Pflugerville Real Estate Market Trends: July 2024 Analysis
Published | Posted by Olivia Buffaloe
July 30th, 2024 The real estate market in Pflugerville, as of July 30, 2024, showcases an intriguing snapshot of active residential listings. The data reveals critical insights into price changes, days on market, occupancy status, and the mix of resale versus new properties. Understanding these metrics is essential for anyone looking to navigate the Pflugerville real estate landscape, whether they are buyers, sellers, or real estate professionals.
A total of 391 active residential listings were recorded on this date. A significant aspect of these listings is the distribution of price changes. The data indicates that 3.1% of the properties experienced a price increase, 40.9% remained unchanged, and a substantial 56.0% saw a price drop. This trend highlights a competitive market where more than half of the listings have adjusted their prices downward to attract potential buyers. The price changes further break down into specific brackets: most properties with price drops fall within the 5%-10% and 0%-5% ranges, pointing to a nuanced pricing strategy by sellers.
Another crucial metric is the average and median days on market. The average days on market for these listings is 64 days, while the median is 47 days. This indicates a moderately paced market where properties are selling at a steady rate, neither too quickly nor languishing for too long. These figures provide a balanced view of market activity, suggesting that buyers have ample time to make informed decisions while sellers can expect a reasonable timeframe to close their deals.
Occupancy status is another vital factor in understanding the market dynamics. The data reveals that 53.20% of the listings are vacant, while the remaining 46.80% are occupied by either owners or tenants. The high vacancy rate is a significant point of interest, as it can influence buyer perceptions and market behavior. Vacant properties may suggest a higher turnover rate or a market with ample options for buyers to choose from.
When examining the list price and price drop statistics, the average list price of properties stands at $482,313, with a median list price of $446,275. On average, the price drop is $27,197, and the median price drop is $20,220. These numbers are crucial for understanding the pricing trends and the adjustments sellers are willing to make to close a sale. It highlights the competitive nature of the market and the need for sellers to be strategic in their pricing.
The composition of the market is further detailed by the breakdown of resale versus new properties. Resale properties dominate the market, comprising 84.91% of the listings, while new constructions account for 15.09%. This distribution is essential for buyers interested in the type of property they are investing in, as resale properties offer a different value proposition compared to newly built homes.
Additionally, the report includes an activity index and months of inventory to provide a broader understanding of market conditions. These metrics are critical in assessing whether the market favors sellers or buyers. The months of inventory metric is particularly telling, with lower values indicating a seller's market and higher values pointing towards a buyer's market.
In summary, the real estate market in Pflugerville as of late July 2024 is characterized by significant price adjustments, moderate days on market, a high vacancy rate, and a predominance of resale properties. These insights are invaluable for making informed decisions in a dynamic market environment.
