The Long & Foster Market Minute

Focus On: Cape May Housing Market August 2022

Zip Code(s): 08204 and 08212
Units Sold
29
Active Inventory
123
Median Sale Price
$574,000
Days On Market
129
Down -19%
Vs. Year Ago
Down -12%
Vs. Year Ago
Up
Vs. Year Ago
Up 29%
Vs. Year Ago

Units Sold
The number of units sold remained stable in August, with 29 sold this month in Cape May Real Estate. This month's total units sold was lower than at this time last year, a decrease of 42% versus August 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 16 units or 12%. The total number of active inventory this August was 123 compared to 139 in August 2021. This month's total of 123 is lower than the previous month's total supply of available inventory of 129, a decrease of 5%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last August, the median sale price for Cape May Homes was $447,500. This August, the median sale price was $574,000, an increase of $126,500 compared to last year. The current median sold price is 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
29
Current Contracts
29
Sold Vs. List Price
100.4%
Months of Supply
4.2
Down -42%
Vs. Year Ago
Down -36%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 10%
Vs. Year Ago

Months of Supply
In August, there was 4.2 months of supply available in Cape May, compared to 3.9 in August 2021. That is an increase of 10% 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 50 in August 2021, a decrease of 42%. There were 29 current contracts pending sale this August compared to 45 a year ago. The number of current contracts is 36% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Cape May was 100.4% of the average list price, which is 1.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 129, higher than the average last year, which was 100, an increase of 29%.

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.