Cape May Housing Market Data

There was a decrease in total units sold in December, with 45 sold this month in Cape May Real Estate versus 49 last month, a decrease of 8%. This month's total units sold was lower than at this time last year, a decrease of 29% versus December 2020.

Versus last year, the total number of homes available this month is lower by 32 units or 25%. The total number of active inventory this December was 97 compared to 129 in December 2020. This month's total of 97 is lower than the previous month's total supply of available inventory of 105, a decrease of 8%.

Last December, the median sale price for Cape May Homes was $560,000. This December, the median sale price was $710,000, an increase of $150,000 compared to last year. The current median sold price is higher than in November.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

In December, there was 2.2 months of supply available in Cape May, compared to 2.0 in December 2020. That is an increase of 5% 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.

This month there were 21 homes newly listed for sale in Cape May compared to 40 in December 2020, a decrease of 48%. There were 22 current contracts pending sale this December compared to 46 a year ago. The number of current contracts is 52% lower than last December.

In December, the average sale price in Cape May was 98.0% of the average list price, which is similar compared to a year ago.

This month, the average number of days on market was 137, higher than the average last year, which was 96, an increase of 43%.





Focus On: Cape May Housing Market			December 2021

Zip Code(s): 08204 and 08212
Units Sold 45	Active Inventory 97	Median Sale Price $710,000	Days On Market 137

Down -29% Vs. Year Ago	Down -25% Vs. Year Ago	Up 27% Vs. Year Ago	Up 43% Vs. Year Ago


		Units Sold There was a decrease in total units sold in December, with 45 sold this month in Cape May Real Estate versus 49 last month, a decrease of 8%. This month's total units sold was lower than at this time last year, a decrease of 29% versus December 2020.
Active Inventory Versus last year, the total number of homes available this month is lower by 32 units or 25%. The total number of active inventory this December was 97 compared to 129 in December 2020. This month's total of 97 is lower than the previous month's total supply of available inventory of 105, a decrease of 8%.
		Median Sale Price Last December, the median sale price for Cape May Homes was $560,000. This December, the median sale price was $710,000, an increase of $150,000 compared to last year. The current median sold price is higher than in November. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 21	Current Contracts 22	Sold Vs. List Price 98.0%	Months of Supply 2.2

Down -48% Vs. Year Ago	Down -52% Vs. Year Ago	No Change Vs. Year Ago	Up 5% Vs. Year Ago


		Months of Supply In December, there was 2.2 months of supply available in Cape May, compared to 2.0 in December 2020. That is an increase of 5% 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 21 homes newly listed for sale in Cape May compared to 40 in December 2020, a decrease of 48%. There were 22 current contracts pending sale this December compared to 46 a year ago. The number of current contracts is 52% lower than last December.
		Sale Price to List Price Ratio In December, the average sale price in Cape May was 98.0% of the average list price, which is similar compared to a year ago. Days on Market This month, the average number of days on market was 137, higher than the average last year, which was 96, an increase of 43%.


	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.