Deep Dive – Pflugerville – July 2023 – Real estate market

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PFLUGERVILLE JULY 2023 SUMMARY

While there’s been a moderate increase in the median sale price from June 2023, properties in July 2023 are selling at a notably higher discount from their listing prices. Compared to July 2022, the increase in the discount from the listing price is evident, suggesting either sellers are starting with higher initial prices or buyers are negotiating harder. Luxury properties, in particular, seem to be offering significant discounts, which could be an opportunity for buyers or a sign of a softening at the top end of the market.

PFLUGERVILLE JULY 2023 INSIGHTS

Transition to a Buyer’s Market?

The increasing discount from the listing price, especially when compared year-over-year, suggests sellers are becoming more flexible in their pricing. This flexibility is often an indication of a shift towards a buyer’s market, where buyers have more negotiation power and can push for lower prices.

2. Stabilization in Price Per Square Foot:

The average median net sale price per square foot saw a modest increase month-over-month, but when compared to the highest values, there was a notable decrease. This trend suggests a stabilization or even a potential saturation point in price per square foot, especially in the luxury market segment.

3. Luxury Market Dynamics:

The highest median net sale price remained almost unchanged from June to July 2023. Still, the price per square foot for this segment saw a substantial decrease. This discrepancy could mean that buyers are now getting more space (bigger properties) for their money in the luxury segment. The increased discounts for luxury properties further suggest that this market segment is currently facing challenges, possibly due to oversupply or reduced demand.

4. Pricing Strategy Adjustments:

The increased percentage discount from listing prices, both month-over-month and year-over-year, could suggest that realtors or sellers are initially listing properties at higher prices. This strategy could be to anticipate negotiations or to test the market’s upper limits. It’s also possible that some sellers might be under pressure to sell, hence the willingness to accept larger discounts.

5. Cumulative Days on Market:

Properties are staying on the market for approximately 49.61 days, which is about 1.5 months. If this number is increasing over time, it would further support the idea of a shifting market favoring buyers. Conversely, if it’s decreasing, it might suggest that while buyers are negotiating for better prices, properties are still selling relatively quickly.

6. Importance of Property Size:

The variance in sale price per square foot suggests that property size plays a significant role in sale dynamics. Buyers might be valuing larger properties differently, leading to a wider range of prices per square foot.

PFLUGERVILLE JULY 2023 SOLD STATISTICS

Number of Sales: 123
DOWN 18% from June 2023
DOWN 5% from July 2022
Comment: Both expected based on seasonal trend

Total Net Sales* Volume: $57,085,015
DOWN 18% from June 2023
DOWN 15% from July 2022
Comment: Both expected based on seasonal trend

Median Cumulative Days on Market: 26
DOWN 9% from June 2023
Comment: Not expected
UP 160% from July 2022
Comment: Expected based on economy

Median Discount Net Sale Price* from List Price: 3.7%
UP 15% from June 2023
DOWN 258% from July 2023
Comment: Both expected based on economy

Median Net Sale Price* Per SF: $213
NO CHANGE from June 2023
DOWN 13% from July 2022
Comment: Both expected based on economy

Median Net Sale Price*: $437,556
UP 2% from June 2023
Comment: Expected based on inflation
DOWN 10% from July 2022
Comment: Expected based on economy

High List Price per SF: $396
UP 24% from June 2023
Comment: Unexpected
UP 10% from July 2022
Comment: Expected based on inflation

High List Price: $799,999
DOWN 19% from June 2023
Comment: Unexpected but realistic with small sample size
DOWN 11% from July 2022
Comment: Expected based on economy

High Net Sale Price* per SF: $290
DOWN 5% from June 2023
DOWN 25% from July 2022
Comment: Both expected based on economy

High Net Sale Price*: $800,000
DOWN 20% from June 2023
Comment: Expected based on economy
DOWN 25% from July 2022
Comment: Expected based on economy

* Net Sale Price = Sale Price
LESS Seller Paid Repairs to Meet Buyer Demands
LESS Seller Paid Buyer Closing Costs like interest rate buydowns

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Diane Hart Alexander, MBA, MHA, CEO, Broker
Alexander Tiffany Southwest dba ALEX.realestate
Chairman, ALEX Cares
v 713.591.9902
o 713.918.9951
e diane@alex.realestate

PS – If you are an Agent or Broker and want to be a Pflugerville real estate genius, contact me! Best. Diane