FEBRUARY LOCAL REAL ESTATE MARKET UPDATE

WESTPORT, CT FEBRUARY 2024 REAL ESTATE MARKET UPDATE

CITY: WESTPORT, CT

BY: JUDY MICHAELIS, 203-247-5000


Westport, CT Real Estate Market Update, February 2024

Westport homeowners,

Now may be the time to sell your home: at present, we only have 52 homes on the market; to put that in perspective, there are 10,000 homes in Westport – meaning we have less than 0.5% of homes available to sell. To spice it up, almost half of our buyers are all cash; our median sales price is $1.9M, up 20% just this year alone. Median sales price has been up every year for the last 4 years, all together up around $700,000.

Have a look at the numbers below, and let me know what you think!

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 Westport, or you’re looking for any further detailed analysis, feel free to call, text, or email me – I’d love to have a personal conversation with 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

FEBRUARY, 2024

The overview below shows real estate activity for January 2024. You will see data comparisons between January and the previous month, the last three months and January 2023.

Westport, CT Average and Median Home Sales Prices

FEBRUARY, 2024

The median sales price in January 2024 was $1,887,500, up 9.42% from $1,725,000 from the previous month and 18.71% higher than $1,590,000 from January 2023. The January 2024 median sales price was at a mid level compared to January 2023 and 2022. The average sales price in January 2024 was $2,542,650, up 21.64% from $2,090,222 from the previous month and 23.45% higher than $2,059,725 from January 2023. The January 2024 average sale price was at its highest level compared to January 2023 and 2022.

Westport, CT Sales Price / List Price Ratio

FEBRUARY, 2024

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 January 2024 sales price/list price ratio was 100.72%, down from 103.14% from the previous month and up from 98.48% from January 2023.

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

Westport, CT Number of Properties Sold and Absorption Rate

FEBRUARY, 2024

The number of properties sold in January 2024 was 20, up 11.11% from 18 from the previous month and equal to January 2023. The January 2024 sales were at its lowest level compared to January 2023 and 2022. 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)

FEBRUARY, 2024

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 January 2024 was 96 days, up 14.29% from 84 days from the previous month and 47.69% higher than 65 days from January 2023. The January 2024 DOM was at a mid level compared with January 2023 and 2022.

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

Westport, CT Average Sales Price per Square Foot

FEBRUARY, 2024

The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in January 2024 was $560, down -26.61% from $763 from the previous month and 9.80% higher than $510 from January 2023.

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

Westport, CT Inventory & MSI

FEBRUARY, 2024

The number of properties for sale in January 2024 was 72, up 9.09% from 66 from the previous month and -19.10% lower than 89 from January 2023. The January 2024 inventory was at its lowest level compared with January 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The January 2024 MSI of 3.6 months was at its lowest level compared with January 2023 and 2022.

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

Westport, CT New Listings

FEBRUARY, 2024

The number of new listings in January 2024 was 47, up 422.22% from 9 from the previous month and 88.00% higher than 25 from January 2023. The January 2024 listings were at its highest level compared to January 2023 and 2022.



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Based on information from SmartMLS for the period 2/1/2021 through 1/31/2024. Source data is deemed reliable but not guaranteed. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates, not employees.