The Long & Foster Market Minute

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

Zip Code(s): 08251, 08210, 08242, 08245, 08219 and 08252
Units Sold
54
Active Inventory
295
Median Sale Price
$219,000
Days On Market
106
Up 29%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 27%
Vs. Year Ago
Down -14%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in April, with 54 sold this month in Villas, Cape May Court House, and Rio Grande Real Estate versus 55 last month, a decrease of 2%. This month's total units sold was higher than at this time last year, an increase of 29% versus April 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 21 units or 7%. The total number of active inventory this April was 295 compared to 316 in April 2018. This month's total of 295 is higher than the previous month's total supply of available inventory of 287, an increase of 3%.

Median Sale Price
Last April, the median sale price for Villas, Cape May Court House, and Rio Grande Homes was $172,450. This April, the median sale price was $219,000, an increase of $46,550 compared to last year. The current median sold price is higher 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
90
Current Contracts
71
Sold Vs. List Price
96.7%
Months of Supply
5.5
Down -8%
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Down -27%
Vs. Year Ago

Months of Supply
In April, there was 5.5 months of supply available in Villas, Cape May Court House, and Rio Grande, compared to 7.5 in April 2018. That is a decrease of 27% 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 90 homes newly listed for sale in Villas, Cape May Court House, and Rio Grande compared to 98 in April 2018, a decrease of 8%. There were 71 current contracts pending sale this April compared to 66 a year ago. The number of current contracts remained stable as compared to last April.

Sale Price to List Price Ratio
In April, the average sale price in Villas, Cape May Court House, and Rio Grande was 96.7% 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 106, lower than the average last year, which was 123, a decrease of 14%.

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.