APRIL LOCAL REAL ESTATE MARKET UPDATE

CITY: WESTPORT, CT

BY: JUDY MICHAELIS, 203-247-5000


Westport, CT Real Estate Market Update, April 2023



Hi Westport, CT homeowners! I’m here with the April 2023 Westport real estate market update, and this first quarter is much stronger than last year. It is surprising everybody as we’re hearing from our realtor friends on the west coast that they are having a correction, and their Market is definitely shifting. It is not quite a buyer’s market there, but it is shifting. We only have 2 months supply of inventory so we are solidly in a seller’s market. Homes are trading for more money than they did all of last year. We only had 53 new homes come on the market and 103 have gone off, defying all odds right now. Even with higher interest rates, our market is super strong. If you would like a full market report with all the details and all the numbers, please click the link at the bottom of this page.

Sitting down with a top realtor is vital in helping you understand your options. If you’d like to know what’s going on in your part of the Westport, CT real estate market or you’re looking for any further detailed analysis, feel free to call, text, or email me – I’d love to hear from you. If you like what you see and hear in my videos, just subscribe above!

– Judy

203-247-5000

judy@judymichaelis.com

Westport, CT Real Estate Market & Trends Overview

APRIL, 2023

The overview above shows real estate activity from January 2023 t0 April 2023. You will see data comparisons between April and the previous month, the last three months and April 2022.

Westport, CT Average and Median Home Sales Prices

APRIL, 2023

The median sales price in April 2023 was $2,400,000, up 19.34% from $2,011,000 from the previous month and 20.0% higher than $2,000,000 from April 2022. The April 2023 median sales price was at its highest level compared to April 2022 and 2021. The average sales price in April 2023 was $2,466,406, up 7.61% from $2,291,906 from the previous month and 3.10% higher than $2,392,177 from April 2022. The April 2023 average sale price was at its highest level compared to April 2022 and 2021.

Median means Middle (the same number of properties sold above and below the Median) (in hundreds)

Westport, CT Sales Price / List Price Ratio

APRIL, 2023

The sales price/list price ratio is the average sale price divided by the average list price for sold properties expressed as a percentage. If it is above 100%, homes are selling for more than the list price. If it is less than 100%, homes are selling for less than the list price. The April 2023 sales price/list price ratio was 99.11%, equal to the previous month and down from 105.18% from April 2022.

Average Selling Price divided by Average Listing Price for sold properties during the month

Westport, CT Number of Properties Sold and Absorption Rate

APRIL, 2023

The number of properties sold in April 2023 was 16, down -11.11% from 18 from the previous month and -60.98% lower than 41 from April 2022. The April 2023 sales were at its lowest level compared to April 2022 and 2021. Absorption rate is the average number of sales per month divided by the total number of available properties.

Westport, CT Average Days on Market (DOM)

APRIL, 2023

The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move towards a buyer’s market, a downward trend tends to indicate a move towards seller’s market. The DOM for April 2023 was 57 days, down -47.71% from 109 days from the previous month and -25.97% lower than 77 days from April 2022. The April 2023 DOM was at its lowest level compared with April 2022 and 2021.

Average Days on Market (Listing to Contract) for properties sold during them month

Westport, CT Average Sales Price per Square Foot

APRIL, 2023

The average sales price per square foot is a more normalized indicator for the direction of property value. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the real estate market, the selling price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in April 2023 was $521, down -11.24% from $587 from the previous month and -5.62% lower than $552 from April 2022.

Average Selling Price per Square Foot for properties that sold during the month

Westport, CT Inventory & MSI

APRIL, 2023

The number of properties for sale in April 2023 was 93, up 5.68% from 88 from the previous month and -12.26% lower than 106 from April 2022. The April 2023 inventory was at its lowest level compared with April 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2023 MSI of 5.81 months was at its highest level compared with April 2022 and 2021.

MSI is the number of months needed to sell all of the inventory at the monthly Sales Pace.

Westport, CT New Listings

APRIL, 2023

The number of new listings in April 2023 was 53, up 17.78% from 45 from the previous month and -1.85% lower than 54 from April 2022. The April 2023 listings were at its lowest level compared to April 2022 and 2021.



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Based on information from SmartMLS for the period 4/1/2020 through 4/1/2023. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS’s may not reflect all real estate activity in the market.