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.
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- Judy
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 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 10/1/2023. 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.
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