The Long & Foster Market Minute

Focus On: Cape May Housing Market April 2018

Zip Code(s): 08204 and 08212
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -3%
Vs. Year Ago
Up 5%
Vs. Year Ago
Vs. Year Ago
Down -6%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 39 sold this month in Cape May Real Estate versus 36 last month, an increase of 8%. This month's total units sold was lower than at this time last year, a decrease of 3% versus April 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 13 units or 5%. The total number of active inventory this April was 262 compared to 249 in April 2017. This month's total of 262 is higher than the previous month's total supply of available inventory of 259, an increase of 1%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last April, the median sale price for Cape May Homes was $247,000. This April, the median sale price was $355,000, an increase of $108,000 compared to last year. The current median sold price is higher than in March.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Up 37%
Vs. Year Ago
Down -5%
Vs. Year Ago
No Change
Vs. Year Ago
Up 8%
Vs. Year Ago

Months of Supply
In April, there was 6.7 months of supply available in Cape May, compared to 6.2 in April 2017. That is an increase of 8% 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.

New Listings & Current Contracts
This month there were 71 homes newly listed for sale in Cape May compared to 52 in April 2017, an increase of 37%. There were 36 current contracts pending sale this April compared to 38 a year ago. The number of current contracts is 5% lower than last April.

Sale Price to List Price Ratio
In April, the average sale price in Cape May was 94.8% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 157, lower than the average last year, which was 167, a decrease of 6%.

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.