The Long & Foster Market Minute
Focus On: Cape May Housing Market February 2017
Zip Code(s): 08204 and 08212
Units Sold
21
Active Inventory
265
Median Sale Price
$365,000
Days On Market
242
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 5%
Vs. Year Ago
Down -26%
Vs. Year Ago
Up
Vs. Year Ago
Up
Vs. Year Ago
Units Sold
There was a decrease in total units sold in February, with 21 sold this month in Cape May Real Estate versus 30 last month, a decrease of 30%. This month's total units sold was higher than at this time last year, an increase of 5% versus February 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 91 units or 26%. The total number of active inventory this February was 265 compared to 356 in February 2016. This month's total of 265 is higher than the previous month's total supply of available inventory of 253, an increase of 5%.

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Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last February, the median sale price for Cape May Homes was $265,000. This February, the median sale price was $365,000, an increase of $100,000 compared to last year. The current median sold price is higher than in January.

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
64
Current Contracts
25
Sold Vs. List Price
89.7%
Months of Supply
12.6
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -6%
Vs. Year Ago
Down -19%
Vs. Year Ago
Down -3.8%
Vs. Year Ago
Down -29%
Vs. Year Ago
Months of Supply
In February, there was 12.6 months of supply available in Cape May, compared to 17.8 in February 2016. That is a decrease of 29% 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 64 homes newly listed for sale in Cape May compared to 68 in February 2016, a decrease of 6%. There were 25 current contracts pending sale this February compared to 31 a year ago. The number of current contracts is 19% lower than last February.

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Sale Price to List Price Ratio
In February, the average sale price in Cape May was 89.7% of the average list price, which is 3.5% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 242, higher than the average last year, which was 161. This increase was impacted by the limited number of sales.

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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.