Cy-Fair real estate market continues to defy ongoing Houston oil woes

Cy-Fair real estate market continues to defy ongoing Houston oil woes


Halfway through 2016, the real estate market in Cy-Fair continues to remain stable despite the ongoing oil and gas downturn. The average time a home spends on the market has risen, but experts consider the trend a sign of the more sustainable market pace.


Meanwhile, the average price of homes sold continues to rise, according to data from Houston Area Realtors. The median price of homes sold in June reached a new high in the Greater Houston area, while the average price of homes sold reached its second highest level ever. Home prices in Cy-Fair are up as well, according to local real estate agents.


“Prices are up about 5.5 percent for sales, which is pretty amazing considering the economy,” Jim Mulholland, Cy-Fair Real Estate founder said. “The thing that is down is days on the market, but even that is still really good.”


At this time last year, a home would take an average of 18 days to sell. This year, that time frame has been bumped up to a full month, Mulholland said.


Real estate agent Simon Davidson said the pace the housing market has been operating at the last few years has been unhealthily strong, and the new selling speed is more sustainable over time. Home sales in the Cy-Fair market are still up 7.6 percent year over year.


“It’s no longer at a breakneck speed, but it is a good pace,” he said.


Cy-Fair is still considered a seller’s market with an inventory rate of 3.7, meaning it would take 3.7 months for all homes currently on the market to sell, Davidson said. The June 2016 inventory rate is up from last year at this time, when it clocked in at 3.2, he said.


Anything above a six-month inventory is considered a buyer’s market, he said.


He said the market is substantially different depending on whether houses are being sold above or below $300,000.


“It is a tale of two housing markets,” he said. “[Homes priced] under $300,000 are still very good. Above $300,000, especially in the half-million range, is more of a buyer’s market. The meat and potatoes ... will always be between $150,000 and $300,000. ”


Part of the slowdown is due to the slump in oil and gas prices, but it has been mitigated by Cy-Fair’s diversification, Davidson said. He stressed that even though there was a loss in oil industry jobs, there was a net gain overall.


New development helps the market, Mulholland said.


With 51 home sales in the month of April, the master-planned community Bridgeland recorded its third best month in the company’s decade-long history.


These sales, coupled with the increased commercial and real estate development in master-planned communities throughout the region, are drawing more residents to Cy-Fair, Mulholland said. Shopping opportunities and community centers are a major lure for new residents, he said.


“It is exactly the kind of thing Cy-Fair has been lacking,” Mulholland said.



MOST RECENT

Construction will be underway at Alys Crossing through March 2021. (Rendering courtesy Willowick Residential)
Units begin opening at Alys Crossing off Fry Road in Cypress

The new development joins several other multifamily projects that have opened or will open in the Cy-Fair area this summer.

The number of deaths reported has been declining for the past three week, according to the Texas Medical Center. (Community Impact staff)
Texas Medical Center: COVID-19 hospitalizations down 10% since Aug. 3

The number of deaths reported has been declining for the past three week, according to the Texas Medical Center.

Several Cy-Fair ISD teachers spoke before the board about their concerns with reopening schools this fall at the board's Aug. 6 meeting. (Courtesy Cy-Fair AFT)
Cy-Fair ISD officials respond to teacher concerns at Aug. 6 board meeting

Teachers at last night's board expressed health concerns around schools reopening, saying if students have the choice to learn remotely, teachers should be able to opt to teach from home.

Harris County leaders discussed this week whether to raise or lower property taxes. (Courtesy Fotolia)
UPDATED: Harris Co. commissioners eyeing property tax rates

This article was updated Aug. 8 to clarify that an 8% tax rate increase is not considered to be on the table by commissioners.

A mother and daughter visit at Seasons Assisted Living & Memory Care in Conroe earlier in the pandemic. (Courtesy Seasons Assisted Living & Memory Care)
Texas allows limited visitations to nursing homes, long-term care facilities

Facilities that meet the requirements will allow limited visitations, but you still will not be able to hug or kiss your loved one.

HomeAid Houston partnered with Boys and Girls Country to open three cottages in Hockley. (Courtesy Boys and Girls Country)
Builders partner to serve homeless population through nonprofit HomeAid Houston

Since launching in 2003, the organization has helped provide 20,000 beds for homeless individuals in the Houston area.

Cy-Fair ISD will offer in-person instruction in addition to a learning-from-home option in 2020-21. (Design by Katherine Borey/Community Impact Newspaper)
Most Cy-Fair ISD students opting for virtual instruction in 2020-21 according to early survey results

Initial survey results are in, but parents have until Aug. 25 to complete the questionnaire or change their original learning method selection.

The farm-to-table restaurant plans to create 90 jobs and offer familiar American meals. (Courtesy Whiskey Cake)
Whiskey Cake restaurant to open in The Woodlands and more Houston-area news

Read the latest business and community news from the Houston area.

Cypress Christian School is located on Cypress North Houston Road in the Cy-Fair area. (Courtesy Cypress Christian School)
Cypress Christian School prepares to start 2020-21 school year Aug. 13

With plans to open next week, Executive Director Jeff Potts said the school’s admissions office has been busier than ever heading into a unique school year.

Visitors line up in front of Northwest Assistance Ministries to request rental assistance. (Courtesy Northwest Assistance Ministries)
Northwest Assistance Ministries now accepting online applications for rental, mortgage assistance

According to the release, NAM officials will randomly select 100 applicants every Thursday afternoon from the correctly completed online applications and contact those individuals to schedule an appointment.