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The soft residential real estatw market, brokers say, is the result of dwindlinh consumer confidence and tighter credit requirements from mortgage lenders that made it more difficult for some buyere to obtain financing somethingthat hasn’t changed. Home appraisersa also have been conservative. “The pendulum always swingsx one waytoo far. I think that’s probablyh what we’ll see over the next few months,” says Waynew Short, owner of . But at least one local companyt saw its 2008numbers increase. increased its residentiaol salesvolume 2.9 percent, from $109 millionj to $112.
3 million, a boostg the company’s CEO Tim Holt says was the resulty of increased production, especially in the high-end market. “Our agents were working prettuy hard,” Holt says. “We had bette production than theyear before.” Overall, brokerage s still are experiencing down numbers through the firs half of 2009. However, some say the market is showinvg signsof recovery. Tax credits for first-times home buyers, lower prices and attractive mortgage rates are helping drive pending salesa of existinghomes — contracts signed, but not In April, pending sales climbed 6.
7 percent, accordingt to the , posting its fourth increase nationally in the last five And May figures look to be up, too. “We certainly hope it is an indicationj that the market is heading in therigh direction,” says Willie Kihle, president of . Meanwhile, brokerage are trying to offset losses insale volume. • retained its hold on the top markeg share, but lost 14.8 percent, or $79.8 milliobn in total residential sales. The company’s 2008 figures totaled $453.
4 million, according to WBJ “The bottom line is, througnh April, the board is down about 27 percent,” says Nestofr Weigand, the company’s chief However, the company’s market share has increased 3.5 percent, whichu Weigand says, “is huge in the real estate • Prudential ranks No. 2 on the WBJ list with $397.q2 million in 2008 residential sales, down 9.1 percenr from the year before. “In the economy certainly has an effecton (the housingy market),” Kihle says. As aircrafy plants announced layoffs people became increasingly worried about losing their jobsand weren’t interester in buying a new home, Kihle says.
• Salews volume at dropped 11.1 percent. Frank Stucky, Coldwell’x CEO, says the downturn the rest of the countrty started experiencing months earlier finally made its way tothe
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