The Long & Foster Market Minute

Focus On: Cape May County Housing Market August 2017

Units Sold
257
Active Inventory
2,452
Median Sale Price
$341,500
Days On Market
134
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -3%
Vs. Year Ago
Down -18%
Vs. Year Ago
Down -1%
Vs. Year Ago
Down -22%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 257 sold this month in Cape May County Real Estate versus 275 last month, a decrease of 7%. This month's total units sold was lower than at this time last year, a decrease of 3% versus August 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 543 units or 18%. The total number of active inventory this August was 2452 compared to 2,995 in August 2016. This month's supply remained stable as compared to last month.

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Median Sale Price
Last August, the median sale price for Cape May County Homes was $345,000. This August, the median sale price was $341,500, a decrease of 1% or $3,500 compared to last year. The current median sold price is 10% higher than in July.

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
508
Current Contracts
315
Sold Vs. List Price
95.5%
Months of Supply
9.5
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -2%
Vs. Year Ago
Down -10%
Vs. Year Ago
Up 0.5%
Vs. Year Ago
Down -16%
Vs. Year Ago

Months of Supply
In August, there was 9.5 months of supply available in Cape May County, compared to 11.3 in August 2016. That is a decrease of 16% 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 508 homes newly listed for sale in Cape May County compared to 518 in August 2016, a decrease of 2%. There were 315 current contracts pending sale this August compared to 349 a year ago. The number of current contracts is 10% lower than last August.

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Sale Price to List Price Ratio
In August, the average sale price in Cape May County was 95.5% of the average list price, which is 0.5% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 134, lower than the average last year, which was 172, a decrease of 22%.

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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.