The Long & Foster Market Minute

Focus On: Villas, Cape May Court House, and Rio Grande Housing Market June 2021

Zip Code(s): 08251, 08210, 08242, 08245, 08219 and 08252
Units Sold
60
Active Inventory
145
Median Sale Price
$298,000
Days On Market
68
Up 15%
Vs. Year Ago
Down -34%
Vs. Year Ago
Up 27%
Vs. Year Ago
Down -51%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 60 sold this month in Villas, Cape May Court House, and Rio Grande Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 75 units or 34%. The total number of active inventory this June was 145 compared to 220 in June 2020. This month's total of 145 is lower than the previous month's total supply of available inventory of 146, a decrease of 1%.

Median Sale Price
Last June, the median sale price for Villas, Cape May Court House, and Rio Grande Homes was $234,000. This June, the median sale price was $298,000, an increase of $64,000 compared to last year. The current median sold price is higher than in May.

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


New Listings
73
Current Contracts
57
Sold Vs. List Price
100.4%
Months of Supply
2.4
No Change
Vs. Year Ago
Down -22%
Vs. Year Ago
Up
Vs. Year Ago
Down -43%
Vs. Year Ago

Months of Supply
In June, there was 2.4 months of supply available in Villas, Cape May Court House, and Rio Grande, compared to 4.2 in June 2020. That is a decrease of 43% 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 73 homes newly listed for sale in Villas, Cape May Court House, and Rio Grande, which is similar to the amount in June 2020. There were 57 current contracts pending sale this June compared to 73 a year ago. The number of current contracts is 22% lower than last June.

Sale Price to List Price Ratio
In June, the average sale price in Villas, Cape May Court House, and Rio Grande was 100.4% of the average list price, which is higher than at this time last year.

Days on Market
This month, the average number of days on market was 68, lower than the average last year, which was 140, a decrease of 51%.

The Long & Foster Market Minute Villas, Cape May Court House, and Rio Grande are defined as properties listed in zip code/s 08251, 08210, 08242, 08245, 08219 and 08252.
*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.