Westport, CT January 2024 Real Estate Market Update
CITY: WESTPORT, CT
BY: JUDY MICHAELIS, 203-247-5000
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
Westport, CT Real Estate Market & Trends Overview
JANUARY, 2024
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.
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.
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.
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.
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.
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.
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.
© 2024 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 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.
