CITY: WESTPORT, CT
BY: JUDY MICHAELIS, 203-247-5000
Westport, CT Real Estate Market Update, December 2022
Hi Westport, CT homeowners! I’m here with the 2022 Westport real estate market update. It’s no surprise that our average sales price and our median sales price are up $1,000,000 from 2019 – we’ve had a great year. Our list to sale price is 102%, meaning most most homes sold over asking price. That’s down ever so slightly compared with our June figure, where it was 105%, indicating a slight tick down in the market. Overall, our numbers are insane: our average sales price is $2,300,000. Our median sales price is $1,900,000, so it is really still a fabulous time to sell your home. We only have 3 months supply of inventory versus 2019, when we had 13 months supply of inventory. Why do I compare with “2019?” 2019 was our last normal mark, so that is probably what we are headed into now: just a more normal market.
Sitting down with a top realtor is vital in helping you understand your options. I’d love to chat with you if you want to know about what’s going on in your part of the market, and if you like what you see and hear in my videos, feel free to subscribe above!
– Judy
Westport, CT Real Estate Market & Trends Overview
DECEMBER, 2022
Westport, CT Properties Sold and Absorption Rate
DECEMBER, 2022
The number of properties sold in December 2022 was 31, up 29.17% from 24 from the previous month and -20.51% lower than 39 from December 2021. The December 2022 sales were at its lowest level compared to December 2021 and 2020. Absorption rate is the average number of sales per month divided by the total number of available properties.
Westport, CT Average and Median Home Sales Prices
DECEMBER, 2022
The median sales price in December 2022 was $1,575,000, equal to the previous month and -1.56% lower than $1,600,000 from December 2021. The December 2022 median sales price was at a mid level compared to December 2021 and 2020. The average sales price in December 2022 was $2,058,529, up 9.35% from $1,882,500 from the previous month and 12.12% higher than $1,835,946 from December 2021. The December 2022 average sale price was at its highest level compared to December 2021 and 2020.
Westport, CT Inventory & MSI
DECEMBER, 2022
The total inventory of properties for sale in December 2022 was 100, down -29.58% from 142 from the previous month and -20.0% lower than 125 from December 2021. The December 2022 inventory was at its lowest level compared with December 2021 and 2020. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2022 MSI of 3.23 months was at its highest level compared with December 2021 and 2020.
Westport, CT Average Days on Market (DOM)
DECEMBER, 2022
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 2022 was 58 days, equal to the previous month and -13.43% lower than 67 days from December 2021. The December 2022 DOM was at its lowest level compared with December 2021 and 2020.
Westport, CT Average Sales Price per Square Foot
DECEMBER, 2022
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 on the direction of Property values. The sales price per square foot in December 2022 was $522, up 11.06% from $470 from the previous month and 13.73% higher than $459 from December 2021.
Westport, CT Sales Price / List Price Ratio
DECEMBER, 2022
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 2022 sales price/list price ratio was 97.87%, equal to the previous month and down from 100.45% from December 2021.
Westport, CT New Listings
DECEMBER, 2022
The number of new listings in December 2022 was 8, down -75.76% from 33 from the previous month and -71.43% lower than 28 from December 2021. The December 2022 listings were at its lowest level compared to December 2021 and 2020.
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Based on information from SmartMLS for the period 1/1/2004 through 12/31/2022. 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.
