The fallout of the declining oil and gas market in the Greater Houston area can be difficult to forecast, but effects on the real estate market in Cy-Fair have been negligible since the price of oil began falling in late 2014. Local Realtors say the market is still in healthy shape when it comes to both residential and commercial property.

A combination of low interest rates and more frugal buyers has kept the Cy-Fair single-family residential market balanced, said Rich Guderyon, a real estate agent with Better Homes and Gardens Real Estate Gary Greene in Cypress.

“There will always be a scare in the air about the oil market,” he said. “But the pent-up demand for single-family homes has kept things steady—especially in Cypress—where infrastructure and mobility keeps getting better.”

The market in 2014 was indisputably a seller’s market, Guderyon said, when single-family properties up for sale were drawing in as many as 20 offers. However, 2015 has ushered in more of a level playing field, he said.

“I think buyers are scrutinizing houses more than they did in the frenzy last year,” he said. “It actually helps our market a bit. People were bidding $50,000 over the asking price, which is just crazy.”

While home showings have risen across the board for Guderyon compared to last year, he said interest has shifted from more expensive homes to homes in the $150,000-$300,000 range, which made up almost 75 percent of the showings since January.

“We’re seeing multiple offers for homes at that price point,” he said. “We’re just not seeing what we saw last year, when we were seeing a lot of higher price points.”

Although the multifamily market is slowing down throughout the Greater Houston area, a lack of supply in the Cy-Fair area means occupancy rates are still high. A report released by research firm CBRE Group Inc. in August showed multifamily occupancy rates still above 90 percent throughout Cy-Fair. Occupancy rates among Class B units—which are generally older and are available for lower rents—remain sound.

“Although multifamily construction remained robust, healthy absorption indicates there is still pent-up demand from [2010-14] population gains,” the report concludes. “Class B occupancy climbed to a new historical high and has persisted.”

Retail construction in the Cypress area is also in healthy shape, said Randy Connell, a Realtor with Connell Team Realty, which specializes in retail and office sales.

“There’s been a pull back when it comes to some of the larger office spaces, because those are what energy companies primarily use, but there is still a lot of commercial activity,” he said. “The Cy-Fair market is still being driven by the limited supply.”

Retail and office developers particularly look for trends in residential development, Connell said, which has not slowed down in Cy-Fair.

“They’re planning another 4,000 homes in the Bridgeland area,” he said. “The need will be there.”