The Long & Foster Market Minute

Focus On: Villas, Cape May Court House, and Rio Grande Housing Market May 2020

Zip Code(s): 08251, 08210, 08242, 08245, 08219 and 08252
Units Sold
46
Active Inventory
228
Median Sale Price
$248,550
Days On Market
156
Down
Vs. Year Ago
Down -21%
Vs. Year Ago
Up 4%
Vs. Year Ago
Up 19%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 46 sold this month in Villas, Cape May Court House, and Rio Grande Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 62 units or 21%. The total number of active inventory this May was 228 compared to 290 in May 2019. This month's total of 228 is lower than the previous month's total supply of available inventory of 260, a decrease of 12%.

Median Sale Price
Last May, the median sale price for Villas, Cape May Court House, and Rio Grande Homes was $238,500. This May, the median sale price was $248,550, an increase of 4% or $10,050 compared to last year. The current median sold price is 1% higher than in April.

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


New Listings
63
Current Contracts
64
Sold Vs. List Price
95.9%
Months of Supply
5.0
Down -37%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 50%
Vs. Year Ago

Months of Supply
In May, there was 5.0 months of supply available in Villas, Cape May Court House, and Rio Grande, compared to 3.3 in May 2019. That is an increase of 50% 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 63 homes newly listed for sale in Villas, Cape May Court House, and Rio Grande compared to 100 in May 2019, a decrease of 37%. There were 64 current contracts pending sale this May compared to 78 a year ago. The number of current contracts is 18% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Villas, Cape May Court House, and Rio Grande was 95.9% of the average list price, which is 1.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 156, higher than the average last year, which was 131, an increase of 19%.

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.