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NYC Real Estate Broker Confidence Starts Out Strong in 2013
February 5, 2013
-- Monthly survey results show broker confidence levels in January 2013 hit higher ratings than any month in 2012 --
New York, NY – February 5, 2013 -- New York City residential and commercial real estate broker confidence was at its highest levels of the last eight months in January 2013, according to the Real Estate Board of New York’s (REBNY’s) monthly Broker Confidence Index.
The Broker Confidence Index -- tabulated on a scale of zero to ten, with five being neutral --showed an overall confidence level of 8.8, up from 8.55 in December 2012. The increase suggests that brokers are starting the year off more confident about the real estate market perhaps due to the Tax Payer Relief Act, which offered hope that the nation’s economic and fiscal problems will soon be relieved.
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.
The Residential Real Estate Market Overall Confidence Index was 8.79 for January 2013, rising from the 8.57 confidence index shown in December 2012. This increase in the Residential Overall Confidence Index can be attributed to the continuing improvement in the housing market. Last year residential sales volume in New York City exceeded $30 billion, which was the highest since 2008.
The Commercial Real Estate Market Overall Confidence Index for January 2013 saw an even greater month to month increase than the Residential Real Estate Market Overall Confidence Index. The index was 8.8 in January 2013 as compared to 7.67 in December 2012. Respondents’ confidence about the future was equally positive, registering over a one-point-increase in January 2013 to 8.97 compared to December 2012.
“This month’s survey shows that the broker’s overall confidence in the current market continues to improve,” according to REBNY’s senior vice president for research, Michael Slattery. “These numbers are the highest we’ve seen over the last eight months that the survey has been conducted. Based on the survey results, brokers see this positive trend continuing over the next six months.”
Survey data has been collected monthly from residential and commercial brokerage division members via anonymous online surveys administered by REBNY. The REBNY Broker Confidence Index will be distributed monthly. The next release is scheduled for early March 2013.
A full copy of the REBNY Broker Confidence Index can be found at www.REBNY.com.
About The Real Estate Board of New York
The Real Estate Board of New York is the city’s leading real estate trade association with more than 13,000 members. REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city’s real estate. REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation. In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors. Please visit us online at www.REBNY.com