The Long & Foster Market Minute

FOCUS ON: CAPE MAY COUNTY HOUSING MARKET MAY 2024

Units Sold
219
Active Inventory
1,250
Median Sale Price
$650,000
Days On Market
90
Down -20%
Vs. Year Ago
Up 15%
Vs. Year Ago
Up 6%
Vs. Year Ago
Down -10%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 219 sold this month in Cape May County Real Estate versus 203 last month, an increase of 8%. This month's total units sold was lower than at this time last year, a decrease of 20% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 164 units or 15%. The total number of active inventory this May was 1,250 compared to 1,086 in May 2023. This month's total of 1,250 is higher than the previous month's total supply of available inventory of 1,217, an increase of 3%.

Median Sale Price
Last May, the median sale price for Cape May County Homes was $615,000. This May, the median sale price was $650,000, an increase of 6% or $35,000 compared to last year. The current median sold price is 6% 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
326
Current Contracts
186
Sold Vs. List Price
96.9%
Months of Supply
5.7
Up 2%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 0.9%
Vs. Year Ago
Up 43%
Vs. Year Ago

Months of Supply
In May, there was 5.7 months of supply available in Cape May County, compared to 4.0 in May 2023. That is an increase of 43% 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 326 homes newly listed for sale in Cape May County compared to 319 in May 2023, an increase of 2%. There were 186 current contracts pending sale this May compared to 227 a year ago. The number of current contracts is 18% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Cape May County was 96.9% of the average list price, which is 0.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 90, lower than the average last year, which was 100, a decrease 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.