CITY: WESTPORT, CT
BY: JUDY MICHAELIS, 203-247-5000
Westport, CT Real Estate Market Update, First Quarter 2023
Hi Westport, CT homeowners! I’m here with the First Quarter 2023 Westport real estate market update, and this first quarter is much stronger than last year. It is surprising everybody as we’re hearing from our realtor friends on the west coast that they are having a correction, and their Market is definitely shifting. It is not quite a buyer’s market there, but it is shifting. We only have 2 months supply of inventory so we are solidly in a seller’s market. Homes are trading for more money than they did all of last year. We only had 53 new homes come on the market and 103 have gone off, defying all odds right now. Even with higher interest rates, our market is super strong. If you would like a full market report with all the details and all the numbers, please click the link at the bottom of this page.
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 the Westport, CT real estate market 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
MARCH, 2023
Westport, CT Average and Median Home Sales Prices
MARCH, 2023
The median sales price in March 2023 was $2,011,000, up 23.75% from $1,625,000 from the previous month and -18.50% lower than $2,467,500 from March 2022. The March 2023 median sales price was at a mid level compared to March 2022 and 2021. The average sales price in March 2023 was $2,291,906, up 5.63% from $2,169,704 from the previous month and -15.95% lower than $2,726,838 from March 2022. The March 2023 average sale price was at a mid level compared to March 2022 and 2021.
Westport, CT Sales Price / List Price Ratio
MARCH, 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 March 2023 sales price/list price ratio was 99.98%, equal to the previous month and down from 101.21% from March 2022.
Westport, CT Number of Properties Sold and Absorption Rate
MARCH, 2023
The number of properties sold in March 2023 was 18, up 20.0% from 15 from the previous month and -47.06% lower than 34 from March 2022. The March 2023 sales were at its lowest level compared to March 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)
MARCH, 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 March 2023 was 109 days, up 84.75% from 59 days from the previous month and 78.69% higher than 61 days from March 2022. The March 2023 DOM was at its highest level compared with March 2022 and 2021.
Westport, CT Average Sales Price per Square Foot
MARCH, 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 March 2023 was $587, up 8.10% from $543 from the previous month and 1.73% higher than $577 from March 2022.
Westport, CT Inventory & MSI
MARCH, 2023
The number of properties for sale in March 2023 was 82, down -3.53% from 85 from the previous month and -26.13% lower than 111 from March 2022. The March 2023 inventory was at its lowest level compared with March 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2023 MSI of 4.56 months was at its highest level compared with March 2022 and 2021.
Westport, CT New Listings
MARCH, 2023
The number of new listings in March 2023 was 45, up 55.17% from 29 from the previous month and -30.77% lower than 65 from March 2022. The March 2023 listings were at its lowest level compared to March 2022 and 2021.
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Based on information from SmartMLS for the period 4/1/2020 through 3/1/2023. 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.
