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| AUGUST 2024 | |||
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| Zip Code(s): 08204 and 08212 | |||
| Units Sold 32 |
Active Inventory 133 |
Median Sale Price $692,500 |
Days On Market 105 |
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| Up Vs. Year Ago |
Up 41% Vs. Year Ago |
Up Vs. Year Ago |
Down -13% Vs. Year Ago |
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Units Sold
With relatively few transactions, there was an increase in total units sold in August, with 32 sold this month in Cape May Real Estate. This month's total units sold was higher than at this time last year, an increase from August 2023. |
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Active Inventory
Versus last year, the total number of homes available this month is higher by 39 units or 41%. The total number of active inventory this August was 133 compared to 94 in August 2023. This month's total of 133 is higher than the previous month's total supply of available inventory of 121, an increase of 10%. |
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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 $565,000. This August, the median sale price was $692,500, an increase of $127,500 compared to last year. The current median sold price is higher 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. |
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| New Listings 48 |
Current Contracts 32 |
Sold Vs. List Price 99.0% |
Months of Supply 4.2 |
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| Up 85% Vs. Year Ago |
Up 52% Vs. Year Ago |
Up Vs. Year Ago |
Up 15% Vs. Year Ago |
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Months of Supply
In August, there was 4.2 months of supply available in Cape May, compared to 3.6 in August 2023. That is an increase of 15% 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. |
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New Listings & Current Contracts
This month there were 48 homes newly listed for sale in Cape May compared to 26 in August 2023, an increase of 85%. There were 32 current contracts pending sale this August compared to 21 a year ago. The number of current contracts is 52% higher than last August. |
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Sale Price to List Price Ratio
In August, the average sale price in Cape May was 99.0% of the average list price, which is higher than at this time last year. Days on Market
This month, the average number of days on market was 105, lower than the average last year, which was 120, a decrease of 13%. | |||
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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. | |||
 Information 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. |
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