Cape May Housing Market Data

There was an increase in total units sold in March, with 33 sold this month in Cape May Real Estate versus 25 last month, an increase of 32%. This month's total units sold was lower than at this time last year, a decrease of 13% versus March 2017.

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Versus last year, the total number of homes available this month is higher by 4 units or 2%. The total number of active inventory this March was 255 compared to 251 in March 2017. This month's total of 255 is higher than the previous month's total supply of available inventory of 250, an increase of 2%.

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Due to the relatively small number of units sold, the median sale price showed significant change this month. Last March, the median sale price for Cape May Homes was $292,500. This March, the median sale price was $339,800, an increase of $47,300 compared to last year. The current median sold price is higher than in February.

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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In March, there was 7.7 months of supply available in Cape May, compared to 6.6 in March 2017. That is an increase of 17% 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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This month there were 59 homes newly listed for sale in Cape May compared to 71 in March 2017, a decrease of 17%. There were 40 current contracts pending sale this March compared to 48 a year ago. The number of current contracts is 17% lower than last March.

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Click here to compare the current contracts of this area against other locations.

In March, the average sale price in Cape May was 95.4% of the average list price, which is 1.0% lower than at this time last year.

Click here to compare the sale price to list price ratio of this area against other locations.

This month, the average number of days on market was 223, higher than the average last year, which was 203, an increase of 10%.

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Focus On: Cape May Housing Market			March 2018

Zip Code(s): 08204 and 08212
Units Sold 33	Active Inventory 255	Median Sale Price $339,800	Days On Market 223

Down -13% Vs. Year Ago	Up 2% Vs. Year Ago	Up Vs. Year Ago	Up 10% Vs. Year Ago


iCharts		Units Sold There was an increase in total units sold in March, with 33 sold this month in Cape May Real Estate versus 25 last month, an increase of 32%. This month's total units sold was lower than at this time last year, a decrease of 13% versus March 2017. Click here to compare the units sold of this area against other locations.
Active Inventory Versus last year, the total number of homes available this month is higher by 4 units or 2%. The total number of active inventory this March was 255 compared to 251 in March 2017. This month's total of 255 is higher than the previous month's total supply of available inventory of 250, an increase of 2%. Click here to compare the active inventory of this area against other locations.		iCharts
iCharts		Median Sale Price Due to the relatively small number of units sold, the median sale price showed significant change this month. Last March, the median sale price for Cape May Homes was $292,500. This March, the median sale price was $339,800, an increase of $47,300 compared to last year. The current median sold price is higher than in February. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median. Click here to compare the median sale price of this area against other locations.



New Listings 59	Current Contracts 40	Sold Vs. List Price 95.4%	Months of Supply 7.7

Down -17% Vs. Year Ago	Down -17% Vs. Year Ago	Down -1.1% Vs. Year Ago	Up 17% Vs. Year Ago


iCharts		Months of Supply In March, there was 7.7 months of supply available in Cape May, compared to 6.6 in March 2017. That is an increase of 17% 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. Click here to compare the months of supply of this area against other locations.
New Listings & Current Contracts This month there were 59 homes newly listed for sale in Cape May compared to 71 in March 2017, a decrease of 17%. There were 40 current contracts pending sale this March compared to 48 a year ago. The number of current contracts is 17% lower than last March. Click here to compare the new listings of this area against other locations. Click here to compare the current contracts of this area against other locations.		iCharts
iCharts		Sale Price to List Price Ratio In March, the average sale price in Cape May was 95.4% of the average list price, which is 1.0% lower than at this time last year. Click here to compare the sale price to list price ratio of this area against other locations.
Days on Market This month, the average number of days on market was 223, higher than the average last year, which was 203, an increase of 10%. Click here to compare the days on market of this area against other locations.		iCharts


	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.
	Information 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.