FEBRUARY LOCAL REAL ESTATE MARKET UPDATE

CITY: WESTPORT, CT

BY: JUDY MICHAELIS, 203-247-5000


Westport, CT Real Estate Market Update, February 2023



Hi Westport, CT homeowners! I’m here with the February 2023 Westport real estate market update. The February 2023 numbers are in, and we’re off to a gangbusters start. We only have 67 homes for sale on the market, versus the same time last year when we had 115 homes for sale. So far this year, we have only had 27 new homes come on the market, and 75 have sold, so we are starting the year with very, very little inventory. The Westport real estate market has gotten off to an earlier start than usual due to the fabulous weather that we’ve had, so I am just hoping that spring 2023 is going to bring many more people with homes coming on the market – especially those with pools, who are waiting for more sunshine to photograph their houses and put them on the market, but our market is super strong. Homes are selling just over 100% of list price, so if you’ve had any thoughts of selling your house, don’t hesitate to reach out.

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

FEBRUARY, 2023

The overview below shows real estate activity for February 2023. You will see data comparisons between February and the previous month, the last three months and February 2022.

Westport, CT Average and Median Home Sales Prices

FEBRUARY, 2023

The median sales price in February 2023 was $1,590,500, equal to the previous month and 4.81% higher than $1,517,500 from February 2022. The February 2023 median sales price was at its highest level compared to February 2022 and 2021. The average sales price in February 2023 was $2,063,192, equal to the previous month and 21.62% higher than $1,696,404 from February 2022. The February 2023 average sale price was at its highest level compared to February 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

FEBRUARY, 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 February 2023 sales price/list price ratio was 100.08%, up from 98.48% from the previous month and down from 101.54% from February 2022.

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

Westport, CT Number of Properties Sold and Absorption Rate

FEBRUARY, 2023

The number of properties sold in February 2023 was 16, down -20.0% from 20 from the previous month and -38.46% lower than 26 from February 2022. The February 2023 sales were at its lowest level compared to February 2022 and 2021. Absorption rate is the avg number of sales per month divided by the total number of available properties.

Westport, CT Average Days on Market (DOM)

FEBRUARY, 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 February 2023 was 64 days, up 4.92% from 61 days from the previous month and 3.23% higher than 62 days from February 2022. The February 2023 DOM was at a mid level compared with February 2022 and 2021.

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

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

Westport, CT Average Sales Price per Square Foot

FEBRUARY, 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 on the direction of Property values. The sales price per square foot in February 2023 was $546, up 7.06% from $510 from the previous month and 17.42% higher than $465 from February 2022.

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

Westport, CT Inventory & MSI

FEBRUARY, 2023

The total inventory of properties for sale in February 2023 was 96, down -15.79% from 114 from the previous month and -27.82% lower than 133 from February 2022. The February 2023 inventory was at its lowest level compared with February 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2023 MSI of 6 months was at its highest level compared with February 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

FEBRUARY, 2023

The number of new listings in February 2023 was 24, down -4.00% from 25 from the previous month and -52.94% lower than 51 from February 2022. The February 2023 listings were at its lowest level compared to February 2022 and 2021.



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Based on information from SmartMLS for the period 2/1/2020 through 3/1/2023. 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.