Eleven Oaks Realty is proud to present their February 2015 Pflugerville Real Estate Price Report measuring activity in the Pflugerville single family home market.
Pflugerville Homes Under Contract Up 48%
The biggest story in this month’s Pflugerville Real Estate Price Report comes by way of number of homes that accepted a contract, which was up significantly in year over year numbers for the second month in a row. In February 2015, 155 homes went pending (under contract) in Pflugerville compared to 99 in February 2014, marking a 57% increase in year over year numbers. Pflugerville saw one of the biggest increases in pending sales. It seems all of the great new amenities planned for Pflugerville are encouraging buyers to move there.
What does this mean to buyers? Buyers who want to own a home in Pflugerville in 2015 better get on the ball before too many other buyers enter the market. More competition usually causes prices to increase. With a 57% increase in the number of pending sales, price increases are not far behind. Start your search as early in the season as possible and you’ll have a better chance at paying less.
What does this mean to sellers? If you’re thinking about selling, strike while the iron is hot. Pflugerville home buyers came out in full force again in February and if this Spring is like any of the last three, we would expect demand to only heat up. If you want to sell your home for top dollar, work with a professional Realtor who knows what buyers are looking for so they can help you position your home as the best one on the market.
Pflugerville Median Home Price Up 7%
The median home price of a Pflugerville home in February 2014 was $192,000 compared to $204,702 in February 2015, marking a 7% increase in year over year numbers. Buyers are willing to pay significantly more than they were last year and are starting to price below $200,000 buyers out of the Pflugerville market.
Median home price helps us see the distribution of homes sold and does not really give us an indication of the increase or decrease in a particular home’s market value. To analyze market value, we’d have to take an in depth look at a neighborhood. If you’re looking for something like that, please check out our Pflugerville Home Values Report.
Pflugerville Housing Inventory Down 34%
In February 2015, we saw 1.2 months of inventory on the market, compared to 1.7 months of inventory in February 2014, showing a 34% decrease in year over year numbers. Pflugerville is one of the leanest markets in the Austin area. As popularity of Pflugerville increases, I only see this number getting lower.
Time to Sell Home in Pflugerville Up 22%
In February 2015, it took 43 days to sell a home in Pflugerville, on average, compared to 35 days in February 2014, marking a 22% (8 day) increase in year over year numbers.
Number of Homes Taken Off the Market Up 44%
In February 2014, there were 9 single family homes taken off the market compared to 13 in February 2015, marking a 44% (4 home) increase city wide. It is interesting to see an increase in homes taken off the market given the increased activity. I bet if we did further analysis, we would see that these homes were either extremely overpriced or in poor condition.
If your Pflugerville home was priced right but it still didn’t find a buyer, maybe there was something else going on. The biggest culprits we see are incorrect info in the MLS and poor marketing. Check out our Pflugerville Home Marketing Plan to see how your homes would be marketed if we listed them. If you’d like our opinion on why your home didn’t sell email us at info@11OaksRealty.com.
Having trouble selling your home? Check out our Pflugerville Home Not Selling resources page to find out why.
Number of Sold Homes in Pflugerville Up 39%
In February 2015, Pflugerville saw a 39% increase in the number of homes sold from February 2014 to February 2015. In February 2015, we saw 106 homes sell in Pflugerville compared to 76 in February 2014 marking a 39% (30 home) increase in year over year numbers. Pflugerville is poised for a stronger Spring than last year, putting to rest the rumors that the Pflugerville real estate market is on the down swing.
Number of Homes on the Market Up 24%
In February 2015, we had 347 homes for sale in Pflugerville, compared to 280 in February 2014, showing a 24% (67 home) increase in year over year numbers. Thankfully we are seeing more inventory this year to help meet some of the demand.
Number of Homes Listed for Sale Up 21%
In February 2015, we saw 142 homes introduced to the market compared to 117 in February 2014, marking a 21% (25 home) increase. Pflugerville home sellers are seeing the need for more housing and are taking advantage of buyers willing to pay more.
Supply Up 24% and Demand is Up 39%
This month we saw a 24% increase in supply (number of properties for sale) and a 39% increase in demand (number of sold properties).
Median for Sale Up 22% vs Median Sold Price Up 7%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Pflugerville, we saw a 22% increase in the median for sale price and a 7% increase in the median sold price of a single family home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2015 Pflugerville Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for February 2015 Pflugerville home sales below. The most expensive home that sold in Pflugerville in February 2015 sold for $422,250 and the least expensive home sold for $126,000. Homes ranged in size from 1,097 sqft – 4,752 sqft with an average size of 2,184 sqft. The average price per square foot for a home that sold in Pflugerville in February 2015 was $101.97 with the lowest being $59.45/sqft and the highest being $137.97/sqft. It took, on average, 52 days to sell a home in Pflugerville and sellers received, on average, 97.91% of their original list prices.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||Feb 2015|
|Property Type||Single Family Homes||Number Sold||108|
|Source:||ABoR Sales Data||Area||Pflugerville|
Time to Buy? Sell?
As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to buy, buying when its a sellers market may hurt you on the buying end, but you’ll make it up on the selling end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.
Looking strictly at the numbers, it appears the recommendation for this month is – it’s time to sell. With 1.2 months of inventory and a 57% increase in pending sales, it is clear buyers are serious about becoming home owners in Pflugerville. Though supply is also up significantly, sellers who position their homes as a value will have no trouble finding a buyer. And, with the median sold price up 7% from last year, we know the buyers that are currently in the market are willing to pay significantly more for a home this year than last year. If you’re considering selling, work with a Realtor who can help you get top dollar for your home. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. The busiest time of year is just around the corner. Do what you can to prepare your home now and you’ll be ready at the perfect time. For more info about our Home Selling Program, check out Sell My Pflugerville Home.
If you’re in the market to buy, understand you’re going to have some competition. Work with a professional Realtor who has strategies for getting your offers accepted in competitive markets that involve more than just a higher offer price. Start your search as early in the year as you can. As we head deeper into Spring, we expect higher sales prices and more competition. If you’re looking to buy, we can help you find the right house in the right neighborhood for you and your family. We know the market and know how to negotiate offers that get accepted, even in strong markets. For more info about buying a home, visit Buy a Home in Pflugerville.
Questions About the Pflugerville Real Estate Price Report?
Do you have questions about this Pflugerville Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Pflugerville real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.