Cape May Market Update – February 2016

A review of Southern Cape May County real estate markets for the month of February 2016. Written by Micah Yerk.

Cape May County is making it’s final lap of the first quarter of 2016 and two months of data is now in the books as we examine our most serviced markets – what is selling, key market metrics, and what are the 12 month trends…


CAPE MAY

It was a slow month for property transfers in Cape May compared to February 2015, only seeing 5 transactions this past month versus 9 in the previous year (in a leap year, no less). But don’t be alarmed with such a small sample, as it is only worth weighing data samples of at least 6 months in such a small market. Click below to see what sold this past month:

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Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $640,374
  • Median Sale Price: $576,000
  • Average Bedrooms: 3.7
  • Average Baths: 2.4
  • Transactions: 108
  • Average Days on Market: 231
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $687,932
  • Median Sale Price: $505,000
  • Average Bedrooms 3.7
  • Average Baths 2.4
  • Transactions: 75
  • Average Days on Market: 270
  • CLICK HERE for a closer look at what sold in this period

What may be striking at first glance here is that the average sale price the last 12 months is over $47,000 LESS than it was the previous 12 months. Do not fret. A better indicator of what is happening in the market is the median price, which saw over a $70,000 increase in that same time. Since the average sized home is almost identical in both data sets it is worth noting the trend. We find ourselves in an election year following some stock market volatility both domestic and abroad. Being in a second home market Cape May could simply be the victim of buyers choosing to forgo purchasing more expensive beach/vacation/investment properties for more modestly priced options.  The fact that the average size of the homes selling is identical, the selling price is significantly less, and the median selling price is significantly higher, what we’re seeing is a concentration of SMALLER homes selling. This reflects the activity we have seen in the Village Green section of Cape May comprised primarily of quads and twins.

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the Cape May Market.


CAPE MAY BEACH

Two new comparables have sold in the Cape May Beach section of Lower Township for you to gauge against your own property (use the sold property search function to further research area sold data and to restrict your search to homes more similar to your property).

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Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $334,841
  • Median Sale Price: $277,500
  • Average Bedrooms: 3.3
  • Average Baths: 2.0
  • Transactions: 36
  • Average Days on Market: 177
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $328,466
  • Median Sale Price: $232,500
  • Average Bedrooms 2.9
  • Average Baths 2.0
  • Transactions: 18
  • Average Days on Market: 218
  • CLICK HERE for a closer look at what sold in this period

All signs point favorably for Cape May Beach; average and median sale price have increased, the last 12 months has seen a huge increase in activity for residential listings sold (up 100%), and the average days on market for listings sold has decreased significantly.

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the Cape May Beach Market.


CAPE MAY COURT HOUSE

Seven residential homes sold in Cape May Court House this past month while only four home sold in that same time in 2015.

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Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $218,983
  • Median Sale Price: $215,000
  • Average Bedrooms: 3.1
  • Average Baths: 1.9
  • Transactions: 127
  • Average Days on Market: 205
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $234,424
  • Median Sale Price: $220,000
  • Average Bedrooms 3.1
  • Average Baths 2.0
  • Transactions: 83
  • Average Days on Market: 218
  • CLICK HERE for a closer look at what sold in this period

The good news: there was a huge increase in activity in the past 12 months and the average days on market has dropped. The bad news: the pricing trend in the last 12 months is down slightly, but not significantly. The most important takeaway is that properties are moving more frequently in what has been a stagnant real estate market since the housing crisis.

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the Cape May Court House Market.


CAPE MAY POINT

One property sold in the beautiful town of Cape May Point this past month, and incidentally only one home sold in February of 2015 as well.

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Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $774,959
  • Median Sale Price: $646,250
  • Average Bedrooms: 3.4
  • Average Baths: 2.2
  • Transactions: 18
  • Average Days on Market: 236
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $712,745
  • Median Sale Price: $650,000
  • Average Bedrooms 3.7
  • Average Baths 2.2
  • Transactions: 21
  • Average Days on Market: 254
  • CLICK HERE for a closer look at what sold in this period

Activity is slightly down in “The Point”, but the average days on market has decreased, median sales price has held steady, and the average sales price has increased significantly (up 8.7%). Temper expectations slightly with the large increase in average sold price knowing that the average sized home to sell was measurably smaller.

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the Cape May Point Market.


NORTH CAPE MAY

Seven North Cape May homes sold in February, up from the count of four to sell back in 2015.

