 |
|||
 |
|||
| | |||
| JANUARY 2025 | |||
| | |||
| Zip Code(s): 08204 and 08212 | |||
| Units Sold 21 |
Active Inventory 110 |
Median Sale Price $490,000 |
Days On Market 129 |
|
|
|
|
|
| Up 17% Vs. Year Ago |
Up 17% Vs. Year Ago |
Down Vs. Year Ago |
Up 26% Vs. Year Ago |
| | |||
Units Sold
There was a decrease in total units sold in January, with 21 sold this month in Cape May Real Estate versus 27 last month, a decrease of 22%. This month's total units sold was higher than at this time last year, an increase of 17% versus January 2024. |
|||
Active Inventory
Versus last year, the total number of homes available this month is higher by 16 units or 17%. The total number of active inventory this January was 110 compared to 94 in January 2024. This month's total of 110 is higher than the previous month's total supply of available inventory of 106, an increase of 4%. |
|||
Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last January, the median sale price for Cape May Homes was $682,450. This January, the median sale price was $490,000, a decrease of $192,450 compared to last year. The current median sold price is lower than in December. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median. |
|||
| | |||
| New Listings 25 |
Current Contracts 11 |
Sold Vs. List Price 94.2% |
Months of Supply 5.2 |
|
|
|
|
|
| Down -7% Vs. Year Ago |
Down -45% Vs. Year Ago |
Down -2.7% Vs. Year Ago |
No Change Vs. Year Ago |
| | |||
Months of Supply
In January, there was 5.2 months of supply available in Cape May. The amount of supply is similar compared to 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 25 homes newly listed for sale in Cape May compared to 27 in January 2024, a decrease of 7%. There were 11 current contracts pending sale this January compared to 20 a year ago. The number of current contracts is 45% lower than last January. |
|||
Sale Price to List Price Ratio
In January, the average sale price in Cape May was 94.2% of the average list price, which is 2.6% lower than at this time last year. Days on Market
This month, the average number of days on market was 129, higher than the average last year, which was 102, an increase of 26%. | |||
 |
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. |
|||