The Long & Foster Market Minute

Focus On: Cape May Housing Market December 2018

Zip Code(s): 08204 and 08212
Units Sold
32
Active Inventory
214
Median Sale Price
$318,650
Days On Market
144
Down -24%
Vs. Year Ago
Down -12%
Vs. Year Ago
Down -7%
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in December, with 32 sold this month in Cape May Real Estate versus 34 last month, a decrease of 6%. This month's total units sold was lower than at this time last year, a decrease of 24% versus December 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 28 units or 12%. The total number of active inventory this December was 214 compared to 242 in December 2017. This month's total of 214 is lower than the previous month's total supply of available inventory of 230, a decrease of 7%.

Median Sale Price
Last December, the median sale price for Cape May Homes was $341,000. This December, the median sale price was $318,650, a decrease of 7% or $22,350 compared to last year. The current median sold price is 6% lower than in November.

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


New Listings
29
Current Contracts
21
Sold Vs. List Price
94.3%
Months of Supply
6.7
Up 7%
Vs. Year Ago
Down -36%
Vs. Year Ago
Down -2.2%
Vs. Year Ago
Up 16%
Vs. Year Ago

Months of Supply
In December, there was 6.7 months of supply available in Cape May, compared to 5.8 in December 2017. That is an increase 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.

New Listings & Current Contracts
This month there were 29 homes newly listed for sale in Cape May compared to 27 in December 2017, an increase of 7%. There were 21 current contracts pending sale this December compared to 33 a year ago. The number of current contracts is 36% lower than last December.

Sale Price to List Price Ratio
In December, the average sale price in Cape May was 94.3% of the average list price, which is 2.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 144, lower than the average last year, which was 165, a decrease of 13%.

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.