The Long & Foster Market Minute

Focus On: Cape May Housing Market January 2024

Zip Code(s): 08204 and 08212
Units Sold
17
Active Inventory
93
Median Sale Price
$675,000
Days On Market
105
Down -32%
Vs. Year Ago
Down -18%
Vs. Year Ago
Down
Vs. Year Ago
Down -21%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 17 sold this month in Cape May Real Estate versus 25 last month, a decrease of 32%. This month's total units sold was lower than at this time last year, a decrease of 32% versus January 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 21 units or 18%. The total number of active inventory this January was 93 compared to 114 in January 2023. This month's total of 93 is lower than the previous month's total supply of available inventory of 96, a decrease of 3%.

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 $1,050,000. This January, the median sale price was $675,000, a decrease of $375,000 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
27
Current Contracts
19
Sold Vs. List Price
97.3%
Months of Supply
5.5
Up 17%
Vs. Year Ago
Down -5%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Up 20%
Vs. Year Ago

Months of Supply
In January, there was 5.5 months of supply available in Cape May, compared to 4.6 in January 2023. That is an increase of 20% 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 27 homes newly listed for sale in Cape May compared to 23 in January 2023, an increase of 17%. There were 19 current contracts pending sale this January compared to 20 a year ago. The number of current contracts is 5% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in Cape May was 97.3% 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 105, lower than the average last year, which was 133, a decrease of 21%.

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.