The Long & Foster Market Minute

Focus On: Cape May Housing Market December 2021

Zip Code(s): 08204 and 08212
Units Sold
Active Inventory
Median Sale Price
Days On Market
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
Current Contracts
Sold Vs. List Price
Months of Supply
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%.

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.