JUNE LOCAL REAL ESTATE MARKET UPDATE

CITY: WESTPORT, CT

BY: JUDY MICHAELIS, 203-247-5000

Westport, CT Real Estate Market Update, Mid Year 2023



Westport homeowners: I am here with the Mid Year 2023 market report! So far this year through June, there’s been some noteworthy changes: Our list-to-sale price ratio at the same time last year was 108% of asking price, while we are now selling at 100% of asking price now, so homes are selling basically at list price. They were selling a bit more last year so though we’re still in a strong market, we are ever so slightly correcting. Also our Days-on-Market are up 11%, increasing from 54 days last year to 60 days this year. Our inventory, which is still the big story of the year, is down 23% and our sales are down 37%.

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 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

JUNE, 2023

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

Westport, CT Average and Median Home Sales Prices

JUNE, 2023

The median sales price in June 2023 was $2,125,000, down -18.27% from $2,600,000 from the previous month and 1.76% higher than $2,088,250 from June 2022. The June 2023 median sales price was at its highest level compared to June 2022 and 2021. The average sales price in June 2023 was $2,686,620, down -1.53% from $2,728,355 from the previous month and equal to June 2022. The June 2023 average sale price was at its highest level compared to June 2022 and 2021.

Graph of average sales price and median sales price of Westport, CT homes
Median means Middle (the same number of properties sold above and below the Median) (in hundreds)

Westport, CT Sales Price / List Price Ratio

JUNE, 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 June 2023 sales price/list price ratio was 102.34%, equal to the previous month and down from 107.85% from June 2022.

Graph of sales price to list price ratio for Westport, CT homes
Average Selling Price divided by Average Listing Price for sold properties during the month

Westport, CT Number of Properties Sold and Absorption Rate

JUNE, 2023

The number of properties sold in June 2023 was 46, up 70.37% from 27 from the previous month and -25.81% lower than 62 from June 2022. The June 2023 sales were at its lowest level compared to June 2022 and 2021. Absorption rate is the avg number of sales per month divided by the total number of available properties.

Graph of number of properties sold and absorption rate for Westport, CT homes

Westport, CT Average Days on Market (DOM)

JUNE, 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 June 2023 was 50 days, down -39.76% from 83 days from the previous month and 11.11% higher than 45 days from June 2022. The June 2023 DOM was at its highest level compared with June 2022 and 2021.

Graph of average days on market for homes in Westport, CT
Average Days on Market (Listing to Contract) for properties sold during them month

Westport, CT Average Sales Price per Square Foot

JUNE, 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 June 2023 was $556, down -2.63% from $571 from the previous month and -13.53% lower than $643 from June 2022.

Graph of average sales price per square foot for homes in Westport, Connecticut
Average Selling Price per Square Foot for properties that sold during the month

Westport, CT Inventory & MSI

JUNE, 2023

The number of properties for sale in June 2023 was 96, down -13.51% from 111 from the previous month and -30.43% lower than 138 from June 2022. The June 2023 inventory was at its lowest level compared with June 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2023 MSI of 2.09 months was at its lowest level compared with June 2022 and 2021.

Graph of inventory and MSI for homes in Westport, CT
MSI is the number of months needed to sell all of the inventory at the monthly Sales Pace.

Westport, CT New Listings

JUNE, 2023

The number of new listings in June 2023 was 47, down -21.67% from 60 from the previous month and -38.16% lower than 76 from June 2022. The June 2023 listings were at its lowest level compared to June 2022 and 2021.

Graph of new listings in Westport, Connecticut 06880


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Based on information from SmartMLS for the period 6/1/2020 through 6/1/2023. 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.