JULY LOCAL REAL ESTATE MARKET UPDATE

CITY: WESTPORT, CT

BY: JUDY MICHAELIS, 203-247-5000


Westport, CT Real Estate Market Update, July 2023



Westport homeowners: I am here with the July market update, and our market is finally leveling-off. Our average sales price and our median sales price are both almost identical to what they were at the same time last year. Our average sales price is running at just over $2,400,000, and our median sales price at just over $2,000,000 – exactly what it was last year. Putting that in perspective, our 2019 average sales price was just over $1,300,000, which leaves us still well over $1,000,000 more today. That said, we are finally leveling off, and not continuing to see a jump at this time. Our days-on-market is up 9%, while our list-to-sale price ratio is down about 3%, so homes in Westport, CT are selling right at about asking price. All of that to say there’s some good news if you’re looking to buy real estate this year, and for sellers, all price metrics are still up (for those considering selling, taking advantage of the margin from 2019 while it’s there!). We are also becoming much more of a 12-month market: we’re not as affected by seasonality as we used to be. We are much more affected by how many days a week commuters need to head to New York City, as well as interest rates.

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

JULY, 2023

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

Westport, CT Average and Median Home Sales Prices

JULY, 2023

The median sales price in July 2023 was $2,042,500, down -2.74% from $2,100,000 from the previous month and equal to July 2022. The July 2023 median sales price was at its highest level compared to July 2022 and 2021. The average sales price in July 2023 was $2,316,880, down -13.18% from $2,668,539 from the previous month and -11.19% lower than $2,608,871 from July 2022. The July 2023 average sale price was at a mid level compared to July 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

JULY, 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 July 2023 sales price/list price ratio was 103.8%, equal to the previous month and down from 105.37% from July 2022.

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

Westport, CT Number of Properties Sold and Absorption Rate

JULY, 2023

The number of properties sold in July 2023 was 53, up 3.92% from 51 from the previous month and 10.42% higher than 48 from July 2022. The July 2023 sales were at a mid level compared to July 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)

JULY, 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 July 2023 was 61 days, up 15.09% from 53 days from the previous month and 10.91% higher than 55 days from July 2022. The July 2023 DOM was at its highest level compared with July 2022 and 2021.

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

Westport, CT Average Sales Price per Square Foot

JULY, 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 July 2023 was $574, up 3.61% from $554 from the previous month and -20.94% lower than $726 from July 2022.

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

Westport, CT Inventory & MSI

JULY, 2023

The number of properties for sale in July 2023 was 97, down -15.65% from 115 from the previous month and -27.61% lower than 134 from July 2022. The July 2023 inventory was at its lowest level compared with July 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2023 MSI of 1.83 months was at its lowest level compared with July 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

JULY, 2023

The number of new listings in July 2023 was 40, down -16.67% from 48 from the previous month and -16.67% lower than 48 from July 2022. The July 2023 listings were at its lowest level compared to July 2022 and 2021.



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Based on information from SmartMLS for the period 8/1/2020 through 7/1/2023. 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.