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The Local Scoop on Cape May's Real Estate Market

Comparing Year over Year - First Half 2017

It's a very true statement that real estate is "local". When reviewing market trends and determining prices (whether to list for sale or to make an offer), it is important to narrow the information down to your local town and neighborhood.  Your Jersey Cape Realty agent can even zero in on your specific block to pinpoint the most relevant information pertaining to your situation.

As a market overview, let's start at the County level and then hone in on the various municipalities to get a better picture of market activity year over year.  The data discussed here relates only to single family homes.  Condos, vacant ground, and multi-family listings are not included.

When you look at new single family listings across Cape May County through 6/30/2017, the data shows that the number of listings this June is 1708, compared to last June, when there were 1833.  This shows a tightening market.  The average sale price is currently $280,000, compared to last year's $275,500, indicating higher prices with lower inventory.  The data also shows that the average days on market dropped, currently at 106, while last year, the number was 121.  Closed sales for the county were 1004 on 6/30/17, while they were 836 on 6/30/16, as buyers have purchased inventory creating the listing shortage felt overall.

Cape May City seems seems to be following the County trend.  New single family listing inventory is down from 91 to 81 comparing 6/30/16 to 6/20/17, while the average price jumped from $470,000 to $700,000, as higher priced listings are moving, somewhat skewing the averages.  The average days on market are about the same. Listings are needed for buyers to have more choices and buyers are looking at neighboring towns like West Cape May and Cape May Point.

Lower Township overall follows the County trend as well, with only 399 new single family listings this June 30 compared to 441 as of last June 30.  Closed sales have increased to 252 over 219 last year, average days on market have fallen to 86 from 101, while the average sale price has risen to $169,700 from $155,000.  This indicates that there is still ample inventory in Lower Township in a strong market.

West Cape May actually has a slight increase in new single family listings year over year, up from 30 last year to 32 this year.  Closed sales have increased from 19 to 25 and days on market have remained the same at 111.  The average sale price has increased from $450,000 to $585,000!

Cape May Point is bucking the County trend.  There are now 26 new single family residential listings compared to 16 last year.  Closed sales are at 14 compared to 7 last June 30 and the average days on market dropped from 143 to 79.  The average sale price increased from $605,000 to $648,500.  It's been a hot market here!

If you have any questions about the current real estate market, including pricing, financing trends, the buying process or selling process, please contact us at Jersey Cape Realty.  Our friendly, knowledgeable, experienced agents can break down the data for you and provide the solid information you need to guide you in any real estate decisions.

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