Westport, CT December 2023 Real Estate Market Update
CITY: WESTPORT, CT
BY: JUDY MICHAELIS, 203-247-5000
Westport, CT Real Estate Market Update, DECEMBER 2023
Westport homeowners,
Our December real estate market figures are in, and 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
Westport, CT Real Estate Market & Trends Overview
DECEMBER, 2023
Westport, CT Average and Median Home Sales Prices
DECEMBER, 2023
The median sales price in November 2023 was $1,690,000, down -24.89% from $2,250,000 from the previous month and 5.96% higher than $1,595,000 from November 2022. The November 2023 median sales price was at its highest level compared to November 2022 and 2021. The average sales price in November 2023 was $1,854,074, down -26.89% from $2,535,852 from the previous month and -4.57% lower than $1,942,826 from November 2022. The November 2023 average sale price was at a mid level compared to November 2022 and 2021.
Westport, CT Sales Price / List Price Ratio
DECEMBER, 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 November 2023 sales price/list price ratio was 100.36%, down from 102.19% from the previous month and up from 97.29% from November 2022.
Westport, CT Number of Properties Sold and Absorption Rate
DECEMBER, 2023
The number of properties sold in November 2023 was 27, up 8.00% from 25 from the previous month and 17.39% higher than 23 from November 2022. The November 2023 sales were at a mid level compared to November 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)
DECEMBER, 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 November 2023 was 56 days, up 16.67% from 48 days from the previous month and -12.50% lower than 64 days from November 2022. The November 2023 DOM was at its lowest level compared with November 2022 and 2021.
Westport, CT Average Sales Price per Square Foot
DECEMBER, 2023
The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in November 2023 was $485, down -23.98% from $638 from the previous month and 2.54% higher than $473 from November 2022.
Westport, CT Inventory & MSI
DECEMBER, 2023
The number of properties for sale in November 2023 was 81, down -20.59% from 102 from the previous month and -31.36% lower than 118 from November 2022. The November 2023 inventory was at its lowest level compared with November 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2023 MSI of 3 months was at its lowest level compared with November 2022 and 2021.
Westport, CT New Listings
DECEMBER, 2023
The number of new listings in November 2023 was 18, down -43.75% from 32 from the previous month and -40.0% lower than 30 from November 2022. The November 2023 listings were at its lowest level compared to November 2022 and 2021.
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Based on information from SmartMLS for the period 12/1/2020 through 11/30/2023. Source data is deemed reliable but not guaranteed. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates, not employees.
