The Long & Foster Market Minute

Focus On: Cape May Housing Market August 2017

Zip Code(s): 08204 and 08212
Units Sold
37
Active Inventory
253
Median Sale Price
$315,000
Days On Market
140
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -10%
Vs. Year Ago
Down -24%
Vs. Year Ago
Down -2%
Vs. Year Ago
Down -27%
Vs. Year Ago

Units Sold
The number of units sold remained stable in August, with 37 sold this month in Cape May Real Estate. This month's total units sold was lower than at this time last year, a decrease of 22% versus August 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 81 units or 24%. The total number of active inventory this August was 253 compared to 334 in August 2016. This month's total of 253 is lower than the previous month's total supply of available inventory of 268, a decrease of 6%.

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Median Sale Price
Last August, the median sale price for Cape May Homes was $320,000. This August, the median sale price was $315,000, a decrease of 2% or $5,000 compared to last year. The current median sold price is 12% higher than in July.

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
52
Current Contracts
47
Sold Vs. List Price
94.4%
Months of Supply
6.8
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -22%
Vs. Year Ago
Down -18%
Vs. Year Ago
Down -0.8%
Vs. Year Ago
Down -16%
Vs. Year Ago

Months of Supply
In August, there was 6.8 months of supply available in Cape May, compared to 8.1 in August 2016. That is a decrease of 16% 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 52 homes newly listed for sale in Cape May compared to 67 in August 2016, a decrease of 22%. There were 47 current contracts pending sale this August compared to 57 a year ago. The number of current contracts remained stable as compared to last August.

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Sale Price to List Price Ratio
In August, the average sale price in Cape May was 94.4% of the average list price, which is 0.7% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 140, lower than the average last year, which was 192, a decrease of 27%.

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The Long & Foster Market Minute *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.