The prices in real estate in Cape May, in the New Jersey region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per sq.feet in Cape May has increased strongly during the last 6 months. In April, the average price per sq.feet was $199. In the following month the price per sq.feet increased considerably to $245. The price for the following two months in (June, July) had a considerable increment of 159 %. The price per sq.feet has had a considerable increase of 183 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $287.5 to $527 during August, and September.
Based upon to the price in Cape May (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during April, is $481,027. During May the price went through a considerable rise reaching $588,985. During the following two months (June, July) the average price had a considerable increase of 137 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 146 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 3 bedrooms are the cheapest ones. At a price of $857,915 they are 58 % more affordable than the average price for Cape May. The properties with the highest average price have 4 bedrooms, Their price is 24 % more costly than the average. After that we have properties with 1 bedroom priced at $461,489.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of $243 / sq.feet, with an average $477 / sq.feet price in Cape May. The properties with the highest average prices have 1 bedroom. They are 94 % more expensive than the average followed by properties with 4 bedrooms with a price at $563 / sq.feet.
The graph displaying the average prices displays the property type "Condo" as the most affordable one. At an cost of $857,915 it is 66 % cheaper than the average price in Cape May. "Townhouse" is seen as the second most affordable property type. The dearest property type is "House" followed by "Townhouse". At a price of $805,793 it is 23 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Townhouse" at an average cost of $323 / sq.feet followed by "House" priced at $405 / sq.feet. "Condo" is the most costly type of property with a $480 / sq.feet cost followed by "House" with an average price of $405 / sq.feet.