NOVEMBER LOCAL REAL ESTATE MARKET

WESTPORT, CT NOVEMBER 2023 REAL ESTATE MARKET UPDATE

CITY: WESTPORT, CT

BY: JUDY MICHAELIS, 203-247-5000


Westport, CT Real Estate Market Update, November 2023

Westport homeowners,

Our market is slowing ever so slightly – though it depends on which part of the market you’re in. Mint condition and new construction homes are doing great. Fixer-uppers are slowing down just a bit, because of high construction costs and mortgage rates. Our buyers do not want to use their hard-earned cash to fix up their new house, so if your house is mint condition or new construction, now may be a great time for you to take advantage of the market. As a courtesy, I would be happy to come over and let you know if you’re working with a mint condition house or a fixer-upper, and how to strategically place you in the current market.

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

NOVEMBER, 2023

Table of October 2023 Westport, CT real estate market data
The overview above shows real estate activity from January 2023 through October 2023. You will see data comparisons between October and the previous month, the last three months and October 2022.

Westport, CT Average and Median Home Sales Prices

NOVEMBER, 2023

The median sales price in October 2023 was $2,250,000, down -4.26% from $2,350,000 from the previous month and 26.40% higher than $1,780,000 from October 2022. The October 2023 median sales price was at its highest level compared to October 2022 and 2021. The average sales price in October 2023 was $2,535,852, equal to the previous month and 14.45% higher than $2,215,644 from October 2022. The October 2023 average sale price was at its highest level compared to October 2022 and 2021.

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

Westport, CT Sales Price / List Price Ratio

NOVEMBER, 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 October 2023 sales price/list price ratio was 102.19%, up from 96.7% from the previous month and up from 99.55% from October 2022.

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

Westport, CT Number of Properties Sold and Absorption Rate

NOVEMBER, 2023

The number of properties sold in October 2023 was 25, up 47.06% from 17 from the previous month and 19.05% higher than 21 from October 2022. The October 2023 sales were at a mid level compared to October 2022 and 2021. Absorption rate is the avg 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 October 2023

Westport, CT Average Days on Market (DOM)

NOVEMBER, 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 October 2023 was 48 days, down -43.53% from 85 days from the previous month and -30.43% lower than 69 days from October 2022. The October 2023 DOM was at its lowest level compared with October 2022 and 2021.

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

Westport, CT Average Sales Price per Square Foot

NOVEMBER, 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 October 2023 was $638, up 36.62% from $467 from the previous month and equal to October 2022.

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

Westport, CT Inventory & MSI

NOVEMBER, 2023

The number of properties for sale in October 2023 was 89, down -14.42% from 104 from the previous month and -25.21% lower than 119 from October 2022. The October 2023 inventory was at its lowest level compared with October 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2023 MSI of 3.56 months was at its lowest level compared with October 2022 and 2021.

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

Westport, CT New Listings

NOVEMBER, 2023

The number of new listings in October 2023 was 31, down -31.11% from 45 from the previous month and -22.50% lower than 40 from October 2022. The October 2023 listings were at its lowest level compared to October 2022 and 2021.

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



© 2023 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.

Based on information from SmartMLS for the period 11/1/2020 through 10/31/2023. Source data is deemed reliable but not guaranteed. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates, not employees.