October 2023 Westport, CT Real Estate Market Update

By
Real Estate Agent with Coldwell Banker REB.0750642

Westport homeowners: Our October real estate market figures are in: just as they've been all throughout 2023, Westport homes for sale and inventory are down about 30%. The big question everybody is speculating on is which way the Westport market is going: will it soften? It really depends on Westport commuter habits. Are commuters traveling to their New York City offices five days per week, or three? If all remains the same at roughly three days per week, then the market will follow. But if NYC office workers begin commuting to the office five days per week, our market will soften.

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

203-247-5000

judy@judymichaelis.com

 

Westport, CT Average and Median Home Sales Prices

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 October 2023 Real Estate Market Statistics average and median sales price

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 October 2023 Real Estate Market Statistics sales price to list price ratio

 

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 October 2023 Real Estate Market Statistics number of properties sold and absorption rate

 

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 October 2023 Real Estate Market Statistics average days on market

 

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 October 2023 Real Estate Market Statistics average sales price per square foot

 

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 October 2023 Real Estate Market Statistics inventory and msi

 

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.

Westport CT October 2023 Real Estate Market Statistics new listings

© 2023 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 11/1/2020 through 10/1/2023. 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.

Comments (6)

Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Judy - welcome to ActiveRain and congratulations on your first AR post with a Westport Connecticut real estate update.   Good luck with your business as well as your continuing education of this online community.   There's much to discover. 

Nov 21, 2023 10:56 AM
Judy Michaelis

Thank you Michael!

Nov 21, 2023 01:12 PM
John Pusa
Glendale, CA

Welcome to ActiveRain Community. Congratulations on your first post.

Nov 24, 2023 08:25 PM
Judy Michaelis

Thanks John!

Nov 24, 2023 09:47 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Thanks for sharing your market update.  Great information for buyers and sellers in your area.
Nov 27, 2023 03:14 AM
Judy Michaelis

Thanks Richard!

Nov 27, 2023 07:42 AM
Dennis Neal
RE/MAX, Big Bear - Big Bear Lake, CA
Your Home Sold in 21 Days or We Sell It For Free


Congratulations on your first blog post, Judy Michaelis! 🎉 Your detailed October 2023 Westport, CT Real Estate Market Update is a valuable resource for homeowners and potential buyers. Welcome to ActiveRain – looking forward to more insightful market analyses from you! 👏🏡

Dec 04, 2023 01:40 PM
Judy Michaelis

Appreciate your kind words Dennis, thank you!

Dec 05, 2023 08:26 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Judy Michaelis this is very good information for both Buyers and Sellers in Westport.

Jan 07, 2024 10:16 AM
Judy Michaelis

Thank you George!

Jan 08, 2024 10:14 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Judy Michaelis also welcome to ActiveRain, and congratulations on successfully posting your first blog on this site.

Jan 07, 2024 10:16 AM
Judy Michaelis

Thanks George! Happy New Year!

Jan 08, 2024 10:14 AM