A 5 Year review of Cape May Real Estate by Micah Yerk
There seems to be a consensus that, in terms of economic recovery in the real estate market, New Jersey lags behind the national benchmarks. Worse yet, Cape May County is believed to lag even further behind New Jersey’s statewide metrics.
So, what IS happening in Cape May?
Here at The Cape Team, we recently conducted a study of Cape May County MLS data to see what is going on in our market and what the 5 year trends have been. Below is a chart showing quarterly real estate sales from the past 5 years in the City of Cape May, including all property types:
So, what does all of THAT mean? Well, to the Cape Team, this information is all very promising.
According to this chart, total sales volume and number of units sold in the City of Cape May has been on a downward trend since 2010. BUT, it looks like that trend is finally coming to an end.
The 1st and 2nd Quarter sales volume has increased significantly from 2013 and from the 5 year average. Here are a few quick thoughts:
- 5 year sales volume avg. for 1st half of year = $35,705,549.60
- Cape May is Up 47% ($16,778,601 increase)
- On average, the 4th quarter is the most profitable quarter of the year
The Cape May market is alive! There is a healthy level of activity and as we move forward we can hope for property values to continue to recover. If you would like to capture the late season activity that will be upon us in the next few months please give us a call to start preparing your sales success.
Remember, The Cape Team is always available for your real estate needs and questions. For more great information on our local market, please visit our site regularly or send us an email and we will be happy to research your questions further.
Data from CMCMLS deemed accurate but not guaranteed