The Long & Foster Market Minute

Focus On: Cape May Housing Market September 2018

Zip Code(s): 08204 and 08212
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -18%
Vs. Year Ago
Down -8%
Vs. Year Ago
Down -2%
Vs. Year Ago
Down -40%
Vs. Year Ago

Units Sold
There was an increase in total units sold in September, with 41 sold this month in Cape May Real Estate versus 38 last month, an increase of 8%. This month's total units sold was lower than at this time last year, a decrease of 18% versus September 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 21 units or 8%. The total number of active inventory this September was 237 compared to 258 in September 2017. This month's total of 237 is higher than the previous month's total supply of available inventory of 235, an increase of 1%.

Median Sale Price
Last September, the median sale price for Cape May Homes was $322,500. This September, the median sale price was $315,000, a decrease of 2% or $7,500 compared to last year. The current median sold price is 12% lower than in August.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Down -13%
Vs. Year Ago
Down -12%
Vs. Year Ago
Up 1.6%
Vs. Year Ago
Up 12%
Vs. Year Ago

Months of Supply
In September, there was 5.8 months of supply available in Cape May, compared to 5.2 in September 2017. That is an increase of 12% 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 60 homes newly listed for sale in Cape May compared to 69 in September 2017, a decrease of 13%. There were 37 current contracts pending sale this September compared to 42 a year ago. The number of current contracts is 12% lower than last September.

Sale Price to List Price Ratio
In September, the average sale price in Cape May was 95.1% 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 125, lower than the average last year, which was 208, a decrease of 40%.

The Long & Foster Market Minute Cape May are defined as properties listed in zip code/s 08204 and 08212.
*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.