The Long & Foster Market Minute

Focus On: Villas, Cape May Court House, and Rio Grande Housing Market August 2018

Zip Code(s): 08251, 08210, 08242, 08245, 08219 and 08252
Units Sold
59
Active Inventory
345
Median Sale Price
$181,000
Days On Market
127
No Change
Vs. Year Ago
Down -9%
Vs. Year Ago
Up 21%
Vs. Year Ago
Up 23%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 59 sold this month in Villas, Cape May Court House, and Rio Grande Real Estate, an increase of 4%. This month's total units sold is similar compared to a year ago.

Active Inventory
Versus last year, the total number of homes available this month is lower by 36 units or 9%. The total number of active inventory this August was 345 compared to 381 in August 2017. This month's total of 345 is higher than the previous month's total supply of available inventory of 329, an increase of 5%.

Median Sale Price
Last August, the median sale price for Villas, Cape May Court House, and Rio Grande Homes was $149,734. This August, the median sale price was $181,000, an increase of 21% or $31,266 compared to last year. The current median sold price is 11% lower 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.


New Listings
94
Current Contracts
51
Sold Vs. List Price
97.3%
Months of Supply
5.8
Down -10%
Vs. Year Ago
No Change
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Down -9%
Vs. Year Ago

Months of Supply
In August, there was 5.8 months of supply available in Villas, Cape May Court House, and Rio Grande, compared to 6.5 in August 2017. That is a decrease of 9% 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 94 homes newly listed for sale in Villas, Cape May Court House, and Rio Grande compared to 104 in August 2017, a decrease of 10%. There were 51 current contracts pending sale this August, consistent with the volume a year ago. The number of current contracts is 15% lower than last month.

Sale Price to List Price Ratio
In August, the average sale price in Villas, Cape May Court House, and Rio Grande was 97.3% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 127, higher than the average last year, which was 103, an increase of 23%.

The Long & Foster Market Minute Villas, Cape May Court House, and Rio Grande are defined as properties listed in zip code/s 08251, 08210, 08242, 08245, 08219 and 08252.
*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.