The Long & Foster Market Minute

Focus On: Cape May County Housing Market October 2021

Units Sold
339
Active Inventory
1,119
Median Sale Price
$550,000
Days On Market
71
Down
Vs. Year Ago
Down -9%
Vs. Year Ago
No Change
Vs. Year Ago
Down -22%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 339 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 112 units or 9%. The total number of active inventory this October was 1,119 compared to 1,231 in October 2020. This month's total of 1,119 is lower than the previous month's total supply of available inventory of 1,175, a decrease of 5%.

Median Sale Price
Last October, the median sale price for Cape May County Homes was $549,900. This October, the median sale price was $550,000, which is similar compared to a year ago. The current median sold price is 12% higher than in September.

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


New Listings
395
Current Contracts
362
Sold Vs. List Price
98.1%
Months of Supply
3.3
Down -27%
Vs. Year Ago
Down -26%
Vs. Year Ago
No Change
Vs. Year Ago
Up 51%
Vs. Year Ago

Months of Supply
In October, there was 3.3 months of supply available in Cape May County, compared to 2.2 in October 2020. That is an increase of 51% 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 395 homes newly listed for sale in Cape May County compared to 538 in October 2020, a decrease of 27%. There were 362 current contracts pending sale this October compared to 491 a year ago. The number of current contracts is 26% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Cape May County was 98.1% 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 71, lower than the average last year, which was 91, a decrease of 22%.

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.