The Long & Foster Market Minute

Focus On: Cape May Housing Market February 2020

Zip Code(s): 08204 and 08212
Units Sold
24
Active Inventory
183
Median Sale Price
$390,548
Days On Market
136
Up
Vs. Year Ago
Down -20%
Vs. Year Ago
Down -9%
Vs. Year Ago
Down -27%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in February, with 24 sold this month in Cape May Real Estate. This month's total units sold was higher than at this time last year, an increase from February 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 45 units or 20%. The total number of active inventory this February was 183 compared to 228 in February 2019. This month's total of 183 is lower than the previous month's total supply of available inventory of 184, a decrease of 1%.

Median Sale Price
Last February, the median sale price for Cape May Homes was $427,500. This February, the median sale price was approximately the same at $390,548. The current median sold price is 9% lower than in February 2019.

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


New Listings
50
Current Contracts
40
Sold Vs. List Price
96.3%
Months of Supply
7.6
Down -34%
Vs. Year Ago
Up 3%
Vs. Year Ago
Down -0.7%
Vs. Year Ago
Down -33%
Vs. Year Ago

Months of Supply
In February, there was 7.6 months of supply available in Cape May, compared to 11.4 in February 2019. That is a decrease of 33% 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 50 homes newly listed for sale in Cape May compared to 76 in February 2019, a decrease of 34%. There were 40 current contracts pending sale this February compared to 39 a year ago. The number of current contracts is 3% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Cape May was 96.3% of the average list price, which is 0.7% lower than at this time last year.

Days on Market
This month, the average number of days on market was 136, lower than the average last year, which was 187, a decrease of 27%.

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.