The Long & Foster Market Minute

Focus On: Cape May Housing Market March 2021

Zip Code(s): 08204 and 08212
Units Sold
Active Inventory
Median Sale Price
Days On Market
Vs. Year Ago
Down -45%
Vs. Year Ago
Up 71%
Vs. Year Ago
Down -14%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 49 sold this month in Cape May 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 91 units or 45%. The total number of active inventory this March was 113 compared to 204 in March 2020. This month's total of 113 is lower than the previous month's total supply of available inventory of 115, a decrease of 2%.

Median Sale Price
Last March, the median sale price for Cape May Homes was $307,475. This March, the median sale price was approximately the same at $525,000. The current median sold price is 71% higher than in March 2020.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Up 15%
Vs. Year Ago
Up 96%
Vs. Year Ago
Up 4.2%
Vs. Year Ago
Down -59%
Vs. Year Ago

Months of Supply
In March, there was 2.3 months of supply available in Cape May, compared to 5.7 in March 2020. That is a decrease of 59% 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 61 homes newly listed for sale in Cape May compared to 53 in March 2020, an increase of 15%. There were 55 current contracts pending sale this March compared to 28 a year ago. The number of current contracts is 96% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Cape May was 99.7% of the average list price, which is 4.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 115, lower than the average last year, which was 133, a decrease of 14%.

The Long & Foster Market Minute Cape May are defined as properties listed in zip code/s 08204 and 08212.
*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 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 CMCAOR or Long & Foster Real Estate, Inc.