The Long & Foster Market Minute
Focus On: Cape May Housing Market June 2017
Zip Code(s): 08204 and 08212
Units Sold
45
Active Inventory
287
Median Sale Price
$285,000
Days On Market
181
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -21%
Vs. Year Ago
Down -19%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 13%
Vs. Year Ago
Units Sold
There was an increase in total units sold in June, with 45 sold this month in Cape May Real Estate versus 44 last month, an increase of 2%. This month's total units sold was lower than at this time last year, a decrease of 21% versus June 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 69 units or 19%. The total number of active inventory this June was 287 compared to 356 in June 2016. This month's total of 287 is higher than the previous month's total supply of available inventory of 269, an increase of 7%.

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Median Sale Price
Last June, the median sale price for Cape May Homes was $281,000. This June, the median sale price was $285,000, an increase of 1% or $4,000 compared to last year. The current median sold price is 12% lower than in May.

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
61
Current Contracts
25
Sold Vs. List Price
93.9%
Months of Supply
6.4
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -20%
Vs. Year Ago
Down -48%
Vs. Year Ago
Down -1.5%
Vs. Year Ago
Up 2%
Vs. Year Ago
Months of Supply
In June, there was 6.4 months of supply available in Cape May, compared to 6.2 in June 2016. That is an increase of 2% 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 61 homes newly listed for sale in Cape May compared to 76 in June 2016, a decrease of 20%. There were 25 current contracts pending sale this June compared to 48 a year ago. The number of current contracts is 48% lower than last June.

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Sale Price to List Price Ratio
In June, the average sale price in Cape May was 93.9% of the average list price, which is 1.5% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 181, higher than the average last year, which was 160, an increase of 13%.

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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.