The Long & Foster Market Minute

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

Zip Code(s): 08251, 08210, 08242, 08245, 08219 and 08252
Units Sold
51
Active Inventory
315
Median Sale Price
$186,000
Days On Market
113
Down -6%
Vs. Year Ago
Down -13%
Vs. Year Ago
Down -4%
Vs. Year Ago
Down -19%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 51 sold this month in Villas, Cape May Court House, and Rio Grande Real Estate versus 48 last month, an increase of 6%. This month's total units sold was lower than at this time last year, a decrease of 6% versus October 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 45 units or 13%. The total number of active inventory this October was 315 compared to 360 in October 2017. This month's total of 315 is lower than the previous month's total supply of available inventory of 340, a decrease of 7%.

Median Sale Price
Last October, the median sale price for Villas, Cape May Court House, and Rio Grande Homes was $193,500. This October, the median sale price was $186,000, a decrease of 4% or $7,500 compared to last year. The current median sold price is 3% lower than in September.

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


New Listings
62
Current Contracts
56
Sold Vs. List Price
97.4%
Months of Supply
6.2
Down -9%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 1.6%
Vs. Year Ago
Down -7%
Vs. Year Ago

Months of Supply
In October, there was 6.2 months of supply available in Villas, Cape May Court House, and Rio Grande, compared to 6.7 in October 2017. That is a decrease of 7% 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 62 homes newly listed for sale in Villas, Cape May Court House, and Rio Grande compared to 68 in October 2017, a decrease of 9%. There were 56 current contracts pending sale this October compared to 51 a year ago. The number of current contracts is 10% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Villas, Cape May Court House, and Rio Grande was 97.4% of the average list price, which is 1.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 113, lower than the average last year, which was 139, a decrease 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.