A pressure based Eulerian multifluid model for application to phase transition with droplet dynamics in transonic high-speed flows is described. It is implemented using an element-based finite-volume method, which is implicit in time and solves mass and momentum conservation across all phases via a coupled algebraic multigrid approach. The model emphasizes treatment of the condensed phases, with their respective velocity and thermal fields, in inertial nonequilibrium and metastable gas flow conditions. The droplet energy state is treated either in algebraic form or through transport equations depending on appropriate physical assumptions. Due to the complexity of the two-phase phenomena, the model is presented and validated by exploring phase transition and droplet dynamics in a turbine cascade geometry. The influence of droplet inertia on localized homogeneous nucleation is examined.