All real estate is local and is impacted by location to amenities, such as, schools, shopping, restaurants (read my post May Valley Restaurants), parks, pools, walking trails, and proximity to work. You have heard the phrase location, location, location. People will spend more money on homes which are closer to the amenities even if the homes are in need of updates and repairs. The better the location the better the price.
May Valley is no exception. I have watched the home prices over the past 10 years do a bit of a yoyo. The best way to measure price is by using price per square foot. The price per square foot in May Valley has always been much lower than the rest of The Woodlands. This has been impacted by 2 primary reasons. The first is school district. Buyers generally prefer The Woodlands schools over Magnolia schools. If you compare test scores there is a difference, but Magnolia schools are still pretty good grade wise. It is my opinion schools are impacted positively/negatively by the principal who runs them. The second criteria are location to the amenities in The Woodlands (see my post on May Valley Restaurants). These criteria has been helped by the opening of Greenmoore Rd (backside of May Valley) and more restaurants along FM 2978. Now if we could get a neighborhood pool and an elementary school, then you would see prices rise rather quickly.
You may be wondering how home sales have been thus far in 2019, so I'm going to share some statistics with you. The statistics below are based on free standing single family homes. There have been 91 homes for sale in 2019. Currently there are 34 active homes for sale. There are 9 homes under contract, and 47 homes have sold. Price per square foot is different between 1-story homes and 2-story homes. As our population ages buyers are preferring 1-story homes, while families still need 2-story. Homes with a pool will sell before homes without a pool, because it is so hot here. New homes may or may not sell higher than existing homes, because builders will build the home smaller or drop the price in order to move their inventory. Also, builders do not have to list their homes on HAR, so other sale prices are not disclosed. So here are the stats YTD:
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