The prices in real estate in Cape May, in the New Jersey region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Cape May has had a strong decrease during the last 6 months. In May, the average price per sq.feet was $360. In the following month the price per sq.feet decreased to $322. The price for the following two months in (July, August) had a considerable decrease of 70 with regard to the prior two months. The price per sq.feet has had a considerable increase of 123 % 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 $290 to $358 during September, and October.
Based upon to the price in Cape May (cities), this has gone up considerably in the last 6 months. In our first sample month during May, the average price is $425,966. In June This price remains at $428,765. During the following two months (July, August) the average price had a considerable increase of 117 % 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 137 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $493,997 they are 48 % more affordable than the average price for Cape May. The properties with the highest average price have 4 bedrooms, Their price is 117 % more costly than the average. After that we have properties with 2 bedrooms priced at $437,828.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of $254 / sq.feet, with an average $281 / sq.feet price in Cape May. The properties with the highest average prices have 4 bedrooms. They are 104 % more expensive than the average followed by properties with 2 bedrooms with a price at $573 / sq.feet.
The graph displaying the average prices displays the property type "Condo" as the most affordable one. At an cost of $493,997 it is 40 % 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 $814,716 it is 115 % more expensive than the average price.
According to the average cost per sq.feet, the most expensive property type would be "Townhouse" at an average cost of $334 / sq.feet followed by "House" priced at $416 / sq.feet. "Condo" is the most costly type of property with a $491 / sq.feet cost followed by "House" with an average price of $416 / sq.feet.