The Long & Foster Market Minute

Focus On: Cape May Housing Market October 2022

Zip Code(s): 08204 and 08212
Units Sold
24
Active Inventory
133
Median Sale Price
$657,450
Days On Market
128
Down
Vs. Year Ago
Up 17%
Vs. Year Ago
Up 13%
Vs. Year Ago
Up 29%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in October, with 24 sold this month in Cape May Real Estate. This month's total units sold was lower than at this time last year, a decrease from October 2021.

Active Inventory
Versus last year, the total number of homes available this month is higher by 19 units or 17%. The total number of active inventory this October was 133 compared to 114 in October 2021. This month's total of 133 is higher than the previous month's total supply of available inventory of 124, an increase of 7%.

Median Sale Price
Last October, the median sale price for Cape May Homes was $581,500. This October, the median sale price was $657,450, an increase of 13% or $75,950 compared to last year. The current median sold price is 14% 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
40
Current Contracts
25
Sold Vs. List Price
96.7%
Months of Supply
5.5
Up 18%
Vs. Year Ago
Down -31%
Vs. Year Ago
Down -4.7%
Vs. Year Ago
Up 85%
Vs. Year Ago

Months of Supply
In October, there was 5.5 months of supply available in Cape May, compared to 3.0 in October 2021. That is an increase of 85% 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 40 homes newly listed for sale in Cape May compared to 34 in October 2021, an increase of 18%. There were 25 current contracts pending sale this October compared to 36 a year ago. The number of current contracts is 31% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Cape May was 96.7% of the average list price, which is 4.8% lower than at this time last year.

Days on Market
This month, the average number of days on market was 128, higher than the average last year, which was 99, an increase of 29%.

The Long & Foster Market Minute 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.
REALTOR, Equal Opportunity HousingInformation 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.