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Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $211,177
  • Median Sale Price: $198,000
  • Average Bedrooms: 2.8
  • Average Baths: 1.6
  • Transactions: 105
  • Average Days on Market: 152
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $189,058
  • Median Sale Price: $175,165
  • Average Bedrooms 2.8
  • Average Baths 1.5
  • Transactions: 74
  • Average Days on Market: 167
  • CLICK HERE for a closer look at what sold in this period

Things are looking rosy in North Cape May. This desirable off-shore market is up in every category listed above, and most importantly activity has increased along with prices.

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the North Cape May Market.


TOWNBANK

Only one property sold in the Townbank section of Lower Township this past month, which is actually an increase from the zero properties that sold in February last year.

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Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $365,277
  • Median Sale Price: $297,250
  • Average Bedrooms: 3.1
  • Average Baths: 1.9
  • Transactions: 22
  • Average Days on Market: 173
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $327,329
  • Median Sale Price: $265,000
  • Average Bedrooms 3.0
  • Average Baths 2.0
  • Transactions: 29
  • Average Days on Market: 180
  • CLICK HERE for a closer look at what sold in this period

Townbank has improved in all but one of the categories calculated above (total transactions).

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the Townbank Market.


VILLAS

Ten properties have sold in the Villas this past February, just slightly above the eleven homes that sold the February prior.

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Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $143,265
  • Median Sale Price: $125,000
  • Average Bedrooms: 2.6
  • Average Baths: 1.4
  • Transactions: 152
  • Average Days on Market: 155
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $141,178
  • Median Sale Price: $125,000
  • Average Bedrooms 2.6
  • Average Baths 1.4
  • Transactions: 127
  • Average Days on Market: 177
  • CLICK HERE for a closer look at what sold in this period

The average property size is almost identical, but prices, days on market, and the number of transactions have all slightly improved in the Villas.

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the Villas Market.


WEST CAPE MAY

Two homes sold in West Cape May, an improvement from the zero homes to sell in  February 2015.

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Active Homes

Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $486,225
  • Median Sale Price: $469,000
  • Average Bedrooms: 3.5
  • Average Baths: 2.3
  • Transactions: 35
  • Average Days on Market: 209
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $453,186
  • Median Sale Price: $465,000
  • Average Bedrooms 3.4
  • Average Baths 2.1
  • Transactions: 23
  • Average Days on Market: 238
  • CLICK HERE for a closer look at what sold in this period

West Cape May is trending upward in all categories, just keep in mind that these increases should be tempered with the marginal increase in average size of homes selling.

That’s it for this time, sports fans. Want to know more about an area that wasn’t include? Let us know in the comments section and we’ll be sure to add your area of interest for next month’s article.


Data gathered from CMCMLS deemed reliable but not guaranteed.

Micah Yerk is a licensed full time real estate agent and office manager with Homestead Real Estate Co., Inc. 

FABULOUS WATERFRONT HOME

1534 YachtFabulous waterfront condo/townhouse located on Yacht Ave, one of Cape May’s best kept secrets!  This 3 bedroom, 2 bath corner unit boasts multiple decks which overlook your boat slip and amazing harbor views.  This home is being sold fully furnished and move-in ready.  Whether using as your own or as a rental for extra income you will be the envy of all your friends!

SURROUNDED BY STATE PRESERVED LAND

682 PetticoatLocated on over an acre with state preserved land surrounding it is where you will find this once in a lifetime Urban Business zoned property.  The main house offers two licensed apartments, 1 two bedroom unit and 1 one bedroom unit.  Both are currently rented with tenants paying all utilities.  The separate single detached cottage is 2 bedrooms and 1 bath.  This unique property won’t last long.

AMAZING CORNER LOT

This Federal style Victorian is situated on an amazing corner lot right in the center of town and just steps from the mall and less than 2 blocks to Cape May’s white sandy beaches.  This 7 plus bedroom home awaits the buyer who simply wants size, charm, and location with lots of modern amenities.  The current owners have done all the hard work for you.  The clean lines and walls are a blank pallet for you to truly make it your own.  205 Perry

Inside this oversized three story home you will find ample storage, separate dining room, living room, laundry room, open concept kitchen, 7+ bedrooms, 3.5 baths and so much more!  Outside you’ll enjoy the spacious 3 story covered porch, 2 side yards-one for entertaining and the other, larger one for off street parking.  You will not find a better home in this location at this price offering central air and hot water baseboard natural gas heat.

