Cape May County New Jersey Luxury Housing Market Update May 218
Cape May County, New Jersey - May 218 The real estate market is always changing, and if you re buying or selling a home especially a luxury property it s critical to understand the current market conditions. More than simply seeing what s happening to real estate as a whole in your local area, you need insights on what s taking place in the highend market, specifically with uncommon and unique homes like yours or those for which you re shopping. That s why Long & Foster publishes our exclusive LuxInsight report giving consumers like you invaluable information on the luxury market performance in your local area. Published monthly, LuxInsight provides you with A broad overview of real estate trends in the high-end real estate market. From median sale prices and active inventory to the current housing Demand and available active listings, LuxInsight gives you access to essential statistics you need to know. Beyond this valuable market information, Long & Foster s team of luxury sales associates is available to guide you through the real estate process. We believe luxury real estate is all about the individual, and when you work with us, you'll receive an experience tailored to your unique needs. You'll enjoy exceptional service and expertise, provided by agents who specialize in marketing and selling the most stunning luxury homes. You'll gain our exclusive connections around the world and get a luxury home experience with proven results. AT A GLANCE Active Inventory New Listings 79 Units Sold Median Sale Price $1,95, 4 38 36 34 3 28 9 8 7 6 5 4 3 2 1 6 5 4 3 2 1 $2,5, $1,95, $1,85, $1,75, $1,65, $1,55, $1,45, $1,35, $1,25, Up 5.5% Up 41.1% Down -15.8% Up 22.3% 2
Cape May County, New Jersey - May 218 Compared to last May, the total number of homes more than $1 Million available this month was higher by 5.5% and lower by 9.% compared to May 216. Active inventory this May was 5.2% higher than the previous month s supply of available inventory. Total Inventory INVENTORY PRICE RANGES $1M + 16.66% $1M - $2M 9.61% $2M - $5M 5.99% $5M+ 1.6% 45 4 35 3 25 2 15 1 5 ACTIVE INVENTORY 392 39 382 387 393 385 376 349 338 358 368 379 374 368 342 377 364 351 333 338 334 6 5 7 317 35 299 2 5 314 31 312 6 3 8 NEW LISTINGS & NEW CONTRACTS New Listings New Contracts ACTIVE INVENTORY Versus Previous Years 9 8 7 6 5 4 3 2 1 6 36 26 63 56 79 34 37 4 38 36 34 3 379 7 3
Cape May County, New Jersey - May 218 This month s units sold for homes more than $1 Million was lower than at this time last year, a decrease of 15.8% versus last May and an increase of 1.3% versus May of 216. There was an increase of 14.3% in luxury units sold in May compared to April of this year. 4 3 2 1 29 UNITS SOLD Versus Previous Years 38 6 UNITS SOLD 5 52 4 42 45 48 44 3 2 1 28 36 24 3 27 27 3 18 33 29 2 25 29 25 36 38 39 22 21 24 23 25 28 6 Sold Date City Zip Code RECENT SELECTED LUXURY SALES Final List Price Final Sale Price Sale Price as % of List Price May 1, 218 Stone Harbor 8247 $3,495, $3,7, 95.2% 81 May 18, 218 Avalon 822 $2,895, $2,837,5 98.% 245 May 5, 218 Avalon 822 $2,395, $2,31, 96.5% 87 May 1, 218 Avalon 822 $2,5, $1,9, 92.7% 34 April 3, 218 Stone Harbor 8247 $3,995, $3,7, 92.6% 361 April 11, 218 Avalon 822 $2,, $1,927, 96.4% 38 April 1, 218 Avalon 822 $1,52, $1,455, 95.7% 184 April 27, 218 Sea Isle City 8243 $1,145, $1,1, 96.1% 246 April 27, 218 Stone Harbor 8247 $1,125, $1,5, 93.3% 237 March 27, 218 Stone Harbor 8247 $2,6, $2,525, 97.1% 376 DOM Buyer Long & Foster Represented Seller 4
