Cape May Housing Market Data

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

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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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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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

Down -21% Vs. Year Ago	Down -19% Vs. Year Ago	Up 1% Vs. Year Ago	Up 13% Vs. Year Ago

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



New Listings 61	Current Contracts 25	Sold Vs. List Price 93.9%	Months of Supply 6.4

Down -20% Vs. Year Ago	Down -48% Vs. Year Ago	Down -1.5% Vs. Year Ago	Up 2% Vs. Year Ago

iCharts		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. Click here to compare the months of supply of this area against other locations.
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. 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 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. 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 181, higher than the average last year, which was 160, an increase of 13%. Click here to compare the days on market of this area against other locations.		iCharts



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.
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.