Westport CT Real Estate Market Report March 2023
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*All market data can be found at the bottom of this page
Well, the spring market is here, and everyone wants to know what's going to happen next. Will it be a repeat of last year's insane market? Or will it be a flop? Today I will review the Westport Real Estate market data, as well as cover my personal experience about what's happening now. Let's go!
If you are new to my website, my name is Charlie Vinci and I am a Westport Realtor. The graphs in the "Westport CT Real Estate Market" section are updated on the first of every month. While you are here, you can create a custom market report below to get updated on the exact segment of the market that is most important to you.
You'd rather watch than read? Below is the latest market report video for Westport.
Westport Months of Supply
Let's start by taking a look at how much supply we have. In February, we were still trending down at 2.6 months. You may recall that we had 2.5 months in January, and 2.4 months in December. So it's getting a tad better, but I am guessing it doesn't feel that way if you are a buyer. The crazy thing is, we had more inventory in 2022, and 2021, when the market was white hot, but I have some good news for buyers, which I'll get into soon.
Westport Pending Sales
Pending sales are down to 20. In fact, we have been in the low to mid twenties for several months now. I find it interesting that Westport didn't have a huge peak in pending sales during 2022 when we had 34, or 2021 when we had 37. I think it's interesting because these numbers aren't too far off from our 2018-2020 pending sales where we had between 24 and 34. So, relatively speaking, 20 is low.
If you would like to stay on top of pending sales in a specific area, try creating a custom market report and you will be updated monthly.
Westport Median Sales Price
Here's the median sales price in Westport for February, and we are at about $1.59MM last month.
If reading this has you wondering what your property is worth, you can get an estimate by using our Home Valuation tool.
Westport Median Percentage of List Price
Here's the median percentage of list price that sellers are earning. In February, it dropped to 97.3%, which is low given the market conditions. We are back up to 99.6% which is what I would expect.
Westport Median Days on Market
This is abnormal, we had a big uptick in the number of days it took a home to sell, and were up to 52 last month. You might recall that in January, it only took 35 days, and December was 33 days. I was curious about this and pulled the raw data, and only four of the sales were under 30 days on the market.
I know my buyers in Westport were struggling with the quality of inventory this winter. Many of the listings were older and some were overpriced. It seems that buyers had to pick from the older listings, because there weren't too many new ones, which caused the average days on market to shoot up.
Westport Closed Sales
The limited supply seems to be having an effect on the number of houses we can sell as well. You can see that we were down to just 16 sales in February. Last year we had 26 and the year before we had 45, but this was our covid market. Before covid, we ranged between 15 and 27 sales, so even by this standard 16 sales is low for Westport.
The good news is, If you are a buyer. fear not, the new listings have historically increased through March and April, and there will be more homes to choose from in the coming weeks, but you will have to move quickly.
You can analyze what has sold near you by using our Sold Property Search and Interactive map.
Quick Tip: Zoom in on your home for nearby sales.
Westport Homes for Sale
Here's the number of homes for sale. We were down to just 95 in February.
If you'd like to see what is available in Westport right now, you can click here to perform a Westport Home Search.
For Buyers
I have noticed that my buyers were frustrated with the quality of the inventory this winter. There wasn't much of it and it seemed overpriced for what it was. There were a few good deals to be had, but probably not as many as I would have expected given my experience during the previous years. The good news is that we know from historical data that more new listings should be on the way, and buyers will have some selection, and be able to find their home, but they also should expect to have competition in the form of multiple offers on the best homes, and they should be wary of rates going up which will increase their cost if they are financing. We are already seeing multiple offers on the best homes, and you should expect that it will continue.
For Sellers
You have heard the stories of your neighbors selling for hundreds of thousands over their asking price last year, and perhaps in the fall. While this is true, it was also true that those homes were fairly priced and buyers saw the value and made strong offers in order to win in a multiple offer situation. If you don't have multiple offers in the first week on the market this spring, it's your sign that you need to lower the price quickly or you risk losing the interest of the buyers. If you wait too long, they will ask the question “what's wrong with this house?” When they start asking that question, your chances of getting a strong offer are out the window. Price competitively, there is enough demand that market forces will get you top dollar if marketed properly.
For buyers, you may want to check out this article, because it will give you a clearer picture of what is coming this spring.
I look forward to hearing from you!
Best,
203.952.7752
Westport CT Real Estate Market
Each data point represents the past 3 months of data, so you can easily examine the macro level trends of the Westport CT Real Estate Market.
*All Data comes directly from the Realtor's database, the SmartMLS, and is updated on the first of each month.
Quick Tip: Maps are interactive. Touch or Hover to use.