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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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.