The Long & Foster Market Minute

Focus On: Cape May County Housing Market March 2019

Units Sold
293
Active Inventory
2,151
Median Sale Price
$365,000
Days On Market
131
Down -14%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -9%
Vs. Year Ago
Down -11%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 293 sold this month in Cape May County Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is higher by 16 units or 1%. The total number of active inventory this March was 2151 compared to 2,135 in March 2018. This month's supply remained stable as compared to last month.

Median Sale Price
Last March, the median sale price for Cape May County Homes was $400,000. This March, the median sale price was $365,000, a decrease of 9% or $35,000 compared to last year. The current median sold price is 6% higher than in February.

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


New Listings
531
Current Contracts
402
Sold Vs. List Price
95.2%
Months of Supply
7.3
Up 6%
Vs. Year Ago
Up 7%
Vs. Year Ago
No Change
Vs. Year Ago
Up 17%
Vs. Year Ago

Months of Supply
In March, there was 7.3 months of supply available in Cape May County, compared to 6.3 in March 2018. That is an increase of 17% 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 531 homes newly listed for sale in Cape May County compared to 499 in March 2018, an increase of 6%. There were 402 current contracts pending sale this March compared to 376 a year ago. The number of current contracts is 7% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Cape May County was 95.2% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 131, lower than the average last year, which was 148, a decrease of 11%.

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.