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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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Active Homes

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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Active Homes

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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Active Homes

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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Active Homes

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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Active Homes

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. 

CUSTOM BUILT HOME

Don’t miss this 4 bedroom 2.5 bath custom built home. Inside you will find custom cabinetry, crown molding, stainless steel appliances, built in surround sound, hardwood floors and more.  Outside the property is beautifully landscaped and includes a spacious screened in porch which leads to the large Trex deck which surrounds the heated pool.  In addition to the attached, oversized, 2 car garage there is also a detached garage with attic storage.  This home offers so much more and must be seen to be appreciated.  21 W Woodland21 w woodland b21 w woodland c21 w woodland d21 w woodland e21 w woodland f

LOTS OF HOUSE FOR THE MONEY

If you are looking for a spacious place to call home look no further!  This 6 bedroom, 3.5 bath home sits on just under 2 acres so there is plenty of outdoor space for pets to roam, children to play, and gardens to be planted.  Inside this 2738 square foot home you will find a living room, dining room, family room with cathedral ceilings, 2 master bedrooms-one on the first floor and another on the second, spacious kitchen and so much more.  Because this home is nestled among the trees, far away from the main road, it is quiet, tranquil and very peaceful.  Don’t let this one get away!326 Indian Trail Road

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

ONCE IN A LIFETIME VIEW

This is a once in a lifetime dream come true with once in a lifetime views.  This is your chance to own a spectacular bay front property with unobstructed views of the most unforgettable sunsets on the east coast.

Inside this 6 bedroom, 4.5 bath home you will find an oversized gourmet eat-in kitchen, 2 master suites on the first floor, oversized sunken family room with cathedral ceilings, ceiling to floor windows and so much more!

Outside is an attached two car garage, outside shower, spacious deck which leads to the  beach, front porch, new bulkhead and more!

This home is being sold completely turn-key and has a fantastic rental history.17 Rosewood

EXPANDED AND IMPROVED

234 E PacificDon’t miss this impeccably maintained 3 bedroom, 2 bath home which has been expanded and improved since the current owners purchased it in 2000.  Improvements include a new central heating and cooling system, updated kitchen, updated bathrooms, bamboo flooring and more.  Outside, the yard is nicely landscaped and includes a deck, koi pond, pool and hot tub.