The Long & Foster Market Minute

Focus On: Cape May Housing Market August 2021

Zip Code(s): 08204 and 08212
Units Sold
32
Active Inventory
138
Median Sale Price
$447,500
Days On Market
93
Down
Vs. Year Ago
Down -7%
Vs. Year Ago
Down -14%
Vs. Year Ago
Down -46%
Vs. Year Ago

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 lower than at this time last year, a decrease from August 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 11 units or 7%. The total number of active inventory this August was 138 compared to 149 in August 2020. This month's total of 138 is lower than the previous month's total supply of available inventory of 147, a decrease of 6%.

Median Sale Price
Last August, the median sale price for Cape May Homes was $520,000. This August, the median sale price was $447,500, a decrease of 14% or $72,500 compared to last year. The current median sold price is 9% 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.


New Listings
51
Current Contracts
47
Sold Vs. List Price
98.2%
Months of Supply
4.3
Down -33%
Vs. Year Ago
Down -23%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Up 59%
Vs. Year Ago

Months of Supply
In August, there was 4.3 months of supply available in Cape May, compared to 2.7 in August 2020. That is an increase of 59% 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 51 homes newly listed for sale in Cape May compared to 76 in August 2020, a decrease of 33%. There were 47 current contracts pending sale this August compared to 61 a year ago. The number of current contracts is 23% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Cape May was 98.2% of the average list price, which is 0.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 93, lower than the average last year, which was 172, a decrease of 46%.

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.