In a closed container it does not decline (IME). In an open container it can, especially if the crust that forms on the surface is broken up (IME). The article below shows a number of experiments. Here are two of them:
The Degradation of Limewater in Air - Reefkeeping.com
Figure 2. The conductivity of the limewater in my dosing reservoir as a function of time.
Figure 6. Conductivity as a function of time for initially saturated limewater that has no excess lime solids present. The liquid was kept in an open container and the surface crust that forms was broken by the conductivity probe where indicated. The data in red is reproduced from Figure 5 (where there is excess lime and no breakage of the crust). Note that the conductivity scale is blown up considerably (compared to all other figures) to see the drop.