The Long & Foster Market Minute

Focus On: Cape May Housing Market October 2017

Zip Code(s): 08204 and 08212
Units Sold
40
Active Inventory
261
Median Sale Price
$349,500
Days On Market
140
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -18%
Vs. Year Ago
Down -21%
Vs. Year Ago
Down -23%
Vs. Year Ago
Down -33%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 40 sold this month in Cape May Real Estate versus 49 last month, a decrease of 18%. This month's total units sold was lower than at this time last year, a decrease of 18% versus October 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 69 units or 21%. The total number of active inventory this October was 261 compared to 330 in October 2016. This month's total of 261 is lower than the previous month's total supply of available inventory of 264, a decrease of 1%.

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Median Sale Price
Last October, the median sale price for Cape May Homes was $455,000. This October, the median sale price was $349,500, a decrease of 23% or $105,500 compared to last year. The current median sold price is 9% higher than in September.

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
49
Current Contracts
37
Sold Vs. List Price
96.2%
Months of Supply
6.5
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -16%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 1.6%
Vs. Year Ago
Down -3%
Vs. Year Ago

Months of Supply
In October, there was 6.5 months of supply available in Cape May, compared to 6.7 in October 2016. That is a decrease of 3% 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 49 homes newly listed for sale in Cape May compared to 58 in October 2016, a decrease of 16%. There were 37 current contracts pending sale this October compared to 40 a year ago. The number of current contracts is 8% lower than last October.

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Sale Price to List Price Ratio
In October, the average sale price in Cape May was 96.2% of the average list price, which is 1.5% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 140, lower than the average last year, which was 210, a decrease of 33%.

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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.