Clean as a whistle, neat as a pin!  Ready for you to move right in!

ONE OF THE TOWNS FINEST B&B’S

Located in the heart of the city, just a short stroll to the beach and center of town is where you will find this 11 bedroom, 11 bath home with a bonus 2 bedroom stand alone
cottage.  This home is currently being used as one of Cape May’s finest B&B’s but could easily become your private get away at the shore where you can entertain family and friends or use it as a whole house rental for extra income.   Inside this beautifully appointed  Victorian home you will find that each room includes period furniture but also modern amenities such as individual heating and cooling units for comfort.   Outside relax on the wrap around, covered porch while sipping afternoon tea as the refreshing sea breezes blow.  This home has so much potential and it must be seen to be truly appreciated.709 Columbia A

Newly Priced Exquisite Home

This is truly a home that defines exquisite taste.  Located on a partially wooded 1+ acre parcel in the desirable Hidden Lakes Community is where you will find this 4 bedroom, 2.5 bath home.  Inside are superb details like the intricate millwork in the wainscoting and crown molding found throughout.  The great room boasts cathedral ceilings and a cozy gas fireplace.  The dining room is open to the great room and foyer and the magnificent study includes French doors.  Off the living room you will find a screened porch and deck which are perfect for enjoying the peacefulness of your wooded surroundings.  The first floor includes14 Hidden Lake the spacious master suite with walk-in closet and well appointed master bath as well as 2 additional bedrooms.  A large 4th bedroom or bonus room is located on the second floor with access to a large storage attic.  Outside the property is professionally landscaped and includes a blacktop driveway which leads to the attached 2 car garage.  This recently constructed gem was built in 2013 and boasts $29,000 in upgrades since completion.  Don’t miss this fantastic home in a desirable community.

STYLISH TOWNHOME

This stylish, light filled townhome is being sold fully furnished so it is ready for you to move right in!  This 3 bedroom, 2.5 bath unit is located on a quiet street within an easy walk to area beaches, restaurants, shopping, entertainment and more.  Inside you will find an open floor plan with updated kitchen including stainless steel appliances, maple wood cabinetry and quartz countertops.  The master bedroom with on-suite bath is also located on the first floor.  Upstairs you will find 2 additional bedrooms with a shared bath and access to the covered balcony with fitted wind screens.  Outside is a lovely shared garden, outside shower, storage shed and paved patio area.127 York, Unit B

Quiet Cul-De-Sac

Situated on an oversized lot in a desirable neighborhood you will find this 3 bedroom, 2 bath home with wonderful curb appeal.  The front paved walkway leads to the cozy covered front porch.  Inside you will find an open floor plan with cathedral ceilings and stainless steel appliances and them onto a sunny Florida room which includes heat and a/c for year round use.  The rear of the home includes a large screened porch which faces the woods for privacy.  The current owners have lovingly maintained the gardens surrounding the home which offer a paradise of perennials.  1 Cormorant Way

CHARMING CAPE COD

Come be enchanted by this charming Cape Cod.  This 4 bedroom, 2 bath home is centrally located and just a short drive to all of what southern Cape May County has to offer.  You’ll be met by a long driveway leading to an attached two car garage.  Enter the home to find a family room full of warmth and love, highlighted by exposed rafters, rich wood paneling and a rustic black hearth.  Beyond that room you’ll find a heated and air conditioned 4 season room full of windows and overlooking the immense rear yard featuring cobblestone, brand new perimeter fence and plenty of room to roam.  The heart of the home, the kitchen, has been remodeled and provides all of the necessary amenities discerning buyers expect.  There is a large, well appointed living room space for additional enjoyment and gathering.  Also on the first floor is a full hall bath and two large bedrooms.  Ascend the stairs to find two additional, well sized bedrooms and  a second full bath.  Hardwood floors throughout most of the home, and can be found underneath the bedroom carpeting as well.  Enjoy peace of mind in this home lovingly maintained by the sellers for the last 30+ years with new Anderson Windows in 2004, new air conditioning in 2005, 4 year old roof, and new garage doors.  There is a separate we3 Winding Wayll for the irrigation system.  Don’t miss an opportunity to see this lovingly care for home with over 2100 sq ft of space and priced to find the next caring homeowner.