Westport, CT October 2023 Real Estate Market Update
CITY: WESTPORT, CT
BY: JUDY MICHAELIS, 203-247-5000
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
Westport, CT Real Estate Market & Trends Overview
OCTOBER, 2023
Westport, CT Average and Median Home Sales Prices
OCTOBER, 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.
Westport, CT Sales Price / List Price Ratio
OCTOBER, 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.
Westport, CT Number of Properties Sold and Absorption Rate
OCTOBER, 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.
Westport, CT Average Days on Market (DOM)
OCTOBER, 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.
Westport, CT Average Sales Price per Square Foot
OCTOBER, 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.
Westport, CT Inventory & MSI
OCTOBER, 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.
Westport, CT New Listings
OCTOBER, 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.
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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.
