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Board beginning to measure brokers confidence
January 23, 2013
President, Real Estate Board of New York
How is the market doing? What’s your assessment of the market six months from now? These are questions frequently asked among our members and by the media.
The Real Estate Board of New York wanted to answer these questions about the New York City market from a new perspective that is fair, balanced, objective and not already available.
As a result, we created the REBNY Broker Confidence Index by asking the experts-our membership, who represent a cross section of the residential and commercial brokerage industry and know the market best.
It is their assessment of the market that can give us the first glimpse of positive and negative changes coming our way. This new Index aims to capture that perspective as a way to benefit those working in the industry and offer valuable information members can share with their clients.
REBNY modeled the confidence survey after the very popular and highly useful US Consumer Confidence Survey. In order to ensure consistent data patterns, REBNY began collecting monthly data in June 2012. Members were surveyed through an anonymous online survey.
We recently released the first of our findings. According to the results, NYC real estate brokers’ confidence is on the upswing and levels hit their second highest ratings of the last seven months after a post-Hurricane Sandy dip.
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.
A full copy of the REBNY Broker Confidence Index, which will be distributed monthly, can be found on REBNY’s website www.REBNY.com.
REBNY’s Broker Confidence Index gauges brokers’ current market perceptions as well as six months in the future for both the overall and individual residential and commercial markets.
We are always looking for new ways to supply our members with helpful information. If you haven’t already, please visit REBNY’s website to view our Broker Confidence Index and be on the lookout for future emails asking for your participation.
More REBNY Broker Confidence Index results include:
- Residential-Overall Confidence Index was 8.57 for December 2012, rising from the 8.33 confidence index shown in November 2012. This increase 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.
- Commercial-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.
In other REBNY News:
A new Commercial “Crossfire” called Pioneering Locations-Manhattan vs. the Boroughs, Should Manhattan Be Scared will be held 5:30 to 7 pm on Thursday, Jan. 24, 2013 at REBNY’s Mendik Center, lower level, 570 Lexington Ave. The event is open to REBNY members only and free of charge.
Panelists are Ken Horn, President, Alchemy Properties Inc.; David Kramer, Principal, Hudson Companies; and Roy Stillman, President, Stillman Development International. Moderators are Eric Michael Anton, Managing Partner, Brookfield Financial; and James Nelson, Partner, Massey Knakal Realty Services. The event is sponsored by the New York Post.
Registration accepted online only. Go to www.rebny.com.