The Long & Foster Market Minute

Focus On: Cape May Housing Market October 2020

Zip Code(s): 08204 and 08212
Units Sold
63
Active Inventory
143
Median Sale Price
$499,000
Days On Market
111
Up 29%
Vs. Year Ago
Down -44%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -35%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 63 sold this month in Cape May Real Estate versus 61 last month, an increase of 3%. This month's total units sold was higher than at this time last year, an increase of 29% versus October 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 112 units or 44%. The total number of active inventory this October was 143 compared to 255 in October 2019. This month's total of 143 is lower than the previous month's total supply of available inventory of 146, a decrease of 2%.

Median Sale Price
Last October, the median sale price for Cape May Homes was $495,000. This October, the median sale price was $499,000, an increase of 1% or $4,000 compared to last year. The current median sold price is 17% higher than in September.

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


New Listings
74
Current Contracts
67
Sold Vs. List Price
98.6%
Months of Supply
2.3
Up 10%
Vs. Year Ago
Up 60%
Vs. Year Ago
Up 3.5%
Vs. Year Ago
Down -56%
Vs. Year Ago

Months of Supply
In October, there was 2.3 months of supply available in Cape May, compared to 5.2 in October 2019. That is a decrease of 56% 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 74 homes newly listed for sale in Cape May compared to 67 in October 2019, an increase of 10%. There were 67 current contracts pending sale this October compared to 42 a year ago. The number of current contracts is 60% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Cape May was 98.6% of the average list price, which is 3.4% higher than at this time last year.

Days on Market
This month, the average number of days on market was 111, lower than the average last year, which was 171, a decrease of 35%.

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.