3rd Quarter Cape Island Market Update 10.19.29



There were 41 residential transactions in the Cape May Area during the 3rd quarter of 2019 ranging in price from $287,000 (a Village Greene quad at 1350 Virginia Ave. Unit C) to $3,150,000 (a 5 bedroom, 4.2 bath, single family home featuring an in-ground pool, smart home technology and an outside great room complete with TV/AV hook ups, overlooking Cape May Harbor -1460 Missouri Ave).

25 of the sales were in Cape May.  New construction at 925 Columbia Ave sold for $1,150,000 and a fully renovated home dating back to circa 1880 sold for $685,000 – 1143 Lafayette St. The average time on the market was 184 days and the average sales price was $1,020,456, which was 96.8% of list price. The median sale price was $915,000. For comparative purposes, during the same period in 2018 there were 25 closings in Cape May but the average price for 2018 was $841,676 and the median price was $679,000.

The average sale price for 2019 was 121% higher than in 2018 and the number of sales was 164% higher which may reflect an increased demand for housing in Cape May.

There were 6 residential real estate transactions in West Cape May during the 3rd quarter of 2019 with an average sales price of $620,666 and an average time on the market of 161 days. A fixer-upper on a 50 x 148 foot lot sold for $405,000 after 229 days on the market. It had been originally listed at $500,000 (121 Leaming Avenue). 617 Sunset Boulevard sold for $825,000. In the 3rd quarter of 2018 there were 8 transactions with an average sales price of $679,234 largely boosted by one sale of $1,175,000.

10 properties sold in Cape May point during this time with an average sales price of $958,936. A 4 bedroom 3 ½ bath new construction listing located at 312 Brainard Ave. and built by well-known builders Hawthorne Davis sold for $1,252,384. In the 3rd quarter last year only two properties sold in Cape May Point and the average sales prices of $662,500.

Overall Cape May County officials have reported that 2019 has likely been a record breaking revenue season with numbers up in all tourist sectors which may have contributed to the uptick in residential sales. Currently there are 96 active residential listings in the Cape May area.

This is Wayne Piersanti, Broker-Salesperson for Coastline Realty, keeping it real. For information on any of these listings, I can be reached at (609) 540-3374 and theshire3099@comcast.net. Coastline Realty is a full service, family owned and operated, award winning real estate agency.




(Information was compiled from the Cape May Multiple Listing Service and deemed reliable but not guaranteed.)