The Long & Foster Market Minute

Focus On: Cape May County Housing Market August 2022

Units Sold
221
Active Inventory
1,190
Median Sale Price
$549,900
Days On Market
88
Down -19%
Vs. Year Ago
No Change
Vs. Year Ago
Up 21%
Vs. Year Ago
Up 10%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 221 sold this month in Cape May County Real Estate versus 203 last month, an increase of 9%. This month's total units sold was lower than at this time last year, a decrease of 19% versus August 2021.

Active Inventory
The total number of homes available this month is 1,190 units, which is similar compared to a year ago. This month's total of 1,190 is higher than the previous month's total supply of available inventory of 1,168, an increase of 2%.

Median Sale Price
Last August, the median sale price for Cape May County Homes was $454,900. This August, the median sale price was $549,900, an increase of 21% or $95,000 compared to last year. The current median sold price is 12% lower than in July.

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


New Listings
340
Current Contracts
260
Sold Vs. List Price
97.0%
Months of Supply
5.4
Down -30%
Vs. Year Ago
Down -28%
Vs. Year Ago
Down -2%
Vs. Year Ago
Up 23%
Vs. Year Ago

Months of Supply
In August, there was 5.4 months of supply available in Cape May County, compared to 4.4 in August 2021. That is an increase of 23% 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 340 homes newly listed for sale in Cape May County compared to 489 in August 2021, a decrease of 30%. There were 260 current contracts pending sale this August compared to 363 a year ago. The number of current contracts is 28% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Cape May County was 97.0% of the average list price, which is 2.0% lower than at this time last year.

Days on Market
This month, the average number of days on market was 88, higher than the average last year, which was 80, an increase of 10%.

The Long & Foster Market Minute
*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 SJSMLS/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 SJSMLS/CMCAOR or Long & Foster Real Estate, Inc.