 482 homes newly listed for sale in Cape May County compared to 577 in May 2018, a decrease of 16%. There were 342 current contracts pending sale this May compared to 378 a year ago. The number of current contracts is 10% lower than last May.

In May, the average sale price in Cape May County was 96.0% of the average list price, which is similar compared to a year ago.

This month, the average number of days on market was 131, lower than the average last year, which was 136, a decrease of 4%.





Focus On: Cape May County Housing Market			May 2019

Units Sold 430	Active Inventory 2,108	Median Sale Price $369,000	Days On Market 131

Up 4% Vs. Year Ago	No Change Vs. Year Ago	Up 4% Vs. Year Ago	Down -4% Vs. Year Ago


		Units Sold There was an increase in total units sold in May, with 430 sold this month in Cape May County Real Estate versus 375 last month, an increase of 15%. This month's total units sold was higher than at this time last year, an increase of 4% versus May 2018.
Active Inventory The total number of homes available this month is 2,108 units, which is similar compared to a year ago. This month's total of 2,108 is lower than the previous month's total supply of available inventory of 2,157, a decrease of 2%.
		Median Sale Price Last May, the median sale price for Cape May County Homes was $354,900. This May, the median sale price was $369,000, an increase of 4% or $14,100 compared to last year. The current median sold price is 1% lower than in April. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 482	Current Contracts 342	Sold Vs. List Price 96.0%	Months of Supply 4.9

Down -16% Vs. Year Ago	Down -10% Vs. Year Ago	No Change Vs. Year Ago	Down -4% Vs. Year Ago


		Months of Supply In May, there was 4.9 months of supply available in Cape May County, compared to 5.1 in May 2018. 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 482 homes newly listed for sale in Cape May County compared to 577 in May 2018, a decrease of 16%. There were 342 current contracts pending sale this May compared to 378 a year ago. The number of current contracts is 10% lower than last May.
		Sale Price to List Price Ratio In May, the average sale price in Cape May County was 96.0% 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 131, lower than the average last year, which was 136, a decrease of 4%.



	*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.