Cape May Housing Market Data

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

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.

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 140, lower than the average last year, which was 192, a decrease of 27%.

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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

Down -10% Vs. Year Ago	Down -24% Vs. Year Ago	Down -2% Vs. Year Ago	Down -27% Vs. Year Ago


iCharts		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. 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 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%. Click here to compare the active inventory of this area against other locations.		iCharts
iCharts		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. Click here to compare the median sale price of this area against other locations.



New Listings 52	Current Contracts 47	Sold Vs. List Price 94.4%	Months of Supply 6.8

Down -22% Vs. Year Ago	Down -18% Vs. Year Ago	Down -0.8% Vs. Year Ago	Down -16% Vs. Year Ago


iCharts		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. Click here to compare the months of supply of this area against other locations.
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. 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 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. 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 140, lower than the average last year, which was 192, a decrease of 27%. Click here to compare the days on market of this area against other locations.		iCharts


	*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.