NYC REAL ESTATE BROKER CONFIDENCE
New
York City residential and commercial real estate brokers’ confidence
levels hit their second highest ratings in December 2012 of the last
seven months, according to the inaugural release of the
Real Estate Board of New York’s (REBNY’s) Broker Confidence Index.
The
Broker Confidence Index – tabulated on a scale of zero to ten, with
five being neutral – was 8.12 in December 2012, second only to September
2012 when the confidence index reached 8.55.
Brokers were more confident in the market in December compared to
November 2012, when in the aftermath of hurricane Sandy, broker
confidence dipped to 7.55.
REBNY’s
Broker Confidence Index is the result of survey data from REBNY’s
residential and commercial brokerage division members. The survey has
been conducted monthly since June 2012. The overall
Broker Confidence Index gauges broker perceptions of the current market
as well as the market six months from now. In addition to the overall
index, REBNY also surveys confidence in the residential and commercial
markets individually.
Overall
broker confidence increased more than half a percent point from
November 2012 to December 2012. When brokers were asked about their
expectations of the market six months from now, even
more significant increases were seen in the commercial market.
The Residential
Real Estate Market Overall Confidence Index was 8.57 for December
2012, rising from the 8.33 confidence index shown in November 2012. This
increase in the Residential Overall Confidence Index can be attributed
to the resilient and steady sales market as
a whole despite fluctuating market conditions in certain areas,
particularly those impacted by the storm.
The Commercial
Real Estate Market Overall Confidence Index for December 2012 saw an
even greater month to month increase than the Residential Real Estate
Market Overall Confidence Index. The index was 7.67 in December 2012 as
compared to 6.77 in November 2012. Respondents’
confidence about the future was even better, registering over a
one-point-increase in December 2012 compared to November 2012 with
indexes of 7.85 and 6.74 respectively.
A full copy of the REBNY Broker Confidence Index can be found at
www.REBNY.com.
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