After approximately 2 years as a seller’s market, the Katy housing market has stabilized & is headed toward a buyer’s market due to new inventory & the downturn in the region’s oil & gas industry.
Lawrence Dean, Houston’s regional director for Metrostudy – a national company that tracks real estate trends – said while the home resale market remains stable, new construction in several master-planned communities is raising the inventory in the single-family home market. “Summer is definitely the key home buying season; it always has been,” Dean said. “And in Houston, ours tends to start a little later than other parts of the country. We’re just now getting into the optimal sales season.”
Several real estate professionals said people are moving to the Katy area for the strong school district & the accessibility the Grand Parkway provides to much of the Greater Houston area. Much of the growth in the western half of Katy can be tied to six new communities under construction or beginning construction soon: Falls at Green Meadows, Cane Island & Elyson in the northwest quadrant & Young Ranch, Tamarron & Cross Creek Ranch in the southwest quadrant.
Dan Naef, president of Rise Communities, which is developing Cane Island, said since property taxes are competitive across the board for most newly constructed developments, it is up to companies to compete with new & existing neighborhoods based on amenities. “The investment is important & they buy the community because they know that values hold better in master-planned communities,” he said. “The next thing is they buy in communities where the amenities are done, not promised.”
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