The Long & Foster Market Minute

Focus On: Cape May County Housing Market May 2020

Units Sold
217
Active Inventory
1,606
Median Sale Price
$400,000
Days On Market
148
Down
Vs. Year Ago
Down -25%
Vs. Year Ago
Up 11%
Vs. Year Ago
Up 13%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 217 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 lower by 545 units or 25%. The total number of active inventory this May was 1,606 compared to 2,151 in May 2019. This month's total of 1,606 is lower than the previous month's total supply of available inventory of 1,761, a decrease of 9%.

Median Sale Price
Last May, the median sale price for Cape May County Homes was $360,000. This May, the median sale price was $400,000, an increase of 11% or $40,000 compared to last year. The current median sold price is 7% lower than in April.

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


New Listings
367
Current Contracts
372
Sold Vs. List Price
94.3%
Months of Supply
7.4
Down -26%
Vs. Year Ago
Up 7%
Vs. Year Ago
Down -1.7%
Vs. Year Ago
Up 58%
Vs. Year Ago

Months of Supply
In May, there was 7.4 months of supply available in Cape May County, compared to 4.7 in May 2019. That is an increase of 58% 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 367 homes newly listed for sale in Cape May County compared to 496 in May 2019, a decrease of 26%. There were 372 current contracts pending sale this May compared to 349 a year ago. The number of current contracts is 7% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Cape May County was 94.3% of the average list price, which is 1.7% lower than at this time last year.

Days on Market
This month, the average number of days on market was 148, higher than the average last year, which was 131, an increase of 13%.

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.