The Long & Foster Market Minute

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
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -13%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up
Vs. Year Ago
Up 10%
Vs. Year Ago

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.

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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%.

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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.

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New Listings
59
Current Contracts
40
Sold Vs. List Price
95.4%
Months of Supply
7.7
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -17%
Vs. Year Ago
Down -17%
Vs. Year Ago
Down -1.1%
Vs. Year Ago
Up 17%
Vs. Year Ago

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.

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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.

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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.

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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%.

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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.