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| MARCH 2025 | |||
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| Zip Code(s): 08204 and 08212 | |||
| Units Sold 19 |
Active Inventory 124 |
Median Sale Price $550,000 |
Days On Market 88 |
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| Down -17% Vs. Year Ago |
Up 5% Vs. Year Ago |
Up Vs. Year Ago |
Down -5% Vs. Year Ago |
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Units Sold
There was an increase in total units sold in March, with 19 sold this month in Cape May Real Estate versus 15 last month, an increase of 27%. This month's total units sold was lower than at this time last year, a decrease of 17% versus March 2024. |
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Active Inventory
Versus last year, the total number of homes available this month is higher by 6 units or 5%. The total number of active inventory this March was 124 compared to 118 in March 2024. This month's total of 124 is higher than the previous month's total supply of available inventory of 116, an increase of 7%. |
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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 March, the median sale price for Cape May Homes was $520,000. This March, the median sale price was $550,000, an increase of $30,000 compared to last year. The current median sold price is lower than in February. 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 41 |
Current Contracts 24 |
Sold Vs. List Price 97.5% |
Months of Supply 6.5 |
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| Down -13% Vs. Year Ago |
Down -8% Vs. Year Ago |
Down -2.1% Vs. Year Ago |
Up 27% Vs. Year Ago |
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Months of Supply
In March, there was 6.5 months of supply available in Cape May, compared to 5.1 in March 2024. That is an increase of 27% 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 41 homes newly listed for sale in Cape May compared to 47 in March 2024, a decrease of 13%. There were 24 current contracts pending sale this March compared to 26 a year ago. The number of current contracts is 8% lower than last March. |
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Sale Price to List Price Ratio
In March, the average sale price in Cape May was 97.5% of the average list price, which is 2.1% lower than at this time last year. Days on Market
This month, the average number of days on market was 88, lower than the average last year, which was 93, a decrease of 5%. | |||
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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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