Cape May County, New Jersey - May 218 In May, the median sales price for homes more than $1 Million was $1,95,, an increase of 22.3% compared to last year. The current median sales price was higher by 29.2% than in April. $2,5, $2,, $1,5, $1,, $5, $ MEDIAN SALES PRICE Versus Previous Years $1,569, $1,595, $1,95, $2,5, MEDIAN SALES PRICE $2,, $1,5, $1,, $1,782,5 $1,531, $1,48, $1,545, $1,573,5 $1,468,75 $1,6, $1,42, $1,695, $1,535, $1,41, $1,597,5 $1,569, $1,72, $1,55, $1,625, $1,58, $1,6, $1,55, $1,35, $1,85, $1,593, $1,428,75 $1,685, $1,595, $1,5, $1,425, $1,77,5 $1,675, $1,875, $1,625, $1,35, $1,86, $1,995, $1,645, $1,59,5 $1,95, $5, $ $12,, TOTAL DOLLAR VOLUME SOLD $1,, $8,, $6,, $4,, Total volume sold this May was 13.7% lower than the same month one year ago. $2,, $ $63,6,818 $48,762,1 $73,6,968 $63,164,89 5
Cape May County, New Jersey - May 218 In May, the average sale price for homes more than $1 Million was 94.6% of the average list price, which is similar compared to a year ago. This month, the average number of days on market was 147, lower than the average last year, which was 168, a decrease of 12.5%. 1% 98% 96% 94% 92% 9% 88% 86% 92.2% SALE PRICE AS % OF LIST PRICE 94.2% 94.5% 94.6% 35 3 25 2 15 1 5 295 238 DAYS ON MARKET 312 286 277 25 235 211 23 25 2 233 24 222 188 182 21 165 168 18 188 2 155 184 183 172 179 179 155 166 17 152 1 128 13 186 147 MONTHS OF SUPPLY In May, there were 1.8 months of supply available, compared to 8.6 in May of 217. That is an increase of 25.6% versus a year ago. 7 6 5 4 3 2 1 12.3 13.9 1.6 16.1 9.4 12.8 13.9 12.9 11.3 57.5.9 11.2 13.1 18.7.4 18. 7.3 8.1 14. 1.4 11.7 13.4 1.2 9. 8.6 8.1 13.9 14.2 6.7 7.4 13.1 15.8 13.6 17.2 13.3 11.7 1.8 6
Cape May County, New Jersey - May 218 References & Definitions CAPE MAY, NJ: LISTING SOURCE, REPORTING AREA, & DEFINITION Based on data supplied by the CMCAOR MLS, SJS Regional MLS, and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. This report includes coverage for the county of Cape May, New Jersey only. Analysis dates for all regions are May 1, 215 through May 31, 218. MEDIA CONTACT Vicki Bendure, Bendure Communications Email: Vicki@bendurepr.com Phone: (54) 687-336 Contacts & Disclaimers CREATED BY Michael Bystry, Long & Foster Real Estate, Inc. Senior Market Research Analyst DISCLAIMER "Information contained in this report is based on data provided by the local area Multiple Listing Service and its member Association(s) of REALTORS. No representation, expressed or implied, should be taken from information herein. Neither these organizations nor Long & Foster Real Estate, Inc. guarantee or are in any way responsible for the accuracy of these results, which do not reflect all activity in the marketplace. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are May 1, 215 through May 31, 218. Information contained in this report is not limited to transactions done by Long & Foster Real Estate, Inc. The data reported is solely for residential real estate transactions. Information contained in this report is deemed reliable but not guaranteed, should be independently verified and does not constitute an opinion of Long & Foster Real Estate, Inc. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are May 1, 215 through May 31, 218". Material appearing in this report may be reproduced or copied without permission. Please use the following acknowledgement for citation: Source: Long & Foster Real Estate, Inc. and also cite the appropriate MLS. 7