JANUARY LOCAL REAL ESTATE MARKET UPDATE

WESTPORT, CT JANUARY 2024 REAL ESTATE MARKET UPDATE

CITY: WESTPORT, CT

BY: JUDY MICHAELIS, 203-247-5000


Westport, CT Real Estate Market Update, January 2024

Westport homeowners,

Happy New Year and welcome to 2024!

The 2023 numbers are in, and all across the board, we are just flat from 2022. Our days on market – 68, same as the last two years. Our median sales price – $2,000,000, same as last year. Our list to sales price – just over 1% of asking price, same as last year. The only thing that has changed is that our sales are down 24%, and that is because we had a lack of inventory.

What does 2024 bring for the Westport real estate market? In 2024, I see the market remaining strong because Westport is super tied to Wall Street, not just because many Westporters are heavily invested in the market, but because many also work on Wall Street. These Wall Street employees are generally anticipating good bonuses.

In 2023, the stock market was up 24% and NASDAQ was up 44%, which is always good news for Westport real estate.

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

JANUARY, 2024

Westport CT January 2024 Real Estate Market Statistics market overview
The overview above shows real estate activity from January 2023 through December 2023. You will see data comparisons between December and the previous month, the last three months and December 2022.

Westport, CT Average and Median Home Sales Prices

JANUARY, 2024

The median sales price in December 2023 was $1,725,000, up 2.07% from $1,690,000 from the previous month and 1.47% higher than $1,700,000 from December 2022. The December 2023 median sales price was at its highest level compared to December 2022 and 2021. The average sales price in December 2023 was $2,090,222, up 12.74% from $1,854,074 from the previous month and -5.17% lower than $2,204,237 from December 2022. The December 2023 average sale price was at a mid level compared to December 2022 and 2021.

Average and median home sales price in Westport, CT in December 2023

Westport, CT Sales Price / List Price Ratio

JANUARY, 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 December 2023 sales price/list price ratio was 103.14%, up from 100.36% from the previous month and up from 96.94% from December 2022.

Sales price to list price ratio in Westport, CT real estate in December 2023
Average Selling Price divided by Average Listing Price for sold properties during the month

Westport, CT Number of Properties Sold and Absorption Rate

JANUARY, 2024

The number of properties sold in December 2023 was 18, down -33.33% from 27 from the previous month and -33.33% lower than 27 from December 2022. The December 2023 sales were at its lowest level compared to December 2022 and 2021. Absorption rate is the average number of sales per month divided by the total number of available properties.

Number of properties sold and absorption rate in Westport, CT real estate in December 2023

Westport, CT Average Days on Market (DOM)

JANUARY, 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 December 2023 was 84 days, up 50.0% from 56 days from the previous month and 27.27% higher than 66 days from December 2022. The December 2023 DOM was at its highest level compared with December 2022 and 2021.

Average days on market in Westport, CT real estate in December 2023
Average Days on Market (Listing to Contract) for properties sold during them month

Westport, CT Average Sales Price per Square Foot

JANUARY, 2024

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 December 2023 was $763, up 57.32% from $485 from the previous month and 43.15% higher than $533 from December 2022.

Average sales price per square foot in Westport, CT real estate in December 2023
Average Selling Price per Square Foot for properties that sold during the month

Westport, CT Inventory & MSI

JANUARY, 2024

The number of properties for sale in December 2023 was 55, down -37.50% from 88 from the previous month and -34.52% lower than 84 from December 2022. The December 2023 inventory was at its lowest level compared with December 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2023 MSI of 3.06 months was at its lowest level compared with December 2022 and 2021.

Inventory and MSI in Westport, CT real estate in December 2023
MSI is the number of months needed to sell all of the inventory at the monthly Sales Pace.

Westport, CT New Listings

JANUARY, 2024

The number of new listings in December 2023 was 9, down -50.0% from 18 from the previous month and 12.50% higher than 8 from December 2022. The December 2023 listings were at a mid level compared to December 2022 and 2021.

Graph of new home listings in Westport, CT real estate in December 2023



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Based on information from SmartMLS for the period 1/1/2021 through 12/31/2023. Source data is deemed reliable but not guaranteed. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates, not employees.