The Long & Foster Market Minute
Focus On: Cape May Housing Market January 2017
Zip Code(s): 08204 and 08212
Units Sold
29
Active Inventory
252
Median Sale Price
$344,000
Days On Market
221
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down
Vs. Year Ago
Down -25%
Vs. Year Ago
Down -7%
Vs. Year Ago
Down -12%
Vs. Year Ago
Units Sold
With relatively few transactions, there was a decrease in total units sold in January, with 29 sold this month in Cape May Real Estate. This month's total units sold was lower than at this time last year, a decrease from January 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 85 units or 25%. The total number of active inventory this January was 252 compared to 337 in January 2016. This month's total of 252 is lower than the previous month's total supply of available inventory of 270, a decrease of 7%.

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Median Sale Price
Last January, the median sale price for Cape May Homes was $369,000. This January, the median sale price was $344,000, a decrease of 7% or $25,000 compared to last year. The current median sold price is 23% lower than in December.

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

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New Listings
51
Current Contracts
26
Sold Vs. List Price
93.9%
Months of Supply
8.7
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -7%
Vs. Year Ago
Up 24%
Vs. Year Ago
Down -1.1%
Vs. Year Ago
Down -10%
Vs. Year Ago
Months of Supply
In January, there was 8.7 months of supply available in Cape May, compared to 9.6 in January 2016. That is a decrease of 10% 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.

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New Listings & Current Contracts
This month there were 51 homes newly listed for sale in Cape May compared to 55 in January 2016, a decrease of 7%. There were 26 current contracts pending sale this January compared to 21 a year ago. The number of current contracts is 24% higher than last January.

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Sale Price to List Price Ratio
In January, the average sale price in Cape May was 93.9% of the average list price, which is 1.1% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 221, lower than the average last year, which was 250, a decrease of 12%.

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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.