The Long & Foster Market Minute

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

Zip Code(s): 08251, 08210, 08242, 08245, 08219 and 08252
Units Sold
41
Active Inventory
306
Median Sale Price
$175,000
Days On Market
125
Down -27%
Vs. Year Ago
Down -8%
Vs. Year Ago
Down -14%
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in April, with 41 sold this month in Villas, Cape May Court House, and Rio Grande Real Estate versus 47 last month, a decrease of 13%. This month's total units sold was lower than at this time last year, a decrease of 27% versus April 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 26 units or 8%. The total number of active inventory this April was 306 compared to 332 in April 2017. This month's total of 306 is higher than the previous month's total supply of available inventory of 297, an increase of 3%.

Median Sale Price
Last April, the median sale price for Villas, Cape May Court House, and Rio Grande Homes was $202,500. This April, the median sale price was $175,000, a decrease of 14% or $27,500 compared to last year. The current median sold price is 3% lower than in March.

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


New Listings
96
Current Contracts
58
Sold Vs. List Price
95.7%
Months of Supply
7.5
Up 14%
Vs. Year Ago
Down -8%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Up 26%
Vs. Year Ago

Months of Supply
In April, there was 7.5 months of supply available in Villas, Cape May Court House, and Rio Grande, compared to 5.9 in April 2017. That is an increase of 26% 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 96 homes newly listed for sale in Villas, Cape May Court House, and Rio Grande compared to 84 in April 2017, an increase of 14%. There were 58 current contracts pending sale this April compared to 63 a year ago. The number of current contracts is 8% lower than last April.

Sale Price to List Price Ratio
In April, the average sale price in Villas, Cape May Court House, and Rio Grande was 95.7% 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 125, lower than the average last year, which was 144, a decrease of 13%.

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.