The Long & Foster Market Minute

Focus On: Villas, Cape May Court House, and Rio Grande Housing Market February 2019

Zip Code(s): 08251, 08210, 08242, 08245, 08219 and 08252
Units Sold
39
Active Inventory
271
Median Sale Price
$210,000
Days On Market
144
Up 30%
Vs. Year Ago
Down -10%
Vs. Year Ago
Up 23%
Vs. Year Ago
Up 5%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 39 sold this month in Villas, Cape May Court House, and Rio Grande Real Estate versus 33 last month, an increase of 18%. This month's total units sold was higher than at this time last year, an increase of 30% versus February 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 29 units or 10%. The total number of active inventory this February was 271 compared to 300 in February 2018. This month's total of 271 is lower than the previous month's total supply of available inventory of 274, a decrease of 1%.

Median Sale Price
Last February, the median sale price for Villas, Cape May Court House, and Rio Grande Homes was $170,450. This February, the median sale price was $210,000, an increase of 23% or $39,550 compared to last year. The current median sold price is 17% higher than in January.

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


New Listings
83
Current Contracts
64
Sold Vs. List Price
96.5%
Months of Supply
6.9
Up 19%
Vs. Year Ago
Up 36%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Down -30%
Vs. Year Ago

Months of Supply
In February, there was 6.9 months of supply available in Villas, Cape May Court House, and Rio Grande, compared to 10.0 in February 2018. That is a decrease of 31% 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 83 homes newly listed for sale in Villas, Cape May Court House, and Rio Grande compared to 70 in February 2018, an increase of 19%. There were 64 current contracts pending sale this February compared to 47 a year ago. The number of current contracts is 36% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Villas, Cape May Court House, and Rio Grande was 96.5% of the average list price, which is 0.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 144, higher than the average last year, which was 137, an increase of 5%.

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.