The Long & Foster Market Minute

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

Zip Code(s): 08251, 08210, 08242, 08245, 08219 and 08252
Units Sold
57
Active Inventory
317
Median Sale Price
$230,000
Days On Market
147
Down -16%
Vs. Year Ago
Down -13%
Vs. Year Ago
Up 23%
Vs. Year Ago
Up 11%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in June, with 57 sold this month in Villas, Cape May Court House, and Rio Grande Real Estate versus 74 last month, a decrease of 23%. This month's total units sold was lower than at this time last year, a decrease of 16% versus June 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 46 units or 13%. The total number of active inventory this June was 317 compared to 363 in June 2017. This month's total of 317 is lower than the previous month's total supply of available inventory of 328, a decrease of 3%.

Median Sale Price
Last June, the median sale price for Villas, Cape May Court House, and Rio Grande Homes was $186,750. This June, the median sale price was $230,000, an increase of 23% or $43,250 compared to last year. The current median sold price is 13% higher than in May.

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


New Listings
80
Current Contracts
63
Sold Vs. List Price
96.6%
Months of Supply
5.6
Down -23%
Vs. Year Ago
Up 24%
Vs. Year Ago
Up 1.4%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In June, there was 5.6 months of supply available in Villas, Cape May Court House, and Rio Grande, compared to 5.3 in June 2017. That is an increase of 4% 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 80 homes newly listed for sale in Villas, Cape May Court House, and Rio Grande compared to 104 in June 2017, a decrease of 23%. There were 63 current contracts pending sale this June compared to 51 a year ago. The number of current contracts is 24% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Villas, Cape May Court House, and Rio Grande was 96.6% of the average list price, which is 1.3% higher than at this time last year.

Days on Market
This month, the average number of days on market was 147, higher than the average last year, which was 132, an increase of 11%.